KEY POINTS

• Axxela investment grew from ₦1 million to $300 million-plus.
• Wale Tinubu cited patience and long term execution.
• Axxela investment now enters a new ownership phase.

Nigerian energy executive Wale Tinubu is revisiting one of the defining investments of his career, using it as a reminder of how long term capital and disciplined execution can reshape outcomes in Africa’s energy sector.

In a post on X, the Oando Plc chief executive reflected on a ₦1 million investment made in 2001, then worth less than $9,000 into a small gas business that later became Axxela. Sixteen years later, when Oando exited the company, the Axxela investment had grown into an enterprise valued at about $300 million, a figure that has since increased following a new sale completed in 2026.

Axxela investment and a long view

Tinubu’s comments followed the latest change of ownership at Axxela, now one of Nigeria’s largest private gas distribution companies. BlueCore, a newly formed energy consortium, acquired the business from Helios Investment Partners and Japan’s Sojitz Corp.

Helios sold its 75 percent stake, while Sojitz exited its remaining 25 percent via tag-along rights. Financial terms were not disclosed. Tinubu said the deal prompted reflection on the early years, when the business operated as Oando Gas & Power and was far from its current scale.

“It’s a personal pleasure to see Helios and Sojitz complete the sale of their equity interest in Axxela to BlueCore,” Tinubu wrote. He said the original ₦1 million cheque had grown more than 33,000 times by 2017 and had nearly doubled again by the 2026 exit, underscoring the scale of the Axxela investment over time.

Axxela investment reshapes gas sector

The transaction closes a long chapter in Nigeria’s gas infrastructure development. Helios first signaled its intention to exit in November, paving the way for BlueCore, which plans to expand gas and power assets across Nigeria and West Africa.

BlueCore brings together Afrigaz Energie, a portfolio company of the Stanbic IBTC Infrastructure Growth Fund, alongside Levene Energy Development, emPERSAND and energy&. The group has said Axxela’s pipeline network and industrial customer base provide a platform for further investment as demand rises for cleaner fuels and more reliable power.

Tinubu also credited early Oando Gas & Power staff for building the foundation and Helios for scaling the business into gas exploration, production and processing. He welcomed BlueCore as the next steward.

Tinubu’s broader energy strategy

The reflection further comes as Oando reshapes its own portfolio. In August 2024, the company completed a $783 million acquisition of Eni’s Nigerian subsidiary, targeting oil production of 100,000 barrels a day by 2027 and gas output of up to 1.4 billion cubic feet daily.

According to Billionaires Africa, Oando has also paused petrol trading and is reallocating capital into mining, including lithium exploration in Kebbi State, alongside early work on tin and bitumen.

The Axxela investment teaches Tinubu a clear lesson: building long-term value in Nigeria’s energy industry takes time, patience, local knowledge, and consistent action.