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Rand Merchant Bank has completed a $285 million acquisition financing for BlueCore InfraCo Limited, enabling the acquisition of Axxela Limited, a key player in Nigeria's gas infrastructure. The deal involves BlueCore acquiring Glover Gas & Power B.V., the sole owner of Axxela, aligning with Nigeria's strategy to enhance indigenous ownership of critical energy assets.

Nigeria, with over 200 trillion cubic feet of natural gas reserves, aims to commercialize these resources and reduce carbon emissions. The financing attracted over 15 bidders, and RMB's approach facilitated a swift transaction.

Axxela operates vital midstream infrastructure that supports domestic gas demand as Nigeria shifts from diesel to cleaner energy sources. The acquisition supports government initiatives to transition energy consumption and enhance energy reliability while addressing environmental concerns related to gas flaring.