Axxela Repositions To Sustain Investment In Nigeria’s Energy Space

Axxela Limited, a leading gas and power portfolio company in sub-Saharan Africa, has restated its commitment to sustain its investment in Nigeria’s energy sector, eyeing a new business development plan.
Axxela has evolved into an integrated energy solutions company over the years, and is planning to build on the exceptional foundation over the years.
The company is expecting valued investment after it appointed Ogbemi Ofuya as group chief executive officer.
The firm also announced the retirement of its CEO, Bolaji Osunsanya.
After more than two decades of outstanding leadership at Axxela, and a distinguished career spanning over 35 years across consulting, financial services, banking, oil and gas, Osunsanya will be retiring from active service having recently attained the age of 60 years.
According to the chairman of the board of Axxela, Boye Olusanya, “Bolaji’s exceptional leadership has had a significant positive impact on Axxela, and the board is immensely grateful for his vision, passion, and unwavering commitment as the company’s pioneer chief executive. Under his leadership, Axxela experienced tremendous growth, enabled vast industrialisation, supported the growth and emergence of many industries and led the company’s expansion into new regional markets. We wish him great success and extend our best wishes on his retirement. I am pleased to announce Ogbemi Ofuya as his worthy successor. Ogbemi has contributed actively to Axxela’s story through his role as a member of the board and he led Helios’ acquisition of Oando’s interest in Axxela.

With his extensive experience in the oil and gas sector, proven leadership capabilities, and deep understanding of Axxela business, I am confident that Ogbemi is well positioned to reimagine Axxela’s go-forward strategy and lead the company into the future.”

In his words, Bolaji Osunsanya, the outgoing CEO, said, “It has been a privilege to lead the team at Axxela over the past twenty years. I want to thank the board, management, staff and our business stakeholders for their support and commitment to the Axxela brand. I am immensely proud of what we have accomplished, and it has only been possible because of the incredible talent and contribution of the people at Axxela. Our collective achievements have propelled the company to an industry-leading position, and I’m looking forward to its exponential growth under the new leadership.”

Speaking on his appointment, Ogbemi Ofuya said, “I am honoured to have been appointed by the board to lead this great organisation at such a pivotal time. Axxela has evolved into an integrated energy solutions company over the years, and it is a privilege to build on the exceptional foundation established by Bolaji and his team. I am committed to driving the company forward and further strengthening our position as a leader in the energy sector as we navigate the opportunities ahead.”

Osunsanya will work closely with Ogbemi Ofuya until December 2024 to ensure a smooth leadership transition and effectively conclude the ongoing enterprise re-organisation. Subsequently, he will transition to serve on the Board of Axxela as a non-executive director. Axxela remains committed to its strategic direction and is positioned to continue to grow during this transition and beyond.

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Ogbemi Ofuya is a Partner at Helios Investment Portfolio Company and a non-executive director at Axxela Limited with about two decades experience in the oil and gas, energy infrastructure, and power sectors. He has a strong background in the execution of M&A, debt, and equity transactions at Goldman Sachs International. Ofuya has a proven track record of driving growth via strategic investments across African markets.

Prior to joining the private equity space, he also worked for ExxonMobil and Standard Chartered in project management and strategy positions. He holds an MBA from London Business School as a Mo Ibrahim Scholar and a BEng in Civil Engineering from the University of Benin, Nigeria.