Axxela Limited, one of sub-Saharan Africa’s leading gas and power providers, continues to gain recognition as credit rating agencies endorse its financial strength.
Most recently, GCR upgraded both the company’s issuer ratings and bond programmes after reviewing its performance.
Specifically, GCR raised Axxela’s senior unsecured bond to A(NG) from A-(NG) and lifted its ₦11.5 billion Series 1 senior secured bond to A(NG)(EL) from A-(NG)(EL).
Furthermore, the agency kept all outlooks positive, signalling confidence in future growth.
Strong Performance Drives Upgrade
Importantly, GCR explained that it upgraded the ratings because Axxela delivered earnings above budget, generated stronger cash flows, and improved leverage sharply.
The agency also emphasised that the company peaked in earnings during 2024 by tightening costs, benefiting from favourable currency translation, and leveraging scale efficiencies.
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Momentum For Growth And Expansion
At the same time, Group Chief Executive Officer Timothy Ononiwu framed the recognition as evidence of Axxela’s strategy and resilience.
He said, “This rating reaffirms our sound strategy, operational resilience, prudent financial management, and execution excellence.”
Moreover, he stressed that Axxela will use the momentum to expand its infrastructure footprint, deepen partnerships, and deliver cleaner energy solutions across Nigeria and the wider West African region.
Earlier in the year, Agusto & Co. also strengthened confidence in the company when it upgraded Axxela’s corporate credit rating from ‘A’ to ‘Aa-’ with a stable outlook.
Over the past five years, Axxela has consistently demonstrated discipline, executed its strategy, and diversified its customer base.
As a result, the company now positions itself as a leading private-sector force driving industrial growth and advancing the energy transition in West Africa.
