Continental Focus, International Reach

Helios Takes Stake in Nigerian Power

Sunday, April 7, 2019

Helios Investments picked up a 25% stake in indigenous gas and power company Axxela from Oando,

Oando revealed the sale on March 4 saying that its 25% stake in Axxela sold for $41.5 million. The funds will be used to aid the Nigerian firm in cutting its debt.

“This transaction favorably positions us to significantly reduce our debt profile and remain focused on growth through our dollar denominated businesses,” Oando said in a statement.

The 25% stake gives Helios 100% ownership of Axxela. Oando originally sold the investment group a 75% stake in 2016 for $115.8 million.

Axxela said it delivers up to around 80 Mmcf/d of natural gas to over 160 industrial and commercial customers.