Ikeja Electric appoints Acting CEO as Soetan bows out

Ikeja Electric Plc has announced the appointment of Ogochukwu Onyelucheya as its Acting Chief Executive Officer as Folake Soetan, who has served as Chief Executive Officer since 2020, bows out.

Soetan, who will be taking on broader strategic responsibilities across the energy sector, will be replaced effective July 1, 2026.

According to the leading energy firm in the country, the transition to Onyelucheya is to strengthen its leadership to accelerate growth, innovation, and service excellence across the power sector value chain.

Commenting on the development, Kola Adesina, Chairman of Ikeja Electric, praised Soetan’s transformational leadership and enduring impact on the organisation.

Adesina said: “Folake has been instrumental in transforming Ikeja Electric into a more resilient, customer-focused, and performance-driven organisation. 

“Her leadership reflects the very essence of innovation, resilience, and impact.”

During her tenure, Soetan led significant improvements in operational performance, strengthened stakeholder confidence, and positioned Ikeja Electric for sustainable growth within Nigeria’s evolving electricity landscape.

Reflecting on her time as CEO, Folake Soetan said: “It has been an honour to lead Ikeja Electric and work alongside a team committed to delivering value to customers and communities. 

“As I take on this new role across Sahara’s Power and Upstream businesses, I look forward to supporting the Group’s vision of delivering sustainable, inclusive, and impactful energy solutions across Africa.”

In approving Ogochukwu’s appointment, the Board reaffirmed its confidence in her proven leadership capabilities and strategic vision. 

Widely recognised for driving organisational transformation and sustainable performance, she brings extensive institutional knowledge and a strong execution focus that will guide the company through its next phase of growth.

Adesina added: “Ogochukwu brings a compelling blend of leadership experience, strategic clarity, and execution discipline. We are confident in her ability to build on the strong foundation established at Ikeja Electric while driving innovation, efficiency, and customer-centric growth. 

“She has our full support as she leads the business into its next chapter.”

Ogochukwu is a senior corporate executive and financial leader with over 20 years of experience overseeing business strategy, financial control, and operational growth.

Throughout her career, which spans senior roles in both the banking and energy sectors, she has specialised in leading large-scale turnarounds by focusing on process digitisation, automation, and the deployment of robust revenue assurance systems. 

Combining great analytical skills with strategic oversight, she excels at identifying structural inefficiencies, eliminating operational leaks, and streamlining workflows to maximise bottom-line results.

She holds a BSc in Accounting from Nnamdi Azikiwe University, and an MSc in Finance and Financial Law from the University of London. 

She is an alumnus of the Harvard Business School.

Speaking on her appointment, Onyelucheya expressed gratitude for the opportunity and reaffirmed her commitment to the company’s mission.

She said: “Taking on the responsibility of building on the strong foundation at Ikeja Electric is a privilege for the incredible IE team and me. 

“Our focus remains on delivering improved service, deepening customer trust, and driving sustainable performance as we continue to create value for all stakeholders.”

Adesina emphasised that the leadership transition reflects Ikeja Electric’s commitment to continuity, operational excellence, and delivering reliable energy solutions that improve customer experience, expand energy access, and support sustainable development.

The Head, Corporate Communications of Ikeja Electric Plc, Kingsley Okotie, said: “With this leadership alignment, Ikeja Electric is well-positioned to build on its achievements, strengthen stakeholder confidence, and continue delivering value to customers, employees, regulators, investors, and the communities it serves.”