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Emma Bishop Okonkwo, the Anambra born entrepreneur behind Ekulo Group, is pushing into hospitality with a planned 10 storey, 170 room hotel on Ahmadu Bello Way in Victoria Island, a neighborhood better known for banks, oil firms and upscale apartments than fresh construction sites.
Okonkwo, often called “Bishop” in business circles, is the chairman and chief executive of Ekulo Group of Companies, a privately held conglomerate built around fast moving consumer goods. The company is known for importing, manufacturing and distributing household products, with operations that span food and beverages, cosmetics and personal care, pharmaceuticals and property related investments, according to corporate profiles and the group’s published materials.
The hotel project, described as a Novotel development associated with French hospitality group Accor, signals a shift in strategy for a business that made its name in everyday essentials. A move into rooms and meetings also places Okonkwo in a crowded Lagos market where international brands and local developers compete for business travelers, conferences and weekend events.
Details of the plan were shared in a widely circulated online post that said the building is planned along the Victoria Island waterfront axis, close to Ikoyi and the Lekki corridor. Proposed features listed include an all day dining restaurant, pool and pool bar, lobby bar, and a meeting room of about 400 square meters, a setup aimed at corporate clients as much as leisure guests.
The same report said the timeline has shifted. The project was initially projected for completion by the third quarter of 2024, but is now expected in the first quarter of 2027, citing higher construction costs and broader economic pressure.
An estimated price tag was put at about 1.5 billion naira, roughly $1.1 million at recent market rates of about 1,365 naira to the dollar. Project costs in Nigeria can be volatile, driven by exchange rate swings, imported materials and financing terms, and developers often adjust schedules as budgets and contractors change.
Okonkwo’s rise has been tied to distribution networks that move products across Nigeria’s major cities. Ekulo began as a trading outfit and expanded into manufacturing over time, positioning itself as an indigenous player in a sector dominated by deep pocketed multinationals. The group has also marketed itself as a maker and distributor of affordable household brands, with a footprint that reaches wholesalers, open markets and modern retail outlets.
The planned hotel would represent one of the group’s most visible plays outside consumer goods, and one that puts its brand on a prominent Lagos address. Victoria Island remains a magnet for corporate travel and events, but it is also a tough neighborhood for developers, with high land costs, tight construction logistics and intense competition among hotels already serving the area.
No detailed construction milestones were published alongside the announcement, and there was no separate public statement laying out financing, contractor selection or a formal ground breaking schedule. Even so, the project reflects a broader trend among Nigerian business owners who are spreading risk across sectors, using property and services to balance thinner margins in consumer markets.
