Axxela Limited has appointed Moshood Olajide as its new Group Chief Executive Officer following the retirement of longtime executive Timothy Ononiwu, marking a significant leadership transition for one of Nigeria’s leading gas and energy infrastructure companies.
The company also named Yetunde Demuren as Chief Financial Officer, reinforcing its executive leadership team as it pursues expansion across Nigeria’s fast-evolving energy market.
Ononiwu is stepping down after nearly a decade in senior leadership roles, including serving as both Chief Financial Officer and Group Chief Executive Officer. His retirement follows the attainment of the company’s official retirement age, according to Axxela.
Chairman of the Board, Nzan Ogbe, credited Ononiwu with helping to strengthen the company’s financial position and long-term strategic direction during a transformative period for the business.
“His efforts have positioned the company for financial strength and long-term success,” Ogbe said in a statement, adding that the company had benefited from Ononiwu’s “dedication and strategic leadership.”
The leadership change comes as Nigeria’s energy sector continues to attract investment in natural gas infrastructure, driven by rising industrial demand, energy transition policies, and government efforts to deepen domestic gas utilisation. Companies operating in the midstream and downstream gas segments are increasingly positioning themselves to capture growth opportunities linked to cleaner energy adoption and industrial power solutions.
Olajide assumes leadership with experience spanning energy, infrastructure, legal advisory, accounting, and corporate governance. Axxela said his appointment aligns with the company’s post-divestment growth strategy and broader ambition to expand its integrated energy offerings across regional markets.
Industry analysts say executive continuity will be critical as energy companies navigate volatile foreign exchange conditions, infrastructure financing pressures, and evolving regulatory frameworks in Nigeria’s power and gas markets.
Under Olajide’s leadership, Axxela said it intends to deepen its regional footprint, accelerate cleaner energy delivery, and strengthen advocacy for wider natural gas adoption as an alternative to more carbon-intensive fuels.
In his farewell remarks, Timothy Ononiwu described leading the company as “one of the greatest honours” of his professional career and expressed confidence in the company’s future trajectory.
“I remain confident that the strong foundation we have built will continue to drive growth and excellence for many years to come,” he said.
Meanwhile, Yetunde Demuren takes over as CFO after previously serving as Head of Corporate Finance and Treasury Management. With nearly two decades of experience in financial strategy, capital management, and infrastructure project assessment, her appointment is expected to support the company’s investment and expansion agenda.
The reshuffle underscores Axxela’s focus on leadership succession and operational continuity at a time when Nigeria’s gas sector is becoming increasingly central to the country’s industrialisation and energy transition strategy.
