Agusto & Co and GCR affirm Axxela’s Strong Financial and Strategic Outlook

UGO AMADI

Axxela Limited is pleased to announce that its credit rating recently received an upgrade from two leading credit rating agencies, Agusto & Co and Global Credit Ratings (GCR). This recent affirmation is a testament of Axxela’s good financial performance and sustained market leadership.

Agusto & Co upgraded Axxela’s credit rating from ‘A-‘ to ‘A’, with a stable outlook. This upward revision indicates Axxela’s strong financial trajectory, consistent operational enhancements, and robust market positioning. The stable outlook underscores the agency’s confidence in Axxela’s continued ability to sustain this upgraded rating over time.

Similarly, GCR maintained the ‘A-‘ rating for Axxela Limited with an improved outlook from stable to positive. This update reflects GCR’s recognition of Axxela’s strong credit profile, operational efficiency, and favourable prospects.

Commenting on the ratings, Timothy Ononiwu, Chief Financial Officer of Axxela, stated, “These recent upgrades and outlook are a direct affirmation of Axxela’s continuous focus on strategic and operational excellence. These independent ratings attest to our commitment to delivering consistent value to our stakeholders while staying true to our pursuit to drive sustainable growth within the highest standards of financial prudence and corporate governance.”

Axxela Limited continues to demonstrate robust financial fundamentals and operational resilience. The recognition by these leading credit rating agencies not only reinforces our ability to navigate evolving market conditions but also strengthens our position as a leader in the energy sector.

Axxela Limited is the pioneer private sector developer of natural gas solutions and captive power generation in Nigeria, a company co-owned by Helios Investment Partners LLP and Sojitz Corporation. Axxela is a designated natural gas shipper on the West African Gas Pipeline (WAGP) and a member of the West African Power Pool (WAPP), delivering natural gas to about 200 industrial and commercial customers via a vast natural gas infrastructure network. With over 360km of natural gas pipeline infrastructure built, Axxela provides unique energy solutions primarily through its subsidiaries: Gaslink Nigeria Limited, Gas Network Services Limited, Central Horizon Gas Company Limited, and Transit Gas Nigeria Limited.