Dupe Olusola: A Leader in Hospitality and Philanthropy
Dupe Olusola is a successful leader with over 25 years of experience in various sectors. She is known for her expertise in Agric, banking, finance, and corporate market economics She is the current t Managing Director/CEO of Transcorp Hotels Plc, which owns the Transcorp Hilton Abuja and the online booking platform, Aura by Transcorp Hotels. Under Dupe Olusola’s guidance, Transcorp Hilton has achieved significant milestones and undertaken transformative projects. From enhancing guest services to implementing sustainable practices, her innovative approach has propelled the hotel to new heights of success. Through Dupe Olusola’s strategic planning and business acumen, Transcorp Hilton has experienced remarkable revenue growth and financial success. Her ability to identify new revenue streams and capitalize on market trends has solidified the hotel’s position as a profitable and sustainable enterprise.
Dupe studied Economics in the UK and holds certifications in project management and investor management. She is passionate about children’s education, women’s empowerment, and economic development. She initiated charity programs like ‘Forty for Good’ and founded the Next Generation Foundation to support vulnerable children in Nigeria. Her dedication to excellence and growth has made her a respected figure in the hospitality industry. She continues to inspire others through her work and advocacy for diversity and inclusion. In this interview with Funke Babs-Kufeji, Dupe tell her journey to the top at Transcorp Hilton and also share her thoughts at 50.
Let’s talk about Dupe Olusola. She has worked in agriculture, banking, and now hospitality, all while holding a degree in economics. How has she been able to handle these various jobs over time?
It’s interesting because there was a time I didn’t embrace my diverse industry experience and background. I have, however, come to completely appreciate and know it’s one of my superpowers. I define myself as a transformational leader who is sector agnostic with the ability to go in and identify what the key issues are and be solutions-focused to add value regardless of the sector. My degree in economics is definitely a great advantage as it equipped me with analytical thinking, problem-solving skills, and a broader understanding of market dynamics, which are applicable across industries; but beyond this is my mindset to deliver and achieve results. Each role has required me to constantly adapt, invest in knowledge, and build strong teams to support these transitions.
Many of our readers, including myself, are curious about how you managed to switch from one field to another. What qualifications or experiences did you have that made the transition smoother for you?
Switching industries has been an exciting challenge, but like I earlier mentioned, skills like leadership, strategic thinking, and relationship-building are transferable. I took on each role with the mindset that learning is a continuous process. I started out in asset management and finance and then transitioned to private equity, working with second-tier financial institutions to put funding and structures in place for SME financing, to core finance and banking, and even working as a chief operations officer at a time, overseeing HR, MCC, and subsidiaries, to agriculture, and now hospitality.
Over the years, I have taken leadership courses, courses in project management, investor relations, et cetera, but beyond this, embracing learning at every turn has always helped. Like a sponge, I like to soak up every opportunity to learn—upwards, downwards, and sideways—it is essential, and working with talented people across various sectors has helped me gain insights that I could apply in new environments. Each industry has its nuances, but the ability to listen, observe, and understand those specific challenges and opportunities made the transitions smoother.
My experience in private equity, for example, taught me how to identify business opportunities, review and raise funds, optimise business and market operations, create market linkages, and lead diverse teams—all of which were useful when I transitioned into agriculture and then hospitality. Networking, mentorship, and executive leadership programs also helped me smooth out transitions.
Given the current economic situation in Nigeria, what role do you think the tourism and hospitality sector plays in boosting economic growth?
The tourism and hospitality sector has a critical role to play in boosting Nigeria’s economic growth, particularly given the current challenges. This sector creates jobs across various skill levels, from service staff to management roles, which directly addresses the high unemployment rate in Nigeria. Additionally, it stimulates local economies by supporting industries such as transportation, food and beverage, retail, and the arts
By attracting international visitors, tourism also brings in foreign exchange, which is vital for stabilising the economy. With Nigeria’s diverse cultural heritage and natural attractions, we have the potential to attract more international tourists, thereby diversifying our revenue streams and reducing the country’s dependence on oil. Domestic tourism is also growing, with more Nigerians exploring local destinations. This trend not only keeps money circulating within the economy but also encourages infrastructure development.
Moreover, hospitality and tourism foster entrepreneurship and innovation, with many people starting businesses in accommodation, tours, events, and related sectors. Research shows that travel and tourism accounted for three percent of total employment in the country in 2022. This has continued to grow impressively as domestic tourism expands. The potential is huge, and if well managed and supported by the government, tourism can be a powerful tool for economic recovery, growth, and long-term sustainability.
But this sector is still largely undeveloped and has a lot of potential for growth. Can you share your thoughts on the industry in Nigeria? Also, what steps would you suggest for the government to take to develop it and create income for the country?
Nigeria’s hospitality and tourism industry has untapped potential, but we need infrastructure improvements, policy support, and investments to unlock it. That said, I believe that everyone has a role to play, from the way we portray our country to showcasing the beauty that lies within. We have such a rich and diverse culture with natural beauty in so many parts of the country. How well we portray these nature’s blessings and present our country will play a huge role in attracting investments into the country.
The government must also do its part by implementing the right policies and investing in infrastructural development that puts us on the map to attract investment. To further break this down, the government can boost this sector by investing in transportation, security, and tourism promotion campaigns. Policies that encourage foreign investment should be prioritised, and reducing taxes on tourism-related businesses should be considered as a way to help develop the sector.
Since you became the Managing Director and CEO of Transcorp Hotels in 2020, what significant achievements has the hotel accomplished?
So many. The mindset for us is that it is never business as usual. We constantly set up to break our own records as well as exceed customer and guest expectations. One of our major achievements would include returning to profitability after ending 2020 with a N9bn loss. 2020 was a tough and unprecedented year due to the global pandemic, but it challenged 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, and exploring new revenue streams. Our efforts allowed us to stay resilient and continue providing exceptional service to our guests.
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 ever since have been record-breaking. In 2023, our company’s shares ended the year as the best-performing on the Nigerian Exchange. Earlier this year, we achieved a N1 trillion valuation, making us the first hospitality business to achieve this feat, and I am the first female CEO of a N1 trillion company in the country. We were also recently recognised as one of the fastest growing companies in Africa by the Financial Times.
We have won several awards within our industry and beyond, both locally and internationally. In 2021, we expanded our offerings with Aura by Transcorp Hotels, a digital platform designed to revolutionise how people experience hospitality.
We have also made great strides in sustainability, focusing on reducing our environmental footprint through energy efficiency, waste reduction, and water conservation programs. This has helped us align with global standards in sustainability while positively impacting our local environment.
Can you tell us more about Aura by Transcorp Hotels in detail and explain the advantages for customers who use the platform?
Aura by Transcorp Hotels is a digital platform that connects customers to a variety of short-let homes, hotels, and unique experiences across Nigeria. Whether you’re looking for a luxury hotel, a cosy shortlet, or curated local experiences, Aura offers convenience and variety. One of the advantages is that customers have access to a trusted network of hosts, ensuring quality and safety. Aura also provides personalised recommendations, making it easier for users to discover hidden gems based on their preferences.
What are the key features and benefits of Aura by Transcorp Hotels for hoteliers?
For hoteliers, Aura by Transcorp Hotels offers visibility to a broad customer base, allowing them to showcase their properties to a wider audience. The platform ensures that all listed accommodations meet a certain standard, giving hoteliers the advantage of being part of a trusted brand. Additionally, they benefit from our marketing reach, booking management tools, and data insights to improve occupancy and customer satisfaction.
We have been seeing promotions about your event centre. Tell us more about that and any other new businesses and initiatives you are working on at Transcorp Hotels.
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.
How do you stay up to date with the latest trends and advancements in the hospitality industry and technology? How do you incorporate them into making Transcorp Hotels a world-class hospitality brand?
Staying updated requires continuous learning. I attend global conferences, keep close tabs on industry reports, and follow innovations in technology and customer experience. At Transcorp Hotels, we have adopted cutting-edge solutions and sustainability initiatives to improve operational efficiency. We are constantly upgrading our services and facilities to meet global standards, ensuring that we remain competitive and provide exceptional service.
How do you think technology will change the hospitality industry over the next five to ten years? Where do you see transcorp fitting into that future?
Technology will play a central role in transforming the hospitality industry, from AI-powered guest services to virtual reality tours of properties. Some brands like ours are already stepping into that future. For instance, before checking in at our flagship property, Transcorp Hilton Abuja, you can visit our website, transcorphotels.com, and take a virtual tour of the hotel.
Automation will improve efficiency, while data analytics will offer deeper insights into customer preferences. Aura by Transcorp Hotels is also already aligned with this future. Our goal is to continue innovating, leveraging technology to enhance guest experiences and stay ahead of trends.
You have a track record of surpassing your achievements in every industry you have worked in. Tell us which out of the three industries you have worked in you have found most rewarding?
Each industry has been rewarding in its own way. I focus more on the challenge and the opportunity to truly transform and deliver value to all my key stakeholders. When I was CEO of the Agric business, it stretched me in ways I did not believe were possible. On a weekly basis, I flew from Lagos to Abuja and went 4 hours by road, non-stop, to Benue State, where the plant was located. It was the first and only juice concentrate plant in Nigeria; we had to work to ensure the product met international standards. Benue is seen as the food basket of Nigeria, working on backward integration, and working with the farmers was quite eye opening to understand the challenges and the investments required in the space. That said, hospitality has been particularly fulfilling. The industry’s ability to impact people directly, whether by creating memorable experiences, promoting culture, or contributing to the local economy, is incredibly rewarding.
For someone who strongly supports diversity, fairness, and inclusion, and has worked in many fields where men are the majority, tell us why it’s so important to you to have women in leadership positions?
Having women in leadership is critical because it brings diverse perspectives that lead to better decision-making. Women often face different challenges than men, and when they are in leadership roles, they can advocate for policies and practices that support other women in the workplace. More importantly, women leaders inspire the next generation to break barriers, and that’s a key part of creating a more equitable future for all.
I strongly believe that having women in leadership is crucial, not only for the sake of diversity but also for fostering innovation, driving growth, and achieving greater organisational success. My advocacy for diversity, fairness, and inclusion comes from a deep conviction that when women are empowered to lead, they bring unique perspectives, skills, and strengths that help organisations and societies thrive.
You are a mother, wife, mentor, and more. Tell us, how do you keep a good balance between work and personal life while managing a big company like Transcorp Hotels?
Does that balance really exist? It’s more like work-life integration, but I honestly believe that life is in phases and there are different requirements at each phase. So, when I had younger kids, there was more required in terms of time and it’s the same with when one is starting a new company, taking over a distressed business, or running a business in the middle of COVID. But with life, I have learnt to ask for support from others when I need it. I have great support from my family; my husband is one of my greatest champions; my parents, siblings, and close network of friends—they are constantly rooting for me, and they support where required. And of course, at work, I have an amazing team who get the vision and are focused on delivery. I also have an amazing Board of Directors and a very supportive Group Chairman.
You elebrate your milestone birthdays by doing charity projects. Can you tell us about the charity work you are doing now that you are 50 and why it’s dear to your heart?
To celebrate my 40th birthday in 2014, I invited 40 of my friends and colleagues who were also turning 40 in the same year, and we all came together to set up the ‘Forty for Good’ funding drive—a program aimed at supporting less privileged persons in the areas of health, education, and economic empowerment. I am happy with the impact we made. As I turned 50, I knew I had to do even more to give back to society, hence the launch of 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, internships 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 humbling. Going to these schools and observing the impact—kids from low-income homes given the opportunity and access to education, the freedom and 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.
You are 50, but you don’t look a day older than 35. How have you managed to look so youthful, beautiful, and fit?
Thank you for the kind words! Maintaining a youthful and vibrant appearance actually is from the mind; it flows from inside out. Your thoughts and your mind should be clean. Embrace kindness, joy, and all the good things of life. If we learn contentment, stay positive, remain optimistic, be kind, and wish others well, one can’t help but stay youthful. Everything else falls into place after that. The inside must be good for the outside to look good. I am also very big on authenticity and learning to live by my own rules and not be defined by others’ expectations of me, and beyond all, for sure, the grace of God beautifies completely.
Finally, what advice do you have for women aiming to take on leadership positions in their various industries, especially those in male dominated industries?
I will be as direct as possible so that it is easy to remember. Be open to learning. Ask if you don’t know. Be hard-working, invest in yourself, Be kind to people, Be authentic and aim to be an authentic leader. Focus on excellence and legacy. Be resilient Keep showing up and do it afraid if you must. Give your best in all that you do – work and play. Live with purpose and enjoy this life. Finally, don’t see your gender as a limitation. Embrace it actually because it is a gift, so focus on delivering value, building relationships, and shattering those ceilings.
