Axxela Limited has announced the retirement of its Group Chief Executive Officer (GCEO), Timothy Ononiwu, alongside the appointment of Moshood Olajide as the new GCEO and Yetunde Demuren as Chief Financial Officer (CFO), as part of a leadership transition aimed at advancing the company’s growth plans.

In a press statement, the company said Ononiwu retired after attaining the organisation’s official retirement age, bringing to an end nearly a decade of service during which he served first as Chief Financial Officer and later as GCEO.

Axxela stated that under his leadership, the company strengthened its financial stability, pursued expansion plans, and built strong partnerships across the energy value chain.

Chairman of the Board of Axxela, Nzan Ogbe, commended Ononiwu for his contributions to the company’s development and long-term positioning.

Ogbe 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.”

Speaking on the appointment of the new GCEO, Ogbe said Olajide’s experience and understanding of the company’s strategy made him suitable for the role.

Reflecting on his retirement, Ononiwu expressed appreciation to employees, partners and stakeholders for their support during his time at the company.

According to the company, the newly appointed GCEO, Olajide, brings leadership experience in the energy and infrastructure sectors, with expertise in operational management, business growth, and strategic transformation.