Axxela Limited, a leading sub-Saharan African gas and power company, has successfully completed its N15 billion Series 1 Bond Issuance.

Bolaji Osunsanya, the Axxela’s Chief Executive Officer, said the bond, issued under the company’s newly established N50bn Multi-Instrument Issuance Programme, achieved an oversubscription of 109 percent to close at N16.4bn.

Despite challenging economic conditions marked by rising interest rates and limited market liquidity, Axxela’s bond offering attracted strong interest from a diverse group of investors, including pension fund administrators, asset managers, and high-net-worth individuals.

“The bond issuance will enable Axxela to fund its long-term capital expenditures, manage its weighted average cost of capital, and diversify its funding sources while meeting the company’s strategic objectives,” he disclosed.

The funds will support the completion of ongoing gas pipeline projects across Nigeria, aligning with the company’s commitment to enhancing energy infrastructure and contributing to the country’s energy transition agenda.

He emphasised that with natural gas taking centre stage in the Federal Government’s energy transition agenda, Axxela was positioned as the partner of choice to actualise large-scale projects within the pipeline, including the virtual pipeline, gas processing, last-mile distribution and embedded power solutions.

Osunsanya said, Stanbic IBTC Capital, serving as the lead issuing house alongside seven joint issuing houses, played a pivotal role in facilitating the transaction, with Stanbic IBTC Bank acting as the transaction bank.