• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, August 5, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Building Successful Succession In Business

by Leadership News
1 year ago
in News
Share on WhatsAppShare on FacebookShare on XTelegram

The managing director of Coleman Technical Industries Limited, George Onafowokan spoke is an advocate of company’s succession planning and enduring impact.

Advertisement

As a case study, Coleman’s touching story revolves around its belief in succession planning. The founder, Asiwaju Solomon Kayode Onafowokan, started the company in 1975 with the goal of creating businesses that would outlive him and his name.

He strongly believed in building companies and training successors, inspired by the absence of multi-generational businesses in Nigeria. Coleman embarked on this journey of succession planning, transitioning from trading to manufacturing cables.

This celebration of Coleman’s 50th anniversary showcases the success of this belief and the ability to pass the business to the third generation. It is a joyful celebration of 50 years of being a limited liability company and a testament to the completion of the succession planning that began in 2001.

Coleman’s succession planning is a unique and remarkable achievement in Nigeria. It demonstrates the company’s commitment to building a legacy beyond personal wealth and lifestyle. By transitioning management in 2001, Coleman embarked on a 24-year journey to ensure a seamless succession of leadership. This dedication to succession planning sets us apart, he said, adding that, “and by the time we enter 2025, our transition will have spanned 24 years out of the company’s 50-year history. It is a reflection of the chairman’s prayers being answered, as he has witnessed the realization of his dream of a multi-generational business that has surpassed his expectations. Now, his hope is for a balanced second generation to secure the business for the third generation.”

RELATED

Wike: Changing The Face Of Infrastructure In Abuja

2 Years Not Enough To Fix FCT Problems – Wike

2 minutes ago
Some Lucrative Renewable Energy Business Ideas To Adopt

National Renewable Energy Framework Critical To Balance Nigeria’s Energy Deficit – Report

4 minutes ago

Coleman’s future holds the continuation of its legacy and the implementation of strong processes to ensure the business thrives beyond the current generation. According to him, “It is our prayer that the next generation will lead Coleman to even greater heights. Our focus is to build a business that becomes a lasting legacy, and our success in achieving this will be evident as we tell the full story of 29 years in the cable industry and 50 years as a business. We hope to inspire other Nigerian companies to embrace succession planning and strive for multi-generational success.”

The recent visit of COREN’s president and council members to Coleman, he said, “symbolises the Coleman story and where we are coming from. It highlights our belief in the capabilities of Nigerian indigenous companies to outshine their peers internationally. The visit demonstrates to the regulator that Coleman, as an engineering company, has been training and employing Nigerians for over 28 years, improving their skillsets and contributing to the development of the power sector and other industries. This partnership signifies our belief in Nigerian indigenous capacity building and showcases the symbiotic relationship we have built with COREN over the years.”

 

Advice for Upcoming Entrepreneurs

Advising upcoming entrepreneurs to take a cue from what Coleman was able to do in succession planning, he advised them to create a business atmosphere that allows succession.

This, he said, ensures that even though, if the founder of an idea is not there, the company continues to operate and lives on which invariably makes a company outlives its founders.

Though, he said, building succession plan is a gradual process, it must stick in the mindset of the owners of businesses that this is crucial for investing community, enhanced access to finance and make companies adhering to it operates in the international best practices

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




SendShareTweetShare
Previous Post

Isong: Simplifying Property Ownership For Nigerians

Next Post

4 To Die By Hanging For Armed Robbery, Murder In Ekiti

Leadership News

Leadership News

You May Like

Wike: Changing The Face Of Infrastructure In Abuja
News

2 Years Not Enough To Fix FCT Problems – Wike

2025/08/05
Some Lucrative Renewable Energy Business Ideas To Adopt
News

National Renewable Energy Framework Critical To Balance Nigeria’s Energy Deficit – Report

2025/08/05
Minister of Marine and NIA Advocates Grassroots Implementation To Unlock Housing Access
News

Minister of Marine and NIA Advocates Grassroots Implementation To Unlock Housing Access

2025/08/05
NAICOM Grants Crown Takaful Insurance Approval To Kickstart Operations
News

Regulator Bars Insurtech From Insuring Oil & Gas, Marine Sectors, Others

2025/08/05
UACN Reports N110.4bn Revenue As Consumer Demand Surges
News

UACN Reports N110.4bn Revenue As Consumer Demand Surges

2025/08/05
Ezenwokike Launches Book On Women Entrepreneurship
News

Ezenwokike Launches Book On Women Entrepreneurship

2025/08/05
Leadership Conference advertisement

LATEST

2 Years Not Enough To Fix FCT Problems – Wike

National Renewable Energy Framework Critical To Balance Nigeria’s Energy Deficit – Report

Minister of Marine and NIA Advocates Grassroots Implementation To Unlock Housing Access

Regulator Bars Insurtech From Insuring Oil & Gas, Marine Sectors, Others

UACN Reports N110.4bn Revenue As Consumer Demand Surges

Ezenwokike Launches Book On Women Entrepreneurship

The Papyrus Global Set To Honour Outstanding State Lawmakers

Gunmen Kill 2 Police Escorts Attached To Ebonyi Majority Leader

UADD Applauds Sardauna Foundation’s Kaduna Summit, Commends Tinubu

Plateau Muslims Affirm Support For Mutfwang’s Leadership

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.