- Dupe Olusola has her hands full in June as she has been appointed to UK’s Save the Children foundation and billed to receive a hospitality leadership award at AHIF
- From being a banking executive at UBA to heading Transcorp Hotel Plc, she has maintained an impressive corporate career
- Her innovative strategies, versatility and high business acumen account for the company’s unprecedented success
A lot is going on in June for Dupe Olusola, the Managing Director and Chief Executive Officer of Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group).
The business executive will be a recipient of the Hospitality Leadership Award at the Africa Hospitality Investment Forum (AHIF), in Namibia later this month and was recently appointed to Save the Children United Kingdom’s African Advisory Board to provide guidance and support to the non-governmental organisation, helping to shape initiatives that drive positive outcomes for children.
Olusola was appointed into the Transcorp Hotels job to succeed another trailblazer, Owen Omogiafo, in 2020 during the thick of the COVID-19 pandemic that saw businesses suffer financial losses, but through innovative strategies and her tenacity for excellence, the company made a huge comeback.
From banking to hospitality, Olusola keeps shining
Before joining Transcorp Hotels, owner of the iconic Transcorp Hilton, Abuja and Transcorp Hotel, Calabar, Olusola was the Group Head, Marketing at United Bank for Africa (UBA). She was responsible for developing and delivering the integrated strategy for all UBA Group bank and non-bank subsidiaries.
The 49-year-old also served as Group Head, Embassies, Multilaterals and Development Organisations (EMDOs) and Global Investment Services (GIS) at UBA, where, through her leadership, the bank’s stakes in the EMDOs and GIS across Africa and beyond was expanded.
Her over 22-year career includes being the Managing Director and CEO of Teragro Commodities Limited, an indigenous agricultural company, where she spearheaded a partnership with Coca-Cola to produce Five Alive Pulpy Orange juice, making the company the sole local material source for the juice in the country.
Olusola’s career cuts across various sectors locally and internationally including private equity at African Capital Alliance, investment and small and medium enterprises (SMEs) with Growing Business Foundation, Bloomberg Financial Markets, UK, SecTrust (now Afriinvest), Transcorp Corporation and Northern Trust Corporation of Chicago, UK.
Education
Dupe Olusola holds a Bachelor’s degree in Economics from the University of Leicester, United Kingdom and a Master’s degree in Development Economics from the University of Kent, UK.
She is Prince 2, PMP and Investor Management certified, all in the UK.
Giant strides
Dupe Olusola’s resilience shone brightly when she stirred Transcorp Hotels back to profitability from the mire of losses during the COVID-19 pandemic. The company was losing N1 billion monthly during the period, which snowballed to the laying-off of at least 40 percent of its staff to stay afloat.
However, the company got back on profitability track and posted a profit after tax of N742.01 million in September 2021 from a loss of N5.49 billion in September 2020. The profitability trajectory has continued as the company recorded an N41.5 billion revenue in 2023, a 36 per cent (N11.1 billion) year-on-year growth from the N30.4 billion recorded in 2022.
Olusola also made history in January 2024 by becoming Nigeria’s first female CEO of a N1 trillion publicly quoted company. Under her leadership, Transcorp Hotels Plc became Nigeria’s first hospitality company to reach a market capitalisation of N1 trillion and was admitted into the prestigious SWOOTs (Stocks Worth Over One Trillion) league.
This is in addition to the company being one of the best-performing stocks on the Nigerian Exchange in 2023, gaining by 1022.9 per cent with a market capitalisation of N718.8 billion. It had started 2023 with a N64 billion valuation and gained N654.8 billion in the course of the year.
In the first quarter (Q1) of 2024, the company recorded a 72.2 per cent revenue growth from N8.03 billion in Q1 2023 to N13.83 billion. Its profit before tax was N6.09 billion while profit after tax stood at N5.02 billion.
She is also instrumental in the launch of Aura by Transcorp Hotels, a digital platform that connects travellers with unique accommodations, great food and memorable experiences. The platform currently has 4,000 rooms across 88 hotels and 490 apartments, offering a wide range of accommodation and experience options for guests.
In order to retain guests at Transcorp Hilton, Abuja, Olusola spearheaded the setting up of marquees within the hotel’s premises in November 2023 to host events that can’t be accommodated in its venues.
Awards and recognition
Dupe Olusola is a recipient of many awards, including Leadership Newspaper CEO of the Year 2023 awards, 2023 CEO of the Year by the Seven Stars Luxury Hospitality and Lifestyle Awards, Guardian Seven Wonder Women Awards for Innovative Entrepreneurship and Careers, World’s High Rising Women Leaders Making a Difference in 2023 by the World Leader’s magazine and listed as Ventures Africa’s 10 Most Influential Nigerian CEOs of 2015.
The business executive is passionate about women's development and empowerment, the economic development of underdeveloped countries and financial inclusion for underserved groups.
