On December 31, 2024, Modupe Olusola, ended her successful tenure as the managing director/CEO, Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc (Transcorp).
But her legacies and feats trail her commitment to growing the hotel group and the Nigerian hospitality industry at large, and would be remembered for a long while.
Since leaving the United Bank for Africa Plc, a few years ago, where she was the Group Head, Marketing, to join Transcorp Hotels Plc, Modupe Olusola has made an impressive impact in the Nigeria hospitality sector.
Under her watch as managing director/CEO, the company grew to become a benchmark for success, across hotel business growth and operation indices in Nigeria.
Under her leadership, Transcorp Hilton Abuja, the flagship property of Transcorp Hotels Plc, won several industry awards back to back including; Best Luxury Hotel Nigeria and Best Luxury Business Hotel – Africa, further cementing its status as a leader in luxury hospitality.
She sustained the growth of brands and properties under Transcorp Hotels Plc, particularly,Transcorp Hilton Abuja, which is still the foremost five-star hotel in Nigeria and the benchmark of hospitality excellence since April 21, 1987 when it opened its door to its first guest.
Her doggedness during the COVID-19 pandemic when hotel occupancy fell to just 5 percent and ability to return the hotel to profitability faster than most of the world’s hospitality companies, took the industry by storm and put many hotels that were doing less under pressure.
She returned the hotel company to profitability in 2021, reporting a profit of N1.7 billion, after recording over N10 billion loss in 2020 caused by the Covid pandemic and the continent’s economic problems.
Year-on-year, the company’s performance under Olusola’s watch was impressive with the share price growth of over 600 percent in 2023. Most importantly, the company set a record in the Nigerian hospitality industry as the most capitalized hospitality company with N1 trillion market capitalization as well as finished the year 2023 as the Best Performing Stock on the Nigerian Exchange.
Considering its year-on-year impressive and sustained growth, Transcorp Hotels Plc was listed as one of the fastest growing companies on the African continent.
The list, which was authored by Financial Times in partnership with Statista, highlighted 125 businesses that survived the Covid pandemic and some of Africa’s toughest economic problems.
She also brought to bear her deep knowledge of corporate and retail market economics as well as expertise in identifying opportunities, delivering strong revenues and profits, and positioning businesses for sustainable growth in competitive markets in the management of the hotel subsidiary.
The above explained the reason Transcorp Hilton Abuja is most sought-after for major events of international repute, as well as the accommodation of choice for the most respected individuals in business and government.
Read also: Transcorp Hotels grow revenue by 67% to N48.49bn in Q3, 2024
In a bid to handle overflows from the sustained patronage, in November 2023, the hotel management set up marquees within the premises of Transcorp Hilton Abuja and became the preferred venue for events in Abuja, all because of her ingenuity.
She also pushed the hotel company’s expansion drive with the development of a 315-room 5-star hotel in Lagos and the launch of a 5,000-capacity state-of-the-art event center in Abuja, aimed at harnessing more opportunities in the MICE sector.
Her tenure was also decorated with awards and recognitions, both at home and abroad.
Foremost among them included: the Africa Hotel Investment Forum (AHIF), Africa’s biggest hospitality industry platform, which honoured her with a Leadership Award, appointed to the Save the Children UK’s Africa Advisory Board, CEO of the Year by United Capital Microfinance Bank, among others.
She was also inducted into the Seven Stars Pantheon of Hospitality and awarded the Seven Stars Woman of the Year 2024, making her the second recipient of the esteemed honour in the 12-year history of the awards. She emerged among Top 30 African Trailblazers: Strategic African Women in Leadership, 2021(SAWIL) and Outstanding Hotel and Hospitality Award at the Nigeria at 60 Jubilee Special Awards 2021.
Under her leadership, Transcorp Hotels Plc soared steadily in revenue generation recording N9.6 billion in revenue in 2020, 574 million in profit in 2021, N14.99 billion in 2022 revenue, N30.4 billion and N3.1 billion in profit after tax in 2023 and N41.4bn in Revenue, N5.6bn in profit before tax and N29.7 billion in revenue, 61 percent growth half year 2024.
In all, she gave credit to her team of credible professionals as the giant strides have been a result of teamwork.
She also appreciated the management of Transcorp Hotels Plc for giving her the opportunity to serve, while welcoming the incoming managing director with warmth.
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