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
Seplat Energy Plc has announced a major leadership transition, appointing Mr Tony Elumelu as Chairman-designate and Mr Effiong Okon as incoming chief executive, as it pursues its long-term growth ambitions and 2030 strategic roadmap
The company disclosed that its current Chairman, Mr Udoma Udo Udoma, will retire from the board on December 31, 2026, after overseeing a significant period of strategic expansion, including the integration of Mobil Producing Nigeria Unlimited (MPNU) and the development of Seplat Energy’s 2030 strategic plan.
Mr Elumelu will take over on January 1, 2027, having joined the board at the beginning of the year after buying a 20.07 per cent stake in the local energy producer.
In a parallel leadership transition, the current chief executive, Mr Roger Brown, will retire on July 31, 2026, ending a 13-year tenure with the company, including six years as CEO.
Mr Brown played a pivotal role in Seplat Energy’s transformation, leading major acquisitions, including Eland Oil & Gas in 2019 and the landmark acquisition of MPNU in 2024.
In his place, Mr Okon, who currently serves as Managing Director of the ANOH Gas Processing Company, will take over on August 1.
The veteran brings more than 35 years of industry experience and has held several leadership positions within Seplat Energy and Royal Dutch Shell.
Speaking on his exit, Mr Brown said, “It has been the greatest pleasure to be part of Seplat Energy’s growth since joining in 2013 as CFO and having led the company as CEO since August 2020. I am immensely proud that we have built a company that has now become synonymous with financial resilience, balanced capital allocation, strong corporate governance and shareholder reward.”
Mr Udoma also said, “[Mr] Roger has been ever-present in Seplat Energy’s journey, and under his leadership, the company has materially outperformed the sector and delivered exceptional returns to shareholders. He leaves us well-placed to continue delivering for all our stakeholders.
“I would also like to welcome Mr Okon as our incoming CEO. He has extensive operational experience that will support our ambitious growth aspirations.”
On his part, the incoming CEO said: “I am delighted to be taking on this appointment at an important juncture. My immediate focus will be on ensuring the Company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio.”
Mr Elumelu said, “I am honoured to succeed Senator Udoma as Chairman in January 2027 and to lead the Board through Seplat Energy’s next phase of growth. I firmly believe in the critical role indigenous resources play in the economic transformation of Nigeria and Africa, and Seplat Energy’s culture of execution and governance aligns strongly with my own values.”
By Modupe Gbadeyanka
President Bola Tinubu, on Monday, swore in Mr Joseph Olasunkanmi Tegbe as the new Minister of Power and Mr Sola Enikanolaiye as the Minister of State for Foreign Affairs.
A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, last night disclosed that the exercise took place at the Presidential Villa, Abuja, in the presence of the ministers’ spouses and senior government officials.
The new Ministers took the oaths of office yesterday after they were cleared by the Senate for the appointments on May 6, 2026.
Mr Tegbe was chosen to replace Mr Adebayo Adelabu, who resigned from the position to pursue a governorship ambition in Oyo State, while Mr Enikanolaiye was drafted to the current post after the elevation of Mrs Bianca Ojukwu to the position of the Minister of Foreign Affairs, following the resignation of Mr Yusuf Tuggar, who tried to clinch the governorship ticket of the All Progressives Congress (APC) in Bauchi State.
Mr Tegbe, born in Ibadan, Oyo State, is a renowned fiscal, economic and institutional reform strategist and stakeholder engagement expert with over 35 years of professional experience across the public and private sectors.
He holds a First Class Degree in Civil Engineering from Obafemi Awolowo University, a Master’s degree in Business Administration (Switzerland) and a Master’s degree in Public Administration (Birmingham).
He worked as a Senior Partner and Head of Advisory Services at KPMG in Africa, where he led transformational initiatives, including the design and implementation of major presidential reforms, the articulation and implementation of a strategy for subnational governments.
The Power Minister was also involved in fiscal policy restructuring at all levels of Government. He has worked with organisations such as the Nigerian Communications Commission, Nigerian Bulk Electricity Trading, Nigerian Electricity Regulatory Commission, Nigeria Revenue Service, Shell, Huawei, General Electric, MTN, and Odu’a Group, among others.
On his part, Mr Enikanolaiye from Igbagun, Kogi State, holds a First Class Degree in Political Science from Ahmadu Bello University, Zaria, and won the Dean’s Prize as the best student in his faculty. He also obtained a Master’s Degree in International Law and Diplomacy from the University of Lagos with Distinction.
He joined the Ministry of Foreign Affairs in August 1982 and rose to the position of Director. He was appointed Permanent Secretary of the Ministry in 2016, from which he retired on August 4, 2017, after 35 years in service.
As a career diplomat, Mr Enikanolaiye served in many of Nigeria’s diplomatic missions, notably Addis Ababa (Ethiopia), Belgrade (Serbia), Ottawa (Canada) and London (UK). His last foreign service posting was as Nigeria’s Head of Mission in New Delhi (India).
He is a recipient of several merit awards, including the Presidential Civil Service Merit Award, the Presidential Distinguished Public Service Career Award, and a Distinguished Fellow of the National Defence College, among others.
Mr Enikanolaiye was, until his appointment, the Senior Special Assistant to the President on Foreign Affairs and International Relations in the Office of the Chief of Staff to the President.
By Adedapo Adesanya
Nigerian fast-moving consumer goods (FMCG) powerhouse, UAC Foods Limited, has promoted its Chief Financial Officer, Mrs Temitope Omodele, to the position of chief executive.
The company, a subsidiary of UAC of Nigeria Plc (UACN), officially made the announcement on its official LinkedIn page.
The ex-KPMG executive has a big task ahead of her, particularly with UAC Foods now a N340 billion revenue company buoyed by its recent acquisition of CHI Limited. With the new appointment, the company positions the seasoned finance executive as the driving force to further increase the value of brands like Gala Sausage Roll, Supreme Ice Cream, Swan Natural Spring Water, and Funtime Chips.
In its announcement, UAC Foods described the appointment as “an exciting new chapter,” affirming that Mrs Omodele will continue to “drive operational excellence, innovation, sustainable growth and long-term
Mrs Omodele began her career at KPMG Professional Services, where she rose through the ranks, from Senior Associate to Senior Manager, providing audit and assurance services across Nigeria’s financial services, FMCG, power and utilities, and energy and natural resources sectors.
Her time at KPMG was marked by an unusual distinction where she was seconded to the Department of Professional Practice at KPMG Inc. South Africa, gaining cross-border exposure to international standards and methodologies.
Following her return to Nigeria, she helped found the Department of Professional Practice for KPMG Professional Services Nigeria.
She joined the UAC of Nigeria Plc group in September 2020, initially as Technical Accounting and Reporting Lead and quickly advanced to Senior Vice President of Finance, with oversight of group-wide finance operations and reporting for the holding company. In this role, she served as a Non-Executive Director on the Board of Livestock Feeds Plc, a fellow UACN subsidiary.
She was then promoted to the role of Chief Financial Officer at UAC Foods Limited, expanding her operating-company exposure particularly around brand strategy, supply chain economics, and P&L accountability.
Mrs Omodele holds a Bachelor of Science in Accounting from the University of Lagos, supplemented by an Executive MBA from Lagos Business School at Pan-Atlantic University. She further completed Executive Education in data analytics and emerging technologies at the W. P. Carey School of Business, Arizona State University.
She is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Fellow of the Association of Chartered Certified Accountants (ACCA).
Originally established as the United African Company in 1879, the company has evolved into one of Nigeria’s oldest and firmest companies. The UAC Foods unit was formally constituted in 2010 through a joint venture with Tiger Brands, the South African packaged food giant. In 2021, UACN acquired Tiger Brands’ minority stake, assuming full ownership and with it, full strategic responsibility for the subsidiary’s future.
The company is best known for its flagship Gala Sausage Roll, which has led Nigeria’s sausage roll market for over 60 years, alongside other popular brands including Supreme Ice Cream, Swan Natural Spring Water, and Funtime Chips.
In 2025, UACN’s consolidated revenue surged further to N340.47 billion, bolstered by the landmark acquisition of CHI Limited (the maker of Chivita juice and Hollandia dairy products), though profitability came under pressure from elevated financing costs tied to that acquisition.
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