Axxela names Olajide CEO as Ononiwu exits after near-decade at the helm

Axxela Limited has named Moshood Olajide as its new group chief executive officer, replacing Timothy Ononiwu, who is retiring after nearly ten years of service, the Nigerian gas infrastructure company said, as it also moved to fill the top finance role.

The leadership reshuffle at one of West Africa’s midstream energy operators comes as the company pivots toward a post-divestment growth strategy, with ambitions to deepen its regional footprint and scale up cleaner energy solutions across the continent.

Ononiwu, who first joined Axxela as chief financial officer before ascending to the group chief executive role, reached the company’s statutory retirement age. During his tenure, he steered the business through a period of financial consolidation, expanded its infrastructure partnerships across the energy value chain, and laid what the board described as a foundation for long-term stability.

“Axxela has benefitted immensely from his dedication and strategic leadership,” Nzan Ogbe, Board chairman said in a statement, adding that Ononiwu’s efforts had left the company in a position of financial strength.

Ononiwu, in remarks accompanying the announcement, said he was leaving with “immense pride” in the organisation he helped build. “Leading Axxela has been one of the greatest honours of my professional life,” he said.

Olajide, who steps into the top role effective immediately, brings a cross-disciplinary background spanning law, accounting, and corporate governance, an unusual combination for a CEO in the capital-intensive energy infrastructure space.

His appointment signals that Axxela’s board is betting on a leader who can navigate both regulatory complexity and commercial execution as the company pursues aggressive expansion.

In his new role, Olajide is expected to push forward Axxela’s natural gas advocacy agenda, broaden its integrated energy offerings, and accelerate infrastructure investment across its operating markets.

Separately, the company elevated Yetunde Demuren to chief financial officer from her previous position as Head of Corporate Finance and Treasury Management.

Demuren, who brings roughly two decades of experience in financial strategy and capital management, is seen as a steady hand as Axxela stretches its balance sheet to fund growth.

The back-to-back executive changes give Axxela an entirely new leadership duo at a moment when Nigeria’s gas sector is drawing increased investor attention, driven by policy shifts aimed at monetising the country’s vast natural gas reserves and reducing dependence on crude oil revenues.