Agusto & Co. Upgrades Axxela to ‘Aa-’, Underscoring Strong Financial Discipline and Market Position

Axxela Limited, a leading gas and power portfolio company in sub-Saharan Africa, has received an upgrade in its corporate credit rating from ‘A’ to ‘Aa-’ by Agusto & Co., with a Stable Outlook.

This rating upgrade also applies to the ₦11.5 billion and ₦16.4 billion bond issuance programmes by Axxela Funding 1 Plc, reflecting the Group’s strong credit quality and capacity to meet its financial obligations.

In its report, Agusto & Co. noted that the rating upgrade is a direct reflection of Axxela’s strong and sustained financial performance. The agency highlighted Axxela’s prudent balance sheet management, with moderate leverage, healthy working capital, and efficient funding structures. This is further reinforced by the company’s continuous investment in natural gas infrastructure in Lagos, Sagamu, and Port Harcourt, as well as its planned expansion across several industrial hubs in Nigeria and the region, and its growing role in power development.

Speaking on the new rating, Timothy Ononiwu, Group Chief Executive Officer of Axxela, said, “This recognition by Agusto & Co. is a strong endorsement of our strategy and execution. It reflects confidence in our financial discipline, infrastructure investments, and long-term vision. As we expand our footprint, we remain focused on building a resilient enterprise that drives industrial growth in Nigeria and continues to contribute to the region’s energy transition agenda.”

Also reflecting on the upgrade, Yetunde Demuren, Head of Corporate Finance & Treasury Management, noted, “In today’s challenging climate, this upgrade is a testament to our prudent capital management and robust treasury practices. It reinforces our ability to consistently deliver value to all our stakeholders”.

The new ‘Aa-’ rating places Axxela amongst the highest-rated corporates in Nigeria’s energy sector. With a robust project pipeline, strong regional partnerships, and a restructured business model, Axxela is well-equipped to deliver sustainable growth and deepen its impact across West Africa’s energy landscape.

Axxela Limited, a company co-owned by Helios Investment Partners and Sojitz Corporation, is the pioneer private sector developer of natural gas solutions and captive power generation in Nigeria. Axxela is a designated natural gas shipper on the West African Gas Pipeline (WAGP) and a member of the West African Power Po
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