By Bamidele Famoofo
WorldStage– Helios Investment Partners, Africa’s largest private investment firm managing funds totaling $3.6 billion has fully taken control of the business activities of Beta Glass Plc, a leading manufacturer of glass packaging solutions in West and Central Africa, which it recently acquired, with the injection of four new Executive Directors.
Beta Glass until now operated in Nigeria as a subsidiary of Frigoglass Industries Nigeria Limited that owned 61.9 per cent of its ordinary shares. It has two manufacturing plants, located in Agbara, Ogun State, and Ughelli, Delta State.
In a major boardroom shakeup, four directors of Frigoglass Group in Beta Glass have now been relieved of their positions by Helios .
The four directors representing the interest of Frigoglass that recently exited the Board are Mr. Emmanouil Metaxakis, Mr. Vassilis Kararizos, Mr. Serge Joris, and Mr. Gagik Apkarian.
Now representing the interests of the Helios, new owners of Beta Glass are Mr. Nitin Kaul, (Non-Executive Director) who brings over 25 years of global experience in strategy, mergers and acquisitions, restructuring, and business transformation across developed and emerging markets. He is a Partner, Portfolio Operations and member of the Executive Committee at Helios Investment Partners. Prior to joining Helios, he co-founded a boutique advisory firm focused on M&A and operational improvement for private businesses. He previously served as President of diversified industrial and aftermarket businesses at Gates Corporation, where he was part of the executive team that led its sale to Blackstone in 2014. Earlier in his career, he held senior leadership roles at Tomkins and began his professional journey at Arthur Andersen. He currently serves on the boards of several companies across emerging markets.
Besides Kaul, the other directors representing Helios Investment are Nigerians.
Ms. Olusola Carrena, CFA, (Non-Executive Director) is a highly respected financial services leader with over 23 years of experience across investment banking, private equity, and corporate finance in Africa. She serves as Managing Director (Nigeria) on the Investment Team at Helios Investment Partners, where she oversees deal origination, execution, exits, and portfolio management across sectors. Prior to this, she spent a decade at Stanbic IBTC Capital Limited, rising to Executive Director and Head of Corporate Finance. During her tenure, she led and closed over 30 transactions valued at more than $4 billion across diverse industries including oil and gas, FMCG, financial services, infrastructure, and healthcare. A CFA Charterholder, she holds a Master’s degree from the University of Alberta and a First-Class degree from the University of Lagos.
Mr. Bolaji Olatunbosun Osunsanya, (Non-Executive Director) is an accomplished CEO, investor, and governance leader with more than 35 years of experience spanning energy, finance, and infrastructure. He previously served as Group CEO of Axxela Ltd., where he led strategic restructuring and significant value growth initiatives. Earlier, he held executive leadership roles at Oando PLC and Access Bank Plc, contributing to business transformation, governance strengthening, and sustainable expansion. He has served on the boards of several publicly listed and private companies, providing oversight in areas of strategy, audit, risk, and corporate governance, and remains an influential voice in Nigeria’s energy and financial sectors.
Mr. Boye Olusanya, (Non-Executive Director) is a transformative business leader with over three decades of cross-industry experience spanning engineering, telecommunications,
manufacturing, and agribusiness. He currently serves as Group Chief Executive Officer of Flour Mills of Nigeria Plc, where he is leading a strategic transformation agenda focused on value chain integration, sustainability, and digital innovation. He previously served as Chief Executive Officer of 9mobile and as Chief Transformation Officer at Dangote Industries Limited, driving enterprisewide restructuring and operational efficiency programs. He also served as Group Operating Partner at Helios Investment Partners, overseeing performance optimization across portfolio companies. In addition, he is Vice Chairman of the Nigerian Economic Summit Group, contributing to national economic policy dialogue and private-sector development.
The appointments of the five new Directors are subject to the ratification of the shareholders of the company at the next Annual General Meeting on the 26th of June 2026.
