Axxela Reaches Dual Milestone, Reinforcing Leadership in Nigeria's Energy Industry
Axxela has achieved two significant milestones, further strengthening its position as a leading player in Nigeria’s energy sector and underscoring its growing impact on the country’s energy landscape.
Nigeria's leading gas infrastructure company, Axxela Limited, has reinforced its position in the country's energy sector after achieving two major corporate milestones that highlight both its operational discipline and financial resilience.
The company announced that it has recorded 10 million Lost Time Injury (LTI)-free manhours across its operations while also securing strong ratings from two of Nigeria's leading credit rating agencies. The achievements reflect Axxela's growing reputation for maintaining high safety standards alongside a solid financial performance.
According to the company, Global Credit Ratings (GCR) upgraded Axxela's national long-term issuer rating to A+(NG), while Agusto & Co. reaffirmed its Aa- Long-Term Rating for a second consecutive review and assigned the company an A1+ Short-Term Rating, the highest rating in that category. The agencies cited Axxela's resilient business model, strong earnings, healthy cash generation and disciplined financial management as key factors behind their assessments.
The latest ratings come at a time when Nigeria's energy sector is attracting renewed attention as the country seeks to expand gas infrastructure, improve energy access and position natural gas as a key driver of industrialisation and economic growth. Companies with strong financial credentials are expected to play an increasingly important role in financing large-scale infrastructure projects needed to meet rising domestic demand.
Equally significant is the company's safety achievement. Recording 10 million manhours without a lost-time injury means millions of hours of work were completed without an accident serious enough to prevent an employee or contractor from returning to work. In the energy industry, where operations often involve complex engineering and potentially hazardous environments, such a record is regarded as a key measure of operational excellence.
Group Chief Executive Officer Moshood Olajide described the milestones as validation of the company's long-term strategy, saying they reflect confidence in Axxela's business model and its commitment to creating sustainable value for customers, investors and the wider economy. He noted that the company remains focused on expanding critical gas infrastructure while maintaining financial discipline and advancing its sustainability objectives.
Over the past two decades, Axxela has grown into one of sub-Saharan Africa's leading gas and power companies, supplying natural gas to industrial and commercial customers through an expanding network of gas distribution and infrastructure assets. The company has increasingly positioned natural gas as a cleaner and more reliable alternative for industries seeking to reduce dependence on more carbon-intensive fuels.
Industry analysts say strong credit ratings are becoming increasingly important as energy companies compete for investment and financing in an evolving market. Higher ratings can improve access to capital, reduce borrowing costs and strengthen investor confidence, enabling companies to fund expansion projects more efficiently.
The announcement also highlights the growing emphasis on environmental, health and safety performance within Africa's energy industry. Investors, regulators and customers are placing greater value on companies that demonstrate consistent operational reliability while meeting international safety and sustainability standards.
For Nigeria, the development reflects a broader shift towards strengthening domestic energy infrastructure to support manufacturing, power generation and economic diversification. As natural gas continues to play a central role in the country's energy transition strategy, companies capable of combining operational excellence with financial strength are expected to remain at the forefront of sector growth.
Axxela's latest achievements are more than corporate milestones. They illustrate how strong governance, workplace safety and financial discipline are becoming critical competitive advantages in today's energy industry, helping companies attract investment, expand infrastructure and contribute to long-term economic development.