An award-winning and reputable energy and infrastructure executive, Rolake Akinkugbe-Filani has a track record spanning over 15 years of helping to finance and scale businesses across Africa. With a growing reputation as one of Africa’s leading female voices in the energy sector, she has diversified her industry experience, and is currently the Chief Commercial Officer of leading infrastructure developer, Mixta Africa, helping the group craft and execute its commercialisation strategy across Nigeria, Senegal, Morocco, Tunisia, Côte d’Ivoire and Ethiopia for infrastructure and affordable housing projects. She is also the founder of InaTidé, a pan-African non-profit social enterprise providing renewable energy entrepreneurs with knowledge, insights and data to drive decision making and help them scale, as well as prepare for fundraising.
Prior to Mixta Africa, she was the Senior Advisor to IFU, the Danish Investment Fund. She also sat on the global advisory board of the Canadian private equity firm, Stonechair Capital, advising on its renewables and gas sector Energy Africa Fund. From 2014 to 2019, she was Head of Energy for FBN Capital and FBNQuest Merchant Bank, raising debt and equity capital for local energy companies, and during that same period, from 2017 to 2019, she was a member of the private sector economic advisory group advising the Office of the Vice President of Nigeria on a range of national energy sector development policy issues. Prior to FBNQuest Merchant Bank, she was head of the energy, infrastructure and power research team at pan-African Ecobank Group, covering 33 African markets out of London. In her early career, she worked as a political risk analyst with Control Risks and Eurasia Group and worked in international development with the European Commission in Brussels and the International Crisis Group in Dakar, Senegal.
She is a fluent French speaker, highly sought-after industry expert, and an engaging commentator able to expertly distill complex topics related to energy, markets, and the economy on platforms such as BBC, CNN, CNBC and others. She is also noted globally for her astute analyses and ability to communicate business concepts to a diverse audience of senior business leaders and decision-makers. In 2015, she won the Best Africa Oil and Gas Analyst award from Energy Africa US, and in 2020, was recognised as a top 275 Global Female Influencer Executives in Energy by the UK’s Energy Council. She was also recognised as a Young Economic Leader in Africa by the Choiseul Institute (2018, 2019 and 2020) and was listed in the Most Influential People of African Descent (MIPAD) 100 Under 40 in the 2018 Business and Entrepreneurship Category. She has a BSc and an MSc degree from the London School of Economics (LSE) and a joint MBA degree from the London School of Economics, HEC School of Management Paris and NYU’s Leonard Stern School of Business (TRIUM), during which time she also received the Jane M. Klausman Women in Business Scholarship from Zonta International.
Rolake sits on the global advisory board of Persistent Energy, Africa’s Climate Venture Builder, and the advisory board of the African Energy Chamber working with the Energy Transition and Investment Committees. In January 2021, she was appointed to the Executive Council of WIMBIZ, Nigeria’s leading networking for women, where she chairs the Private Sector Advocacy Committee.
In her spare time, she coaches executives and professionals in the art of effective communication and public speaking skills through her iArticl8 coaching platform. She is also a committed mentor to many young career women. She also leads The Marketplace Alliance, which is the business network of This Present House church, which has empowered hundreds of entrepreneurs and professionals in building sustainable businesses and careers since its inception. Rolake is also an accomplished and experienced piano player.
In this woman of the month interview, she covers the challenges and opportunities for Africa in energy and infrastructure development, and how to forge one’s own path.
You describe yourself as having a growing reputation as one of Africa’s leading female voices in energy and infrastructure, which is commendable. What would you say informed this career path in energy and infrastructure?
In Africa, we need an estimated $100bn annually in infrastructure investments for this decade. The funding and investment gap that currently exists was already an indicator in and of itself that there would be a plethora of opportunities in this sector from just attempting to close that gap. I think for me it was the reality that Nigeria’s economic development as a nation, and for Africa as a continent, revolves around access to affordable, reliable, and efficiently produced energy. I was also drawn to the industry because of the diversity of opportunities within it. The reality is energy infrastructure, or any other type of infrastructure is what is needed for a country, and society to function, whether it is roads, buildings, housing, ports, the transport system, the electricity distribution network, and social infrastructures like health or schools.
I wouldn’t say I planned my career path from day one. Coming out of my undergraduate degree I was naturally drawn to roles that have a significant impact on the advancement or development of a community or nation. Energy to a nation is like what air is to humans. Without it, we would not stay alive. We need it to function and thrive and be productive.
Looking back at the career you have forged so far, is there anything you wish you could have done differently?
Perhaps, yes. I would have mastered emotional intelligence much earlier as it is one of the key ingredients to building long-lasting professional relationships that can act as a catalyst for your growth and career advancement. In addition, given the centrality of digital transformation and technology to every single industry of the economy, perhaps a more serious and specific focus on STEM subjects would have been an added benefit. Nevertheless, having a growth mindset means there is no end to learning and it is possible to acquire new skills at every stage in life.
What is the hardest thing about being the Chief Commercial Officer of Mixta Africa? What business challenges do you face and how are you solving them?
Feeling like the entire weight of the company is on your shoulders!!
In a commercial role, you become obsessed with budget targets, growth, and revenue maximization opportunities. It can be stressful because your KPIs are essentially the company’s own KPIs. To achieve my mandate as Chief Commercial Officer, across the group (which is a total of 5 African subsidiaries), I need every part of the business, from Design to Procurement, to Sales and Marketing, Operations to Customer Experience, and Project Management, to function well, efficiently and in harmony.
In terms of business challenges, what keeps me awake at night is how to build resilience against prevailing market conditions. Consumers need a way to finance their home purchases, and so trying to solve the demand side challenge is probably the biggest piece of the puzzle, given the slow development of the mortgage industry, high-interest rates, and weak credit check systems that make it hard to determine true eligibility. This then links to the supply side, because early project offtake helps generate cash for development and construction activity, and where there are gaps, sourcing alternative financing then becomes the new headache. However, promoting innovation and taking a market-driven approach to how we launch new developments can help manage some of these risks.
Examining, more broadly, the African infrastructure landscape, what do you think are the current and future opportunities for individuals and businesses?
I think in markets like Nigeria, with large economies, rapid urbanization, and a burgeoning youth population, there is a real opportunity to scale infrastructure solutions that meet the market needs of the underserved and provide viable business opportunities. Housing for instance is a key driver of economic growth, because of the contribution of the construction value chain to manufacturing and job creation.
Closing the gender gap is at the forefront of women’s empowerment. What have been the gains in this regard within your industry, and what more needs to be done?
Well, as I have spent much longer in the energy industry, I can say the energy transition is creating more opportunities for female participation and leadership in the sector. However, the numbers are nowhere near sufficient levels. We do need to see and encourage more girls into STEM subjects, while companies that operate in the sector have to realize that there are significant commercial benefits from having women-powered value chains and female leadership. In 2021, we saw the appointment of the first female Managing Director of an international oil company in Nigeria. That was a major win for women everywhere.
What advice do you have for women aspiring to have a similar career path?
I think self-awareness and self-mastery are key. Understanding what your strengths are and knowing how to leverage them to exploit opportunities. I think it’s important for women not to view their career journey as a collection of positions or titles because ultimately you define the role, the role does not (or should not) define you. It is better to view your value-add as stemming from your specific skills set, which you should spend time developing and honing because it helps you be adaptable to different corporate environments. It is also important to recognize your competency gaps, and not shy away from doing the hard stuff, since that is ultimately how you learn and grow. Finally, I would really encourage women to gain cross-functional experience because it positions you as a more versatile leader or executive. You can’t go wrong with finding a mentor but remember that a mentor only validates or refines what should already be a hunger, passion and fire in you for excellence and growth. Taking the time to strategically build relationships based on mutual respect, and to which you bring tremendous value, will also stand you in good stead for career acceleration.
What does success mean to you?
Success for me is living a life of purpose and impact. Knowing that I made the most (and more) of the skills, gifts, and resources available to me. It is also knowing that I helped pull other women up the ladder and helped them fulfill their own potential.
What should we look forward to seeing from you in the next few years?
I think in the next few years, apart from taking on more senior board roles across relevant industries, I see myself pivoting gradually into public policy or development. My private sector journey is preparing me well for this next phase and has exposed me to a broad network of leaders, stakeholders across the public and private sector, and given me experience in tackling key business, strategic and operational challenges. I have thus developed a solution-oriented mindset. However, the work of nation-building can’t be seen as the preserve of just a few. If we are going to change our country, the change must begin with us. So, I will ultimately throw my hat in the ring.
Just like Rolake, remember to #TakePrideDaily in who you are and what you do.
