Folake Soetan’s rise to the top of Nigeria’s energy sector is an exceptional story of bold transitions, vision, and a drive to challenge the status quo. Starting her career in aviation with British Airways and later Virgin Nigeria Airways, she quickly distinguished herself in sales and marketing before moving into the oil and gas industry with Sahara Group. As Vice President of Downstream-West Africa, she expanded the company’s operations beyond Nigeria into Ghana, strengthening its market position across the region.
In 2015, she embraced a new challenge by joining Ikeja Electric as Deputy Chief Commercial Officer. Within a year, she became the Chief Commercial Officer, where she introduced new measures to combat energy theft, address concerns over estimated billing, and streamline customer complaint resolutions. These efforts resulted in a significant reduction in commercial losses and improved customer engagement. By 2019, she was leading operations as Chief Operating Officer, implementing growth strategies and introducing the Bilateral Power initiative, a “Willing-Buyer-Willing-Seller” model that provided customers with a minimum of 20 hours of power supply—a groundbreaking achievement in Nigeria’s electricity distribution industry.
When she was appointed CEO in 2020, she became the first woman to lead Ikeja Electric, the country’s largest electricity distribution company. Under her leadership, the company gained recognition for its performance and diversity, winning the “Best Electricity Distribution Company” and “Most Gender Diverse Utility Company” awards at the Nigeria Power Sector Awards in 2022. Her influence extends beyond corporate success. She has been instrumental in fostering gender diversity within the company, ensuring that opportunities are based on merit and pushing for greater representation of women in leadership and technical roles. As a founding member of the Women in Energy Network (WIEN), she supports mentorship and leadership development initiatives that empower women in the industry.
Folake Soetan’s leadership is marked by a focus on efficiency, transparency, and accountability. She believes in leading with purpose and prioritizing impact over recognition. Her transformation of Ikeja Electric has not only improved service delivery but also set a new standard for leadership in Nigeria’s power sector. By redefining what is possible in an industry long plagued by inefficiencies, she has shown that meaningful change is possible with the right leadership. As she continues to shape the future of Nigeria’s energy landscape, her legacy will be one of innovation, inclusion, and a relentless drive for progress.
