Family Businesses Urged To Strengthen Succession Planning

Nigerian family businesses have been urged to strengthen governance and plan leadership succession to ensure their enterprises survive beyond their founders.

The call was made at the Family Business Summit 2026, held in Lagos from October 15 to 17, with the theme, “Beyond the Founder: Scaling Family Businesses Across Generations.”

Speaking at the event, the convener, Oghenevwoke Ighure, said family businesses needed effective structures and leadership to sustain operations across generations.

He said succession planning should go beyond transferring ownership to preparing the next generation to lead and manage the business.

Bolaji Balogun, Chairman and Chief Executive Officer of Chapel Hill Denham, said family businesses needed strong governance, integrity and a clear separation between family wealth and corporate resources to achieve long-term continuity.

He also highlighted the importance of long-term financing and preparing future leaders to manage family enterprises.

Similarly, Sam Abu, Country Senior Partner, PwC Nigeria, said inheritance differed from succession, which involved determining who would lead a business, how decisions would be made and the principles guiding its operations.

Abu said family businesses needed clear structures and traditions that would enable them to adapt and transition from one generation to another without depending solely on their founders.

The summit also featured a presentation of findings from the PwC Africa Family Business Survey by Esiri Agbeyi, PwC Nigeria Partner and Africa Family Business Leader.

Discussions at the event covered family governance, succession planning, investment strategies, wealth management, women’s leadership, technology and international expansion.