Helios Investment Partners, Africa’s largest private equity firm, has announced plans to fully divest from Axxela, Nigeria’s leading natural gas infrastructure company, marking the end of its nearly ten-year presence in the country’s gas distribution sector.
The development was disclosed by Tope Lawani, Co-founder and Managing Partner of Helios Investment Partners, during an interview with Bloomberg TV’s Jennifer Zabasajja.
“We just, in the last couple of weeks, signed an agreement to sell one of our businesses in Nigeria, a very large business for a meaningful amount of capital,” Lawani revealed. Offering insight into the deal, he added, “It’s in the energy transition, gas infrastructure space.”
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Lawani explained that Helios’ decision to divest was strategic rather than performance-related, stressing that the firm remained proud of its role in building a leading player in the region’s gas infrastructure landscape.
“For strategic reasons, we have opted to no longer invest in that sector. However, we’re very proud of that investment — we created a real champion,” he said.
Axxela’s evolution reflects the transformation of Nigeria’s gas market over the past two decades. Originally established as Oando Gas and Power in 2001 and incorporated as a standalone entity in 2004, the company underwent a major transition when Helios acquired a majority equity stake in December 2016.
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The firm was subsequently rebranded as Axxela in 2017, and by 2019, Helios had completed the acquisition of Oando’s remaining 25 percent, becoming the sole owner.
That ownership structure began to change again in 2022, when Helios sold a 25 percent stake to Sojitz Corporation, a Tokyo-listed investment firm. The deal marked Sojitz’s first equity investment in Africa, highlighting growing global interest in Nigeria’s natural gas infrastructure sector.
Helios’ planned exit will now see control of Axxela, one of West Africa’s most strategic energy assets, pass to a new owner. Although the buyer’s identity has yet to be disclosed, industry observers are closely watching to see which investor will take charge of Nigeria’s largest private gas distribution network.
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Over the years, Axxela has expanded its operations through subsidiaries such as Gaslink Nigeria Limited, Gas Network Services Limited, Transit Gas Nigeria Limited, and Central Horizon Gas Company.
Together, these entities manage over 360 kilometres of gas distribution pipelines across Lagos, Sagamu, and Port Harcourt, underscoring Axxela’s critical role in driving Nigeria’s industrial energy supply.
