Folake Soetan is the Chief Executive Officer of Ikeja Electric, Nigeria’s largest electricity distribution company, which serves over a million customers across six business units in Lagos and its environs. The company plays a pivotal role in Nigeria’s power sector, striving to provide a reliable and efficient electricity supply to its vast customer base.
Soetan joined Ikeja Electric in 2015 as Deputy Chief Commercial Officer and quickly rose to the role of Chief Commercial Officer within a year. In that capacity, she led efforts to address some of the company’s longstanding operational challenges, including energy theft, customer billing complaints, and poor revenue collection. Her work reduced commercial and collection losses and helped lay the foundation for broader reforms.
By 2019, the businesswoman was appointed Chief Operating Officer, a role that expanded her oversight to technical operations and distribution efficiency. In that capacity, power supply within the Ikeja Electric franchise reportedly improved from an average of 12 hours to approximately 16 hours daily in some areas. She also oversaw the implementation of the Bilateral Power Initiative, a Willing-Buyer-Willing-Seller scheme that offered select customers up to 20 hours of electricity through a direct supply arrangement.
In March 2020, Folake Soetan was named CEO, becoming the first woman to lead the company since its inception. Her appointment marks a significant milestone in an industry where leadership roles have traditionally been male-dominated.
Under her supervision, Ikeja Electric has continued to drive initiatives to enhance service delivery and promote operational transparency. The company has introduced smart distribution transformers and e-billing systems to modernise its infrastructure and improve customer engagement.
“At Ikeja Electric, safety is not just a policy, it is a core value that defines the way we operate and serve you. Every wire, every pole, every unit of electricity we deliver is governed by one guiding principle: Safety First” — Folake Soetan, CEO of Ikeja Electricity.
According to Business Hallmark, Ikeja Electric recorded revenue of ₦57.87 billion(About $36 million) in the first quarter of 2024—reportedly the highest among all distribution companies in the country.
Soetan’s leadership is distinguished by her strong advocacy for gender inclusion in the energy sector. As a founding Women in Energy Network (WIEN) member, she has championed internal policies that empower and advance women professionally. Under her guidance, Ikeja Electric was honoured as the “Most Gender Diverse Utility Company” at the Nigeria Power Sector Awards in 2022.
In 2024, Soetan received two notable recognitions: the Outstanding Woman in Energy (Power Sector) award from the Women in Maritime & Energy Awards (WIME), and “The CEO Award” at the 65th International Safety Awards organised by the British Safety Council—acknowledging her role in improving workplace safety standards within the power sector.
Folake Soetan continues to champion growth in Ikeja Electric through strategic leadership, technological innovation, and inclusive governance.
