…Leading as first female CEO of first hospitality business to achieve N1trn valuation in Nigeria
Dupe Olusola is a dynamic, results-oriented leader with a successful track record of building profitable businesses and delivering superior performance. She has over 25 years’ corporate experience spanning various sectors locally and internationally. She has deep knowledge of banking, finance and several corporate and retail market economics with expertise in creating vision, identifying opportunities, creating high quality products and services, delivering strong revenues and profits, and positioning start-ups and existing businesses for sustainable global growth in competitive markets. She has excellent business and political acumen developed through active networking over the years and involvement in several development and empowerment associations.
Dupe is the Managing Director/CEO of Transcorp Hotels Plc, owners of the award winning Transcorp Hilton Abuja and online platform for bhhooking accommodation and experiences: Aura by Transcorp Hotels.
Dupe assumed this role in March 2020, at a time when the world was beginning to comprehend the unprecedented global reach and impact of the COVID-19 pandemic and its evolving level of disruption to the world’s economies. Being saddled with the huge responsibility of navigating the hotel business through the tying times, she led her team to create and adopt diverse innovative strategies, including food delivery services, drive-in events, and the ‘Clean Stay’ programme, among other strategies that were highly successful, with recovery from the impact of the pandemic happening fast and an 84% growth in revenue in the first half of 2021, Transcorp Hotels plc.
She went on to deliver a most impressive performance at the end of 2022, delivering the highest revenue and profit in the history of Transcorp Hotels Plc., thereby reversing completely the negative performance due to effects of the pandemic in 2020. Dupe’s keenness for excellence and growth has not only empowered the company to retain its market, but has driven a rapid business expansion through innovation and diversification.
How have you leveraged your strong business and political acumen to drive strategic partnerships and positioning for Transcorp Hotels?
I’ve always believed that strong relationships, whether in business or other areas of life, are key to driving progress. I have leveraged my strong business acumen and networking skills to drive strategic partnerships and position Transcorp Hotels as a leader in the hospitality industry by building relationships across multiple sectors. I have a good understanding of both business dynamics and government structures, enabling us to form alliances with key stakeholders, from local and international business entities to government bodies.
My focus has been to strategically align Transcorp Hotels with Nigeria’s broader economic goals, which has opened doors for mutually beneficial partnerships, especially in tourism and investment. My ability to navigate complex business environments, combined with a keen understanding of regulatory frameworks, has allowed Transcorp Hotels to stay ahead of the curve and position Transcorp Hotels as a company that not only serves consumers but also contributes to national development. I have secured an opportunity that strengthens the brand’s credibility and growth potential.
What are some of the key strategies you have implemented at Transcorp Hotels to navigate the impact of the COVID-19 pandemic?
The pandemic was an unprecedented challenge for the hospitality industry, but what it also did was challenge us to think outside of the box and do things differently. Despite the impact on the hospitality industry, we adapted quickly by implementing enhanced safety measures, focusing on local tourism, creating unique staycation experiences to encourage Nigerians to explore the beauty within our borders, and exploring new revenue streams. Our efforts allowed us to stay resilient and continue providing exceptional service to our guests.
In 2020, we ended the year with a N9bn loss. Through innovation and commitment to our core values of excellence, execution and enterprise, we returned to profitability in 2021, and each year’s revenue and profit since then have been record-breaking.
How has your diverse background in banking, finance, and private equity shaped your approach to business leadership and decision-making?
My experiences in banking and private equity have equipped me with a strong financial foundation and a strategic mindset, including how to identify business opportunities, review and raise funds, optimise business and market operations, create market linkages and lead diverse teams. This has helped me to make data-driven decisions, focus on long-term sustainability, and ensure that we are always looking at the bigger picture when it comes to business growth.
Can you elaborate on your passion for children’s education, women’s empowerment, and economic development, and how you have incorporated these into your philanthropic initiatives?
Children’s education, women’s empowerment, and economic development are deeply personal causes for me. I believe education is the foundation for a prosperous future, and empowering women is crucial for community growth. Through various initiatives, like mentoring programmes for young women and partnerships with educational foundations, we have been able to support these causes.
To celebrate my 50th birthday, I held a mentorship programme for 50 amazing ladies and feedback from the programme highlights how impactful the experience was for them. I have also launched the ‘Next Generation Foundation.’ It is a philanthropic fund set up to contribute to the eradication of child neglect in Nigeria. It aims to contribute to the reduction of the out-of-school-children population, and positively impact the lives of orphans and vulnerable children by providing access to education and promoting cross-sectoral partnerships for education reform. Our mission is to radically transform the quality of life of underserved and vulnerable children, using education as the primary instrument. I am currently working on our flagship project, ‘50 by 50’. 50 children from low-income families will be provided with multi-year scholarships, access to upskilling opportunities, internship and summer placements, and professional and personal mentors. We are partnering with experienced, education-focused social impact organisations to reach the children, and families that need the most support.
The experience is quite a humbling one. Going to these schools and observing the impact, seeing kids from low-income homes being given the opportunity and access to education, the freedom and the empowerment, the life-changing transformation from learning. It was truly an emotional experience for me. It made me grateful for how far I have come but also helped me realise how much more there is to do in giving back and opening up others to opportunities.
As a woman who has broken through glass ceilings, what advice would you give to other aspiring women leaders?
Believe in your abilities and don’t be afraid to take up space. As women, we often feel the pressure to conform or downplay our accomplishments, but we must own our success. Surround yourself with mentors and a strong support system, and never stop learning. Leadership is not about having all the answers, it’s about resilience, continuous growth, and being able to lift others as you climb.
Be hard working, invest in yourself, be kind to people, be an authentic leader, be execution focused, be resilient, and focus on excellence and legacy.
What are some of the key factors that have contributed to your impressive career achievements and recognition, such as being named among ‘Nigeria’s Most Influential CEOs’ and ‘Top Women Changing the Narrative?’
Hard work, adaptability, and an unwavering belief in the power of teamwork have been the cornerstones of my success. I’ve always embraced challenges as opportunities to learn and grow. I have also enjoyed having the right mentors. My parents were inspirational mentors to me. I have also worked with some great bosses, including our Group Chairman Tony O. Elumelu, CFR, who creates the right environment for everyone to thrive, and also challenges and teaches.
Like I always like to say, recognitions are great, so I am honoured, but what they do is challenge me to do more, because the true reward is the impact we create and the legacies we leave behind.
I am happy about the impact I’ve made everywhere I have worked. Fostering a culture of innovation and inclusivity at every organisation I’ve led has set us apart.
You have achieved great heights and broken records for Transcorp Hotels. Can you share these up-to-date records with us and how you intend to stay on top, including how you were able to achieve them?
Since becoming CEO, Transcorp Hotels has consistently delivered strong financial results despite the challenges posed by the pandemic. I spoke earlier about how the pandemic pushed our business into a loss and how we bounced back through innovation. We have recorded back-to-back record revenues and won multiple awards.
In 2023, our company’s shares ended the year as the best-performing on the Nigerian Exchange. Earlier this year, we achieved a N1trillion valuation, making us the first hospitality business to achieve this feat and I, the first female CEO of a N1trillion company in the country. We were also recently recognised as one of the fastest-growing companies in Africa by the Financial Times.
We achieved all these through dedication to our core values of excellence, execution and enterprise. We’ve led with continuous innovation, commitment to excellent guest experience, and customer-centric solutions. Moving forward, we will keep evolving by embracing digital transformation and identifying new market opportunities, while staying true to our core values.
What are your future plans and vision for Transcorp Hotels, and how do you intend to build on the company’s recent successes?
Our vision is to be Africa’s leading hospitality brand. We plan to expand our footprint and explore new markets within and outside Nigeria.
We are incredibly excited about the upcoming launch of our event centre in Abuja. This state-of-the-art facility, with a capacity of 5,000, is set to redefine the events and conference space in Africa. We have designed it to cater to large-scale conferences, exhibitions, concerts, and social events, offering cutting-edge technology and world-class amenities. It’s a game-changer not only for us but for the entire hospitality and tourism sector in Nigeria. The event centre launches this year.
In addition to the event centre, one of our most anticipated developments is the Transcorp Hilton Ikoyi, which will bring our renowned hospitality excellence to one of Lagos’ most prestigious areas. This 315-room 5-star hotel will offer luxury accommodation and world-class facilities, catering to business and leisure travellers alike. This reflects our commitment to providing exceptional hospitality services across major cities in Nigeria and beyond, as we continue to build Africa’s leading hospitality brand.
Sustainability is also a key focus, as we aim to lead the way in eco-friendly hospitality practices. Continuous innovation, guest satisfaction, and creating memorable experiences will always be at the heart of our strategy.
Can you share any insights into your leadership style and the values that guide your decision-making as a CEO?
My leadership style is collaborative and transparent. I lead with empathy and believe in creating an environment where people feel valued and empowered to do their best work. I listen to everyone and seek out different ideas and opinions even though the final decision lies with me. I believe in empowering my team, encouraging creativity, and giving people the freedom to take initiative. At the same time, I hold everyone accountable for delivering excellence. Integrity, innovation, and inclusivity are values that guide all my decisions. I aim to create an environment where every voice is heard, and everyone is encouraged to contribute to our shared success.
How have you fostered a culture of innovation and agility at Transcorp Hotels to enable the organisation’s resilience and adaptability during challenging times?
We’ve built a culture where innovation is celebrated, and failure is seen as a stepping stone to success. By encouraging cross-functional collaboration and staying open to new ideas, we’ve been able to pivot quickly in response to challenges. This agility was particularly crucial during the pandemic when we had to rethink our offerings and embrace fresh ideas and digital solutions to remain competitive.
What are some of the unique insights you’ve gained from your experience in the EMDO (Embassies, Multilaterals, and Development Organisations) and GIS (Global Investors Services) sectors at UBA?
My experience at UBA gave me a deep understanding of the complexities of global investment flows and the importance of nurturing relationships across diverse cultural and geopolitical landscapes. It also reinforced the idea that businesses thrive on trust and partnership, insights that have shaped how I lead Transcorp Hotels today, especially when forming strategic alliances.
What are some of the key lessons you have learnt throughout your distinguished career that you would share with aspiring leaders?
Always stay adaptable and never stop learning. Build strong relationships, prioritise integrity, and focus on creating value. Leadership is about service—always look for ways to uplift those around you, and most importantly, be fearless in the pursuit of your vision.
What does turning 50 mean to you? What are you grateful for?
Turning 50 is a milestone that has given me an opportunity to reflect on my journey—both personally and professionally. I’m incredibly grateful for the people who have supported me, the opportunities I’ve been given, and the impact I’ve been able to make. I’m especially thankful for my family, my team, and the chance to contribute to positive change in the society.
How do you maintain a healthy work-life balance, and what are some of the hobbies or interests you pursue outside of your professional responsibilities?
I will say it again, I don’t think balance really exists. It’s more like work-life integration. I honestly believe that life is in phases and there are different requirements at each phase. But with life, I have also learnt to ask for support from others when I need it. I have great support from my family and close network of friends who are constantly rooting for me, and support where required. At work, I have the best team ever. They get the vision, and they are focused on delivery. I am very intentional about living my best life.
Concluding words
In all that I do, I strive to lead with purpose, passion, and integrity. I believe that every challenge is an opportunity, and every opportunity is a chance to make a difference. I am grateful for the impact I have made in my 50 years of existence, and I am excited about how many more lives I can touch. I’m thrilled about what the future holds for Transcorp Hotels and the legacy we are building. I remain committed to continuing to empower those around me and contribute to the growth of Nigeria’s hospitality sector and our great nation Nigeria.
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