Jobs/Appointments
14,000 May Lose Job on Exit of Oriental Hotel Owners from Nigeria
By Modupe Gbadeyanka
There are strong indications that the number of job loss in Nigeria under the present administration of President Muhammadu Buhari may further increase anytime soon.
This is because owners of the popular Oriental Hotel in Lagos, Western Metal Products Company Limited (WEMPCO) Group, are planning to leave the country after over four decades doing business in the Africa’s largest economy.
Few days ago, there were reports that WEMPCO was offering to sell its flagship hospitality business, Oriental Hotel for $250 million (about N90 billion).
In a report posted a moment ago, Business Day said WEMPCO wants to sell the company because of some issues, including unfavourable business environment, corporate governance, debts and others.
It was reported that the group has fallen on hard times and is considering an exit from Nigeria along with its steel plant, which has 700,000 tonnes-capacity and employs about 14,000 people, mostly Nigerians.
“When deep, long-term guys like these are exiting, then it is a very worrying sign. People like these are not supposed to exit,” an economic analyst, who asked not to be quoted, said.
Founded by Lewis Tung and his brother Robert Tung, WEMPCO Group has been in Nigeria for over 40 years with established manufacturing companies that produce roofing sheets, galvanised pipes, wire nails, plywood, ceramic tiles and sanitary ware. It is also actively involved in agricultural and hospitality sectors through which it currently employs over 13,000 workers across its 11 subsidiaries.
The Tungs were among the four Chinese families that came to Nigeria in the 60s.
“If they leave there will be only one left,” an industry expert said on the condition of anonymity.
Chaired by Lewis Tung, a Chinese-born, US-trained entrepreneur, WEMPCO has made some of the biggest foreign direct investments in Nigeria in recent years.
Top directors in the steel and hospitality sectors who are familiar with the situation, however, told BusinessDay that the reasons for the group’s ordeal are poor corporate governance, over-dependence on government policy, inability to consider Nigerian realities before making key decisions, and harsh business environment.
They say there is poor corporate governance at the Luxury Oriental Hotel as directors’ children interfere in the financial operations of the business.
More so, the group relied so much on government policy and Olusegun Aganga, the then minister of industry, trade and investment, for its survival. This has turned out to be part of its Achilles Heel.
In 2015, BusinessDay exclusively reported that the then outgoing government of Goodluck Jonathan, under the supervision of Aganga, classified WEMPCO, Midland and Kam Wire as upstream manufacturers of cold-rolled steel. They were to produce for the downstream segment which would use the cold-rolled steel for further production.
These companies were granted import waivers that would allow them to import any shortfall (the demand gap) to complement what they would produce locally to meet the demands of the downstream segment.
Downstream manufacturers wishing to import the cold rolled steel coils were mandated to pay 20 percent import duty.
At some point, WEMPCO and co raised prices of cold-rolled steel, forcing some of the manufacturers in the downstream segment to set up cold-rolled plants.
“WEMPCO had invested heavily in this segment. So when the manufacturers who were supposed to buy from them set up cold-rolled lines, it became a problem for the likes of WEMPCO. As this was happening, a new government of Muhammadu Buhari came and cancelled the waivers,” a reliable source in the steel sector said.
Sources added that WEMPCO calibrated a production line in its N236 billion rolling mill in Lagos to produce a thick cold-rolled of 0.2mm, which is more expensive than the 0.8mm or 0.4 mm seen in the West African market.
“It became difficult for them to be competitive in a market where low-quality products are rife,” another industry source said.
However, some analysts say the company’s problem shows Nigeria’s weak business environment.
Babatunde Paul Ruwase, president, Lagos Chamber of Commerce and Industry (LCCI), recently said businesses are generally burdened with the challenges of infrastructural deficiencies and macroeconomic blows, as most investors are saddled with huge cost of providing electricity, poor access to good roads, insecurity and other industry-specific issues amid poor access to affordable credit, high exchange rates and multiple taxation.
Ken Udoh, a Lagos-based public affairs analyst, said the sale of the hotel by its owners could be as a result of a tough operating environment and the increase in the cost of doing business in the country.
“This further confirms our fears about the economy and the decrepit infrastructure in the country,” Udoh said.
Ademola Feranmi, an economist, said the service industry is really struggling currently. The shrinking consumer wallet has reduced the patronage and the profitability of these companies while the cost of operation keeps rising.
“Most hotels now have large halls to host social events on weekends and corporates to boost their revenue,” he said.
The Manufacturers CEOs Confidence Index (MCCI) report released on Tuesday by the Manufacturers Association of Nigeria (MAN) shows that confidence of business owners in Nigeria’s manufacturing sector stands at 51.3 percent in the first quarter of 2019 as 200 CEOs interviewed said access to dollars, credit, electricity and fair taxes were major drawbacks.
The sale of Oriental Hotel is coming after Four Points by Sheraton was acquired in 2018 by Actis, an investment firm, and Westmont Hospitality Group. The 231-room hotel is targeted towards business travellers and small conventions. It was owned by Starwood Hotels & Resorts, which is a subsidiary of Marriott International.
An imminent exit of WEMPCO Steel, commissioned in 2013 by President Jonathan, could mean loss of 14,000 jobs after Procter&Gamble shut down its $300 million diaper plant, with Kimberly Clark also exiting.
The CBN in 2015, as part of its initiative to resuscitate local industries and improve employment generation, released a list of items not eligible for foreign exchange in the government-created Importers & Exporters window. Among the 41 items on the list are cold-rolled steel sheets, galvanised steel sheets, and roofing sheets.
Business Post reports that some Nigerians had before linked ownership of Oriental Hotel to the national leader of the ruling All Progressives Congress (APC), Mr Ahmed Tinubu.
By Adedapo Adesanya
MultiChoice Nigeria has announced a change in its leadership, with Ms Kemi Omotosho emerging as the new chief executive, taking over from Mr John Ugbe, who is set to retire.
The company said the transition, effective this month, follows a structured succession process designed to ensure continuity in leadership and operations.
Mr Ugbe is stepping down after nearly 15 years in the role, a period during which MultiChoice Nigeria navigated shifts in consumer behaviour, technology and regulation within the pay-TV and broader media industry.
Last year, French group Canal+ took over the operations of the South-African broadcasting group and effected some changes management- and content-wise across key markets.
During his tenure, Mr Ugbe oversaw efforts to strengthen the company’s operational framework and position the business to respond to changing market conditions. MultiChoice described his exit as a planned retirement rather than a sudden departure.
Ms Omotosho joins the role with more than two decades of leadership experience spanning media, telecommunications and digital services across Nigeria and other Sub-Saharan African markets.
Within the MultiChoice Group, she has previously served as Executive Head of Customer Value Management in Nigeria and later as Group Executive Head of Customer Value Management for Rest of Africa, a role that involved oversight across more than 50 markets.
She most recently held the position of Regional Director for Southern Africa, where she had full profit and loss responsibility for operations covering seven countries. In her new role, Ms Omotosho will be responsible for overseeing MultiChoice Nigeria’s strategy, day-to-day operations and engagement with regulators, partners and other stakeholders.
Speaking on her appointment, Ms Omotosho said, “It is a privilege to be entrusted with the leadership of MultiChoice Nigeria at this important moment.
“Nigeria remains one of the Group’s most strategic and dynamic markets. I look forward to working with our teams and partners to deepen our relationship with consumers, champion local storytelling and the creative economy as well build a future-ready organisation that delivers sustainable value.”
By Aduragbemi Omiyale
The board of Presco Plc has appointed Mr Adewale Arikawe as a non-executive director, replacing Mr Felix Nwabuko, retired from the position.
A statement from the organisation disclosed that the appointment of Arikawa took effect from Friday, January 2, 2026, until the next Annual General Meeting (AGM).
Also, he is now the chief executive of all SIAT subsidiaries, including Presco Plc, SIAT Nigeria Limited, and Ghana Oil Palm Development Company Limited.
In this capacity, Mr Arikawe will work alongside the existing leadership teams to strengthen execution, accelerate strategic growth, and foster a high-performance culture across the Group.
He is committed to empowering teams, enhancing leadership capability, and creating an enabling environment for continuous improvement and sustainable results.
Mr Arikawe brings over 26 years of leadership experience spanning across general management, commercial strategy, sales, customer development, and brand management. He has held senior leadership roles at Royal FrieslandCampina, overseeing operations across Sub-Saharan Africa, and at FrieslandCampina WAMCO Nigeria.
His career also includes senior leadership positions at Nestlé Nigeria Plc, where he managed multi-channel sales operations and contributed to key strategic growth initiatives.
He holds an MBA in Business Administration and Management from the University of Chichester and has completed executive education programmes at London Business School and IMD (International Institute for Management Development), Lausanne, Switzerland, with a focus on leadership, execution excellence, and business impact.
The board, in the statement, welcomed Mr Arikawe with open arms, looking “forward to his valuable contributions to the company and the wider SIAT Group.”
By Adedapo Adesanya
First Holdco Plc, formerly FBN Holdings Plc, has announced new board appointments across its non-commercial banking subsidiaries as it commits to building stronger businesses across board.
The move, following regulatory approvals from the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), is part of efforts to deepen governance, strengthen oversight and position the business for sustainable growth.
FBN Holdings Plc rebranded to First HoldCo Plc in February 2025 to reflect its broader financial services focus beyond just banking.
Its services includes commercial banking (First Bank of Nigeria), merchant banking, asset management (FBNQuest), insurance brokerage, and trusteeship. It operates across Africa and has global offices in London, Paris, and Beijing, serving individuals, small businesses, and corporations.
At First Asset Management Limited, Mrs Ebikabo Williams has been appointed chairman of the board, bringing her extensive industry knowledge spanning banking, capital markets, and consulting. She will be supported by equally experienced board members like Mr Usman Dantata Jr., Mrs Binta Max Gbinije, and Mrs Alero Mobola Adollo.
At FirstCap Limited, its investment management firm, Mrs Yewande Amusan has been appointed chairman. She is an accomplished finance professional with experience cutting across both public and private sectors. Mr Ahmed Indimi and Mrs Irene Akpofure were appointed along with Mrs Adenike Kuti and Mr Zeal Akaraiwe.
First Securities Brokers Limited, which recently emerged as the top performer in the Nigerian Exchange (NGX) Brokers Performance Report in terms of both trading volume and transaction value, has named Mr John Akpeki as chairman. He is expected to leverage his vast experience in global marketing and networking. He is joined by Mrs Omolara Adeyemi, ,Mrs Susan Younis and Mrs Kemi Andu-Alausa.
Similarly, First Trustees Limited, one of the Group’s long-standing subsidiaries in trust and estate management, has strengthened its governance structure with the appointment of Mr John Lee as its chairman. He has over 40 years’ experience in global financial services, specialising in Corporate & Institutional Banking and Wealth Management across Africa. The other members of the board who are bringing their combined rich wealth of experience are Mrs Abiola Alabi, Mrs Adebisi Sola-Adeyemi, and Mrs Ugochukwu Obi-Chukwu.
For its insurance business, First Insurance Brokers, the firm has appointed Mr Akinola Phillips as Chairman. He is joined by Mrs Ije Onejeme, Mrs Folukemi Akinmeji and Mrs Mojisola Cardozo.
First Holdco said these appointments are expected to further consolidate the firm’s position as a dominant player in the asset and wealth management space in Nigeria.
The chairman of First Holdco, Mr Femi Otedola, while commenting on the appointments, said, “We are delighted to welcome these distinguished professionals to the boards of our non-commercial banking subsidiaries. Their proven expertise, impeccable track records, and leadership will play a critical role in shaping the next phase of our growth, enhancing stakeholder value, and reinforcing our position as a trusted African leader delivering innovative solutions across diverse sectors.”
“These appointments reaffirm our commitment to building resilient businesses that contribute meaningfully to economic development in the broader ecosystem in which we operate,” he added.
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