Transcorp planned to invest about $110 million (R1.2 billion) to build a hotel and expand its network in Nigeria as it sought to tap into a growing market for business travellers in Africa’s largest economy, chief executive Obinna Ufudo said at the weekend. Ufudo said the new 100-room hotel would be located in an upmarket district of Ikoyi in Lagos and would be managed by the Hilton group. “We are waiting for approval from the state building authority to commence construction,” he said. Ufudo expected the project to be completed in 36 months. New hotels are springing up across Africa, despite bureaucratic delays and poor infrastructure, to serve a growing middle class. – Reuters