Helios Investment Partners, a UK-based private equity firm led by Nigerian businessman Temitope Lawani, is considering a full exit from Axxela, one of West Africa's largest privately backed gas infrastructure companies.
Helios has already agreed to sell its remaining 75 percent interest in the business, according to Lawani. That potential sale would complete nearly a decade of involvement in Nigeria's natural gas distribution space. Lawani confirmed the pending divestment during a recent interview. He said the decision reflects a shift in Helios' capital allocation priorities, not a retreat due to performance issues.
"We signed an agreement to sell one of our businesses in Nigeria, a very large business for a meaningful amount of capital," Lawani said. He declined to name the buyer but said the asset sits within the gas infrastructure and energy transition segment. "For strategic reasons, we have opted to no longer invest in that sector. However, we're very proud of that investment. We created a real champion."
Axxela's evolution
Axxela, formerly Oando Gas and Power, was set up in 2001 and incorporated as a standalone business in 2004. Helios took control in December 2016 after acquiring a majority stake, and completed a full rebranding as Axxela in 2017. In 2019, it purchased Oando's remaining 25%, becoming sole owner.
By 2022, Helios sold 25 percent to Sojitz Corp., a Tokyo-listed investment company. That stake marked Sojitz's first equity investment in Africa, a signal that global strategic capital is watching Nigeria's gas market more closely than in previous cycles.
Axxela today runs subsidiaries including Gaslink Nigeria, Gas Network Services, Transit Gas Nigeria and Central Horizon Gas. The group oversees more than 360 kilometers of pipelines across Lagos, Sagamu and Port Harcourt.
Helios shifts to new verticals
Helios, founded in 2004 by Lawani and Babatunde Soyoye, has grown into one of the most visible Africa-focused investment firms. It manages $3 billion and has backed companies spanning energy, financial services, telecom infrastructure and consumer platforms.
The firm's team is split across London, Paris, Lagos and Nairobi, a footprint designed to keep senior partners close to local operators. Helios says it has worked with entrepreneurs and managers in more than 30 African markets.
In July, the firm secured $50 million in equity funding from IFC and Proparco, targeting Africa's sports and entertainment sector, a category analysts expect will be worth more than $20 billion by 2035. In 2024, Helios bought a 49 percent stake in Raya Foods for about $40 million, giving it a larger role in Africa's growing food supply chain.