Transcorp targets higher revenue, unveils event centre

The Managing Director/CEO of Transcorp Hotels, Mrs Dupe Olusola says the sum of $200 million has been earmarked for the construction of its 315 room hotel in Ikoyi Lagos.

The Managing Director made this known while fielding questions from journalists after the company’s 10th Annual General Meeting Monday in Abuja.

This is just as Mrs Olusola revealed that the Hotel management has concluded plans to launch its 5000-capacity event centre in August. 

Describing the event centre as world class, the MD/CEO said, it would save the country the much needed foreign exchange.

“In 2024, we are actually now consolidating our steps; the event centre is going to be open. It’s a 5,000 capacity event centre and this is really significant. We as Nigerians are currently losing business to neighbouring countries, Ghana, Egypt and Morocco. We want all businesses, all events similar to that size to actually come to Abuja. And so, it actually ensures we are able to employ more people and ensure we deliver value to all our stakeholders. So our event centre will be launched in August specifically.

“We will open a 315 room hotel in Ikoyi in Lagos. We are looking at a start date of 2027. We’ve made significant progress. What we’ve done is that we have acquired more land. So now, we have 14,000 square metres of land in Ikoyi, and it’s going to be a world class facility.

“Right now, we are doing revenue of N41.8 billion. It’s going to increase revenue; it’s going to increase profitability of what we can return to our shareholders. A lot of Nigerians are excited that we actually now have this in Nigeria. We are looking forward to hosting the NESG in October,” he said.