Dupe Olusola: Projecting Nigeria’s Hospitality Industry

Kayode Tokede writes on the Managing Director/CEO of Transcorp Hotels Plc, Dupe Olusola’s  impact  on Nigeria’s hospitality industry and efforts to create value for shareholders

Since becoming the head of Transcorp Hotels, the subsidiary of Transnational Corporation in March 2020, Dupe Olusola has worked hard with the board and management to position Nigeria’s hospitality business in the global map, and improve on corporate earnings that has translated into dividend payout to investors.

Olusola is a dynamic, results-oriented leader with a track record of building profitable businesses and delivering superior performance. She has over 22 years of corporate experience spanning various sectors locally and internationally.
Appointed Transcorp Hotel boss during the COVID-19 pandemic, she has successfully led the company back to profitability and significant increase in revenue generation.

Under her visionary leadership, Transcorp Hotels has achieved impressive milestones and contributed significantly to its parent company.
The company between 2020 and 2023 financial year has grown its revenue to N41.44 billion, about 308.1per cent from N10.16 billion, and N9.48billion profit before tax in 2023 from a loss before tax of N8.9 billion reported in the 2020 financial year.
Profit after tax hits N6.25 billion in 2023 from a loss of N6.27 billion in 2020 as investors have felt the impact in profit generation over the last four years since she became the MD/CEO of Transcorp Hotels.

Specifically, the company that did not pay dividend in the 2020 financial year rewarded shareholders  in the 2021,  2022 and 2023 financial years.
Olusola in  a statement had noted that the company’s 2020 financial year performance was achieved through continued dedication to excellence, unparalleled guest satisfaction and a resilient spirit that defines its commitment to delivering exceptional service and stakeholder value.
“By strategically investing in innovations that align with our growth objectives, we continue to deliver these impressive numbers, beating our previous year’s records.

“Our considerable investment in our iconic Transcorp Hilton Abuja have been rewarded by significant increases in occupancy rates and guest satisfaction.  We are continuing this investment, with our 5,000-capacity event centre purpose-built to host local and international entertainment, conference, and exhibition events.
“This new world-class facility located within the premises of Transcorp Hilton Abuja is scheduled to open in the second half of 2024. I am immensely proud of the team’s dedication, resilience, and unwavering commitment to excellence, in providing an unparalleled hospitality experience.  We remain focused on our mission to continue exceeding expectations and setting new benchmarks in the African hospitality industry.”

The latest result and accounts of Transcorp Hotels showed that it broke the all-time revenue record in the first quarter (Q1 2024) ended March 31, 2024.
The company recorded N13.8 billion revenue in Q1 2024, about 72 per cent increase from N8 billion reported in Q1 2023.
In addition, from the profit & loss figures, the company’s declared N6billion profit before tax, representing 568 per cent increase from N911.6 million in Q1 2023, as profit after tax was at N5billlion in Q1 2024, about 844 per cent growth from N531 million reported in Q1 2023.
The company in the period under review, saw its occupancy grew to 82per cent in Q1 2024, up from 75per cent in Q1 2023.
Olusola said: “Our excellent first quarter performance marks the beginning of another great year for our company. We broke our all-time monthly revenue record in March, a demonstration of our commitment to excellence and superior performance.

“We leveraged opportunities across our segments for continuous growth. Demand in our International Business Travel and leisure segments remained strong in Q1 2024, delivering an industry-leading revenue per available room (RevPAR) growth of 74 per cent and profit growth in excess of 844per cent.”
“We assure our stakeholders that we will continue to deliver exceptional value and leverage innovative tactics to rapidly expand our business portfolio.”
All these performances have contributed to her numerous awards and recognition home and abroad.

Numerous Awards, Among Others
Transcorp Hotels Plc, Transcorp Hilton Abuja and Olusola have been recognised on different global stages. The awards include Booking.com’s Traveller Review Award 2023, Five World Travel Awards, World Luxury Hotel Awards and two Seven Stars Luxury Hospitality and Lifestyle Awards for Transcorp Hilton Abuja.
Transcorp Hotels also won the Brand Communicator’s Most Outstanding Hospitality brand while Dupe Olusola won the Seven Stars Luxury Hospitality and Lifestyle Awards’ CEO of the Year 2023.

The company was awarded the Outstanding Employer of the Year 2022 by the Trade Union Congress of Nigeria, and Olusola was named World’s High Rising Women Leaders Making a Difference in 2023 by the World Leader’s magazine.
She recently won the prestigious Africa Hospitality Investment Forum (AHIF) Leadership Award at the 2024 edition of the forum holding in Windhoek, Namibia.
AHIF is the premier hotel investment conference in Africa, attracting many prominent international hotel owners, investors, financiers, management companies and their advisers. According to organisers, Olusola’s award is in recognition of her exceptional contributions and leadership in the African hospitality sector.
“Olusola’s record is outstanding. She became the first female CEO of a N1 trillion company shortly after Transcorp Hotels ended the year as the best performing stock on the Nigerian Exchange. One has to admire her ability to inspire people and the innovative way she fought to retain guests when other hoteliers would simply have said they were fully booked,” said Matthew Weihs, Founder of AHIF.

Under her leadership, the company has extended its offer; historically an award-winning business hotel, the company’s flagship property Transcorp Hilton Abuja had since introduced leisure offerings, finding the perfect blend of business and leisure.
The company has also won over 40 awards since Olusola became Managing Director/CEO. She has won several personal awards, including CEO of the Year. Transcorp Hilton Abuja has elevated its status as the place to stay and to hold major events in Nigeria’s capital city.
In November 2023, with banqueting enquiries exceeding capacity, Dupe set up marquees within the grounds of the hotel rather than turn away business.
 Olusola while commenting on receiving the Leadership Award said: “I am deeply honoured to receive the Leadership Award. This recognition is a testament to the incredible dedication and hard work of the entire Transcorp Hotels team.

“Together, we have navigated challenging times and emerged stronger, continually pushing the boundaries of excellence in hospitality. I am proud of what we have achieved and excited about the future as we continue to innovate, expand and deliver outstanding experiences for our guests.”
Also, she was appointed to Save the Children UK’s Africa Advisory Board.

She will be bringing her philanthropy a wealth of experience in leadership, strategic development, and community engagement.
Olusola’s commitment to excellence and passion for transformative change aligns perfectly with Save the Children’s core values and objectives.
Her extensive expertise and deep insights will be invaluable as the organisation continues its mission to create a sustainable impact for children across the continent.
Save the Children is the world’s leading independent organisation for children, dedicated to ensuring that every child has the opportunity to thrive. With a presence in over 100 countries, Save the Children works to provide access to quality education, healthcare, protection from harm, and emergency response services.

As a member of the Africa Advisory Board, Olusola will provide strategic guidance and support to Save the Children UK, helping to shape initiatives that drive positive outcomes for children.
She is also a member of the Advisory Board of the Africa Hospitality Investment Forum and a member of the Board of Directors, United Capital Microfinance Bank.