Axxela appoints new GCEO, CFO

Axxela Limited has announced the appointment of Moshood Olajide as its Group Chief Executive Officer.

Olajide takes over following the retirement of Timothy Ononiwu, prompting a management reshuffle that also led to the appointment of Yetunde Demuren as the new Chief Financial Officer.

In a statement, Axxela said Ononiwu retired after attaining the company’s official retirement age, following nearly a decade in top leadership roles, including his time as chief financial officer and later GCEO.

Chairman of the board, Nzan Ogbe, commended his tenure, saying Ononiwu played a key role in strengthening the company’s financial base and driving its expansion strategy.

He said, “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. Axxela has benefited immensely from his dedication and strategic leadership over the years. His efforts have positioned the company for financial strength and long-term success, and we are grateful for the strong foundation he leaves behind.

“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. His vast industry experience and deep understanding of the company’s post-divestment strategy position him well to lead the organisation to its next frontier.”

In his valedictory remarks, Ononiwu said, “As I begin this new chapter, I do so with immense pride in what we have built together. Leading Axxela has been one of the greatest honours of my professional life. I am deeply grateful to our employees, partners, and stakeholders whose dedication, innovation, and resilience have shaped our success. I remain confident that the strong foundation we have built will continue to drive growth and excellence for many years to come. I look forward to watching the next chapter unfold and wish the entire team continued success.”

Olajide is expected to steer the company’s next phase of expansion, focusing on natural gas advocacy, integrated energy offerings, regional expansion and cleaner energy solutions.

In the same vein, Demuren was said to have been elevated from head of corporate finance and treasury management. She brings nearly two decades of experience in financial strategy, project viability assessment, cash flow planning and capital management.

The company said her appointment would strengthen financial performance as it pursues expansion of its infrastructure investments.