Transcorp Hotels Plc, a subsidiary of Transnational Corporation of Nigeria Plc (led by Nigerian businessman Tony Elumelu), has sold its entire equity interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hospitality company.
Transcorp Hotels prioritizes its presence in Abuja, Nigeria’s capital city, and continues to invest in the renowned Transcorp Hilton Hotel, as well as chances in Lagos. The divestment is consistent with the company’s strategic strategy to improve operational efficiency and focus resources on important growth areas.
The decision to divest from Transcorp Hotels Calabar was approved by the board and management, led by Dupe Olusola, the managing director and CEO.
Transcorp Hotels aims to leverage its business strategies and capitalise on new opportunities to deliver greater value to stakeholders as it streamlines its operations and focuses on expanding its footprint in key cities, building on its impressive 36% revenue growth reported in its 2023 audited financial statements.
Transcorp, led by Nigerian business magnate Tony Elumelu, is a significant Nigerian conglomerate with diverse assets in hospitality, power, oil and gas. Elumelu’s investment firm, HH Capital, owns a large stake in Transcorp, demonstrating his dedication to African growth and shareholder value creation.
The sale of Transcorp Hotels Calabar highlights a trend of consolidation in Nigeria’s hotel business. As Transcorp Hotels pursues its strategic goals, the divestiture frees up funds for strategic investments and prepares the company for development.
