Axxela Limited, a prominent gas and power portfolio company operating across sub-Saharan Africa, has announced a significant leadership transition. The company revealed the retirement of its Group Chief Executive Officer (GCEO), Timothy Ononiwu, and the subsequent appointment of Moshood Olajide as the new GCEO, alongside Yetunde Demuren as Chief Financial Officer (CFO). This move is part of a broader strategy to propel the company's growth ambitions forward.
Retirement of Timothy Ononiwu
According to an official press statement, Ononiwu retired after reaching the organization's mandatory retirement age, concluding a nearly decade-long tenure with the company. He initially served as Chief Financial Officer before ascending to the role of GCEO. During his leadership, Axxela enhanced its financial stability, executed expansion initiatives, and forged robust partnerships throughout the energy value chain.
Board Appreciation
Nzan Ogbe, Chairman of the Board of Axxela, expressed gratitude for Ononiwu's contributions. Ogbe stated: “On behalf of the Board, I would like to thank Timothy Ononiwu for his commitment and significant contribution to Axxela as Group Chief Executive Officer and, before that, as Chief Financial Officer.” He emphasized that Ononiwu's efforts were instrumental in the company's development and long-term positioning.
Appointment of New Leadership
Ogbe also commented on the appointment of Moshood Olajide as the new GCEO, noting that Olajide's extensive experience and deep understanding of the company's strategic direction make him an ideal fit for the role. Olajide brings substantial leadership experience from the energy and infrastructure sectors, with proven expertise in operational management, business growth, and strategic transformation.
Additionally, Yetunde Demuren has been appointed as the new Chief Financial Officer, further strengthening the executive team.
Ononiwu's Farewell
Reflecting on his retirement, Ononiwu expressed heartfelt appreciation to employees, partners, and stakeholders for their unwavering support during his time at the company. He acknowledged their role in the successes achieved under his leadership.
This leadership reshuffle underscores Axxela's commitment to maintaining strong governance and driving continued growth in the competitive energy landscape of sub-Saharan Africa.
