L-R: Convener, My Family, My Business, Oghenevwoke Ighure; Executive Director, Strategy & Innovation, Med Plus, Ife Bakare; Head, Corporate Services, Honeywell Group Limited, Tomi Otudeko and CEO, Sebore International Farms, Aminu Murtala-Nyako during a panel discussion at the Family Business Summit 2024, held in Lagos.
Family business experts and enterprise leaders have shared strategies for ensuring the longevity and successful succession of family businesses in Nigeria.
At the Family Business Summit 2024, organised by BusinessDay at the Wheatbaker Hotel, Ikoyi, Lagos, over 150 business leaders convened to provide valuable insights on how to navigate the challenges unique to family-owned enterprises.
Speaking at one of the panel sessions, Tomi Otudeko, Head, Corporate Services, Honeywell Group Limited highlighted the need to define distinct values for both family and business. She added that clarity is essential for creating a legacy and ensuring smooth transitions across generations.
“It is essential to clearly define both business and family structures, as each plays a unique role in the longevity of the family enterprise. Establishing distinct values and governance frameworks for the family ensures stability, continuity, and cohesion, and these are benefits that directly contribute to the long-term success of the business itself.”
While speaking on succession planning, Otudeko said it was important to establish clear governance frameworks that not only fosters stability but also enhances the overall success of the family enterprise.
She said succession was not just about transferring ownership or control but also about empowering the next generation with a strong foundation of values, clarity of roles, and a shared vision that ensures long-term growth and impact.
Executive Director, Strategy and Innovation, Medplus, Ife Bakare, who was also a panellist at the summit emphasised the importance of knowledge and skills acquisition in ensuring the longevity of family businesses. He highlighted the need for active involvement in business operations.
“Being actively involved in the day-to-day operations of the business is essential. It not only equips future leaders with the practical skills and insights necessary to steer the company forward but also fosters a deeper understanding of the business’s core values and objectives, ensuring continuity across generations”, Bakare stated.
The summit also featured contributions from other notable industry leaders, including Jude Chiemeka, CEO, NGX Group, who provided a financial perspective on how family businesses can effectively access capital markets to drive growth while maintaining family control. According to Chiemeka, balancing governance and innovation is key to navigating the modern financial landscape, especially for multigenerational enterprises.
The Family Business Summit is an annual event dedicated to supporting and enhancing the success of family businesses in Africa. Speakers at this year’s summit included Sam Abu, Country Senior Partner, PwC Nigeria, Mayowa Ikotun, Chief Investment Officer, AVA Global Asset Managers Limited, Oyeyimika Adeboye, MD, Cadbury Nigeria Plc, among other esteemed speakers.
