After nearly ten years of shaping Nigeria’s natural gas landscape, Helios Investment Partners is preparing to step away from Axxela Limited, the energy infrastructure company it helped transform into a regional leader.
The London-based private equity firm, co-founded by Nigerian investor Temitope Lawani, has signed an agreement to divest its remaining 75% ownership in Axxela. The deal, once completed, will mark the end of Helios’ long-standing involvement in West Africa’s gas distribution sector.
Lawani described the move as a strategic realignment rather than a reaction to market conditions, emphasizing that Helios’ decision was driven by shifting investment priorities.
“We’ve reached an agreement to sell one of our largest Nigerian holdings for a significant amount of capital,” he explained. “The business operates within the gas infrastructure and energy transition space. Our exit isn’t about performance—it’s about focus. We’re proud of what Axxela became under our watch; we built a real market champion.”
Axxela’s Transformation from Oando Gas to Regional Leader
Axxela’s roots trace back to Oando Gas and Power, established in 2001 and formally incorporated three years later. Helios acquired majority control in December 2016, overseeing a full-scale rebranding to Axxela Limited the following year. By 2019, it had completed the buyout of Oando’s remaining 25% share, securing full ownership.
In 2022, Helios sold a 25% minority stake to Sojitz Corporation, a Tokyo-based conglomerate making its first-ever equity investment in Africa. The move signaled rising global investor confidence in Nigeria’s energy sector and positioned Axxela as a key player in the continent’s gas infrastructure.
Today, the company’s subsidiaries—including Gaslink Nigeria, Gas Network Services, Transit Gas Nigeria, and Central Horizon Gas—operate a combined 360 kilometers of pipelines across Lagos, Sagamu, and Port Harcourt, supporting industrial and commercial energy needs.
Refocusing on New Frontiers
Founded in 2004 by Temitope Lawani and Babatunde Soyoye, Helios Investment Partners has become one of the most influential private equity players in Africa, managing over $3 billion in assets. Its investments span telecommunications, financial services, energy, and consumer sectors, with operations in more than 30 African countries.
With offices in London, Paris, Lagos, and Nairobi, Helios maintains close ties to its portfolio companies and local operators.
The firm’s recent moves underscore a shift toward emerging industries. In July 2024, Helios secured $50 million in equity financing from the International Finance Corporation (IFC) and Proparco to expand into Africa’s rapidly growing sports and entertainment sectors, projected to exceed $20 billion by 2035. Earlier that same year, it acquired a 49% stake in Raya Foods for approximately $40 million, strengthening its position in the continent’s food supply chain.
From Gas Infrastructure to Growth Innovation
Helios’ forthcoming exit from Axxela marks not a withdrawal but a strategic evolution—a deliberate pivot toward consumer-driven and technology-focused ventures offering higher growth potential.
For Lawani, this transition represents both the culmination of a successful era and the beginning of a new chapter—one centered on shaping Africa’s next wave of investment opportunities.
