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 Aduragbemi Omiyale
In line with the 12-year tenure prescribed for non-executive directors of banks by the Central Bank of Nigeria (CBN), Mr Tony Elumelu will on August 21, 2026, cease to be chairman of United Bank for Africa (UBA) Plc.
The board of the financial institution at its meeting on July 6, 2026, has elected Mr Emmanuel Nnorom as the new chairman.
In a notice to the Nigerian Exchange (NGX) Limited, the lender said Mr Elumelu’s successor, a non-executive director of the company, will assume the new role on August 21, 2026.
Mr Nnorom is a chartered accountant with over 40 years of experience in banking, finance and audit. He brings to the role extensive leadership experience and deep institutional knowledge of UBA.
“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit.
“I look forward to working with my colleagues on the board, management and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders,” Mr Nnorom stated.
Commenting on his retirement, Mr Elumelu said, “Serving United Bank for Africa has been one of the great privileges of my career.
“UBA has a unique competitive position, across Africa and globally, and I leave the Board with great confidence in UBA’s future.
“Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the Bank will continue to thrive under his leadership.”
The board thanked him for his visionary leadership and exceptional contribution to the growth, transformation and institutional strength of the UBA Group.
By Adedapo Adesanya
WACT-APM Terminals Nigeria has announced the appointment of Mr Courage Obadagbonyi as Managing Director, effective July 1, 2026, succeeding Mr Jeethu Jose and becoming the first Nigerian to hold the post.
The appointment reflects the organisation’s continued focus on developing strong leadership from within its global talent pool while ensuring sustained growth and operational excellence.
A seasoned executive with more than two decades of international experience, Mr Obadagbonyi has held leadership roles across finance, operations and general management at leading global organisations, including APM Terminals, General Electric and Lafarge.
Prior to this appointment, he served as Chief Financial Officer (CFO) for the APM Terminals Nigeria cluster, with responsibility for financial strategy across Nigeria and San Pedro, Côte d’Ivoire.
He also served in an acting capacity as Managing Director of APM Terminals Apapa between 2025 and March 2026, further strengthening his operational leadership experience.
With experience spanning sectors such as oil and gas, power generation, logistics and healthcare, Mr Obadagbonyi brings deep expertise in financial management, risk optimisation and business performance.
Speaking on his appointment, he said, “I look forward to building on the strong foundation already in place at WACT. The terminal plays a critical role in connecting businesses in Eastern Nigeria to global markets, and we will continue to focus on safe, reliable and efficient operations.”
On his part, the Chief Executive Officer of APM Terminals Nigeria, Mr Frederik Klinke, noted that the appointment reflects the company’s commitment to leadership development and long-term growth.
“Across APM Terminals globally, we see strong collaboration and talent development across our teams. This appointment reflects the depth of experience within our organisation and our continued focus on building capabilities that support sustainable growth. Nigerians have continued to distinguish themselves through exceptional performance and leadership. Colleagues from our Apapa and Onne terminals have contributed their expertise internationally while also bringing back valuable best practices to strengthen operations in Nigeria.”
He added that Mr Obadagbonyi’s experience would support the next phase of operational excellence and value delivery at WACT.
The outgoing MD, Mr Jose, said, “It has been a privilege to lead WACT-APM Terminals Nigeria during a period of meaningful progress. The team has built a strong platform for the future, and I am confident in the continued success of the organisation.”
West Africa Container Terminal (WACT)-APM Terminals in Onne, Rivers State, is one of Nigeria’s leading container terminals, having commenced commercial operations in 2006.
The company has continued to invest in capacity expansion and modernisation, including a $115 million terminal upgrade project launched in 2020. The upgrade also includes the deployment of reefer racks with a 600-plug capacity, as well as the expansion of the existing yard, a new workshop, a new terminal auto gate, modernised offices and state-of-the-art technology. These investments have enhanced efficiency, strengthened service delivery and reinforced WACT’s role as an important gateway for trade beyond Lagos.
By Aduragbemi Omiyale
A new member has joined the board of Unilever Nigeria Plc, and she is Mrs Modupe Femi-Okunbanjo, who was appointed as an executive director of the organisation.
Her appointment, according to a statement from the company, is effective June 30, 2026. It followed the resignation of Mr Ibrahim Sodipe as an executive director of the firm with effect from June 30, 2026.
Mr Sodipe was praised for his valuable service and significant contributions to the entity, particularly in driving improved turnover and profitability and supporting Unilever Nigeria’s continued progress towards sustainable and profitable growth.
Mrs Femi-Okunbanjo was described as an accomplished finance and governance leader who, for more than 15 years, has steered finance teams, shaped strategy, and strengthened risk management frameworks in the fast-moving consumer goods and telecommunications sectors.
She is currently the Financial Controller of Nigeria and Regional Controls Lead for West Africa at Unilever Nigeria, where she oversees financial governance, regulatory compliance, and enterprise risk management.
Her work has been pivotal in embedding ethical leadership and data-driven decision-making at board level, while ensuring organisations remain resilient in the face of shifting market dynamics.
The new board member has established a reputation for elevating financial reporting, advancing audit excellence, and strengthening governance frameworks, thereby positioning organisations for sustainable growth and long-term value creation.
In her previous roles, she has a consistent track record of delivering margin expansion, enhancing governance & control environments, and leading transformation in challenging macroeconomic conditions.
She is equally committed to developing future talent and advancing financial literacy among younger generations.
Prior to her joining Unilever Nigeria Plc in 2018, Mrs Femi-Okunbanjo held key roles at UAC of Nigeria Plc, Helios Towers Nigeria, and Makasa Sun Nigeria Limited, where she pioneered control frameworks from the ground up, eliminating revenue leakages, digitising operations and embedding financial discipline.
A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Member of the Chartered Institute of Management Accountants (CIMA), she holds a Bachelor’s degree in Accounting from Lagos State University and an MBA with Specialisation in Strategy from the Edinburgh Business School, Heriot-Watt University, UK.
