[Lagos, Nigeria, July 19, 2026] – Axxela Limited, a leading gas and power portfolio company in sub-Saharan Africa, has announced that GCR has upgraded its long-term issuer rating to A+(NG) and affirmed its short-term issuer rating at A1(NG), with a Stable Outlook.

The upgrade reflects Axxela’s robust business model, and strong earnings performance, and sustained financial profile, reinforcing the company’s ability to deliver long-term value while maintaining financial discipline.

GCR also upgraded the long-term issue rating for Axxela Funding 1 Plc’s NGN16.4 billion series 1 senior unsecured bond to A+(NG); and the NGN11.5 billion series 1 senior secured bond to A+(NG)(EL) respectively.

Commenting on the milestone, the Group Chief Executive Officer (GCEO), Moshood Olajide said, “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.”

“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.’’

Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.

As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.

About Axxela
Axxela Limited, a company owned by Bluecore Gas Infraco Limited, is the pioneer private sector developer of natural gas solutions in Nigeria, with proven expertise in captive power generation and energy infrastructure development. 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 400km 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, Transit Gas Nigeria Limited, and Gasnexus Limited.

About BlueCore Gas InfraCo Limited
BlueCore is a strategic alliance of Afrigaz Energie LLP (a portfolio company of Stanbic IBTC Infrastructure Growth Fund), Levene Energy Development Limited, emPERSAND Limited, and Energy& LLP, focused on accelerating gas and power infrastructure in Nigeria and West Africa. The strategic partners within BlueCore have investment and operational experience in gas pipelines, power generation and distribution, and renewable energy.

For more information, please contact:
Omolara Shitu
Manager, Corporate Communications & Branding
17A The Wings Office Complex
Ozumba Mbadiwe Avenue, Victoria Island. Lagos Nigeria
Email: [email protected]