RAND Merchant Bank (RMB), a subsidiary of FirstRand Group, has completed a $285 million acquisition financing for BlueCore InfraCo Limited, a transaction expected to strengthen Nigeria’s gas and power infrastructure landscape.

RMB played multiple roles on the deal, acting as global debt coordinator, mandated lead arranger, underwriter and bookrunner. The bank structured and partially funded the $285 million debt package to back BlueCore InfraCo’s acquisition of Glover Gas & Power B.V., the sole shareholder of Axxela Limited, a major private gas and power distribution company in Nigeria.

In addition to arranging the financing, RMB provided a customised funding solution that allowed BlueCore InfraCo to conclude the acquisition within a tight timeframe. The bank also acted as exclusive sell-side adviser to Helios Investment Partners, the exiting shareholder, facilitating the transition to Nigerian ownership.

Head of Investment Banking, Africa, Mr Chidi Iwuchukwu, said the transaction highlighted RMB’s capacity to deliver integrated solutions that created value for clients while supporting Nigeria’s shift toward cleaner energy. He noted that enabling local ownership of critical gas and power assets was central to advancing sustainable energy development in the country.

The deal was executed under compressed timelines, with RMB deploying its One Bank model and sector expertise to secure the transaction in a competitive process that attracted more than 15 bidders.

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Lead Transactor and Head of Leveraged Finance, West Africa at RMB, Mr Francis Oputeh, said the financing underscored the bank’s close partnership with BlueCore InfraCo and its track record in structuring complex, multi-party transactions across the continent.

The acquisition aligns with Nigeria’s gas commercialisation strategy, improves energy reliability and supports national decarbonisation objectives by curbing gas flaring and reducing reliance on more carbon-intensive fuels.

Eric Idiahi of BlueCore InfraCo described the acquisition as a milestone in the company’s ambition to reinforce Nigeria’s energy infrastructure through indigenous ownership. He said RMB’s support made it possible to secure a tailored financing package that positioned Axxela to advance gas commercialisation, reliability and sustainability nationwide.

RMB, part of the FirstRand Group, provides advisory and financing services through its Investment Banking division, with a focus on promoting sustainable growth across Africa.