Energy infrastructure company, Axxela has announced a major leadership change as its long serving Group Chief Executive Officer, Timothy Ononiwu, retires after nearly ten years of service.
The company confirmed that Ononiwu stepped down after reaching the organisation’s official retirement age. Alongside his retirement, Axxela appointed Moshood Olajide as the new Group Chief Executive Officer and Yetunde Demuren as the new Chief Financial Officer. According to the company, Ononiwu played a key role in strengthening Axxela’s financial position and expanding its operations across the energy sector during his time as CFO and later GCEO. He was also credited with helping the company build stronger partnerships and improve its position in Nigeria’s gas and energy industry. Reacting to the development, Chairman of the Board, Nzan Ogbe, praised Ononiwu for his dedication and impact on the company’s growth.
“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,” Ogbe said.
He added that the company had benefited greatly from Ononiwu’s strategic leadership, noting that his efforts helped establish a strong financial foundation for long term success. Speaking on the new appointment, Ogbe expressed confidence in Moshood Olajide’s ability to lead the company into another phase of expansion.
“Following Timothy Ononiwu’s retirement, Moshood Olajide will assume the role of GCEO, where he will bring his visionary leadership to guide the company through its next phase of growth,” he said. Olajide is expected to focus on expanding Axxela’s integrated energy services, increasing regional operations, and promoting cleaner energy solutions. The company noted that his background in law, accounting, and corporate governance would support its future development plans. Reflecting on his exit, Ononiwu described leading the company as one of the greatest achievements of his professional career.
“As I begin this new chapter, I do so with immense pride in what we have built together,” he said.He also appreciated the company’s employees, partners, and stakeholders for contributing to the organisation’s growth and success over the years.
The company also promoted Yetunde Demuren to the role of Chief Financial Officer from her previous position as Head of Corporate Finance and Treasury Management. Axxela said Demuren brings close to two decades of experience in financial planning, investment management, and corporate finance. Her appointment is expected to strengthen the company’s financial operations as it continues to expand infrastructure investments.
Axxela remains one of Nigeria’s leading private sector gas and power companies, supplying natural gas solutions to industrial and commercial customers across the country and parts of West Africa.
