Axxela Limited has strengthened its standing in Nigeria’s energy and infrastructure sector after securing a credit rating upgrade from GCR Ratings, a development expected to enhance investor confidence, improve access to long-term capital and reinforce the company’s expansion across the country’s natural gas value chain.
GCR upgraded Axxela’s long-term issuer rating to A+(NG) from its previous level and affirmed its short-term issuer rating at A1(NG) with a Stable Outlook, citing the company’s resilient business model, sustained earnings performance and strong financial profile.
The rating agency also upgraded the long-term issue ratings of Axxela Funding 1 Plc’s ₦16.4 billion Series 1 senior unsecured bond to A+(NG) and the ₦11.5 billion Series 1 senior secured bond to A+(NG)(EL), further strengthening the company’s credit credentials within Nigeria’s debt capital market.
Credit rating upgrades are widely regarded as important indicators of corporate financial strength and governance, often improving companies’ ability to raise capital at more competitive rates while attracting both institutional investors and lenders.
For Axxela, the improved rating is expected to reinforce confidence among investors as the company continues expanding its natural gas infrastructure and supporting industrial energy demand across Nigeria and West Africa.
Commenting on the development, Moshood Olajide, group chief executive officer of Axxela, described the upgrade as validation of the company’s disciplined growth strategy.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction,” he said.
According to him, the company has continued to strengthen its operations by expanding gas infrastructure, improving operational efficiency, advancing sustainability initiatives and maintaining high standards of operational excellence and safety.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” Olajide added.
Axxela has positioned itself as one of the country’s leading private-sector gas infrastructure companies, supplying natural gas to approximately 200 industrial and commercial customers through an extensive pipeline network spanning more than 400 kilometres.
The company is also a designated natural gas shipper on the West African Gas Pipeline (WAGP) and a member of the West African Power Pool (WAPP), reinforcing its strategic role in regional energy integration.
Its operations are delivered through subsidiaries including Gaslink Nigeria Limited, Gas Network Services Limited, Central Horizon Gas Company Limited, Transit Gas Nigeria Limited and Gasnexus Limited.
With the latest GCR upgrade, Axxela is expected to strengthen its funding capacity while advancing projects aimed at improving gas accessibility, supporting industrial productivity and contributing to Nigeria’s energy security objectives.
The company said its recent achievements have been driven by a strategy centred on responsible growth, customer satisfaction and creating long-term value for national development.
