By Obinna Uballa
Rand Merchant Bank (RMB), a subsidiary of the FirstRand Group, has closed a landmark $285 million acquisition financing for BlueCore InfraCo Limited, a deal seen as a major boost to Nigeria’s gas-to-power ambitions and energy infrastructure development.
The transaction, in which RMB acted as global debt coordinator, mandated lead arranger, underwriter and bookrunner, funded BlueCore InfraCo’s acquisition of Glover Gas & Power B.V., the 100 per cent owner of Axxela Limited – one of Nigeria’s leading private gas and power distribution platforms.
RMB structured and part-funded the entire $285 million debt package and delivered a bespoke financing solution that enabled BlueCore InfraCo to complete the acquisition within tight timelines. The bank also served as exclusive sell-side adviser to Helios Investment Partners, the exiting shareholder, facilitating a smooth transition to local Nigerian ownership.
Head of Investment Banking, Africa at RMB, Chidi Iwuchukwu, said the deal highlights the bank’s capacity to deliver high-impact solutions while supporting Nigeria’s energy transition.
“This milestone transaction showcases RMB’s ability to unlock value for clients while advancing Nigeria’s shift to cleaner energy,” Iwuchukwu said. “By enabling indigenous ownership of strategic gas and power assets, we are helping to drive a more sustainable energy future.”
The deal was executed under a compressed timeline amid a competitive bidding process that attracted more than 15 interested parties. RMB said its One Bank model and deep sector expertise were critical in securing the transaction.
Francis Oputeh, lead transactor and head of leveraged finance, West Africa at RMB, said the acquisition underscores the bank’s leadership in structuring complex, multi-stakeholder transactions across the continent.
“This transaction reflects our strong partnership with BlueCore InfraCo and our role as a trusted adviser delivering impact beyond finance,” Oputeh said.
Commenting on the acquisition, BlueCore InfraCo’s chief executive, Eric Idiahi, described it as a defining step in the company’s strategy to strengthen Nigeria’s energy infrastructure through local ownership.
“Partnering with RMB enabled us to secure a tailored financing solution that positions Axxela to drive gas commercialisation, improve reliability and support sustainability across Nigeria,” Idiahi said.
Observers say the acquisition aligns with Nigeria’s gas commercialisation strategy, improves energy reliability and supports national decarbonisation objectives by reducing gas flaring and displacing more carbon-intensive fuels.
