Ikeja Electric Names New CEO as Folake Soetan Bows Out
Ikeja Electric has appointed Mrs. Ogochukwu Onyelucheya as acting chief executive officer, effective July 1, 2026, in a leadership reshuffle aimed at accelerating growth, innovation, and service excellence across the power value chain, the company said.
The appointment follows the transition of Mrs. Folake Soetan, who has led Ikeja Electric as CEO since 2020 and will now assume broader strategic responsibilities across the energy sector, according to a statement on Saturday.
Announcing the change, Kola Adesina, chairman of Ikeja Electric, credited Soetan with strengthening performance and customer focus while positioning the company for long-term growth in Nigeria’s evolving electricity market.
“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,” Adesina said.
Under Soetan’s leadership, the company recorded notable operational improvements and deeper stakeholder confidence, the board said.
Soetan described her tenure as a privilege and said she would continue supporting the group’s wider ambitions across Africa.
“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,” she said.
Adesina said the board is confident Onyelucheya will build on the company’s momentum with a strong focus on execution, innovation, and customer-centric performance.
“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,” he said.
Onyelucheya is a senior corporate executive and finance leader with over 20 years’ experience spanning the banking and energy sectors, with a track record in large-scale turnarounds through digitisation, automation, and revenue assurance. She holds a BSc in Accounting (Nnamdi Azikiwe University), an MSc in Finance and Financial Law (University of London), and is an alumnus of Harvard Business School.
Speaking on her appointment, Onyelucheya said her immediate priorities would center on better service, customer confidence, and sustainable performance.
“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,” she said.
