Awele Elumelu, Richest Woman on the Nigerian Stock Exchange Appointed as Transcorp Hotels’ Board Chair

Transcorp Hotels Plc has appointed Dr. Awele Vivien Elumelu as chairperson of its board, the company announced on Tuesday, putting a healthcare executive and philanthropy leader in charge of one of Nigeria’s most well-known hospitality brands.

Awele Elumelu, 60, is the founder of Avon Healthcare Limited, Nigeria’s largest health insurance company, and the CEO of Avon Medical Practice, a network of full-service clinics and onsite facilities. She is also the richest female investor on Nigeria’s stock exchange. She currently holds a 5.1% stake in Transcorp Hotel‘s parent company, Transcorp PLC. Her stake is currently valued at approximately $15 million.

The appointment takes effect Jan. 1, 2026, the company said. Elumelu, who holds the national honor OFR, will replace Emmanuel N. Nnorom, who is retiring as chair on the same date after a board tenure the company did not detail.

Transcorp Hotels is the hospitality arm of Transnational Corporation Plc, a listed conglomerate with interests in power, energy and hotels. Transcorp Hotels itself is quoted on the Nigerian Exchange under the symbol TRANSCOHOT.

In its announcement, the company leaned heavily on Elumelu’s experience across healthcare, insurance and corporate governance — a signal of where it sees growth. Elumelu chairs Avon Healthcare Limited, a health maintenance organization, and Avon Medical Practice, a network of hospitals and clinics. She is also chair of Heirs Insurance Brokers and a founding director of Heirs Holdings, the company said.

Tony O. Elumelu, chair of Transcorp Group, said the board expects her to help steer a strategy that blends hospitality with wellness and innovation. He said her background aligns with the group’s ambition to “redefine hospitality” while maintaining responsible business practices.

A medical doctor by training, Elumelu earned her MBBS degree from the University of Benin and has practiced in Nigeria and the United Kingdom, the statement said.

The company said she later completed executive education at Harvard Business School, IMD in Switzerland and the London School of Economics.

Beyond the boardroom, she is a trustee and co-founder of the Tony Elumelu Foundation, which supports young African entrepreneurs through training, mentorship and seed funding.

The company said the foundation has reached more than 24,000 young men and women across the continent and has emphasized gender inclusion in its programs.

The chair change comes as hotel operators in Nigeria look for steadier revenue beyond room nights, leaning into meetings, conventions and large entertainment events. Transcorp Hotels’ portfolio includes the Transcorp Hilton Abuja, a long-standing venue for government, diplomatic and corporate gatherings, as well as the newly launched Transcorp Centre, a 5,000-seat events and entertainment arena in the capital.

Transcorp Hotels did not announce additional board or management changes alongside the chair appointment. The company said the transition will take place at the start of the new year subject to required exchange disclosures.