Over 300 Family Business Leaders Chart Course for Survival at Summit
More than 300 family businesses recently converged in Lagos to address family business failures, while chatting course to boost survival rate beyond present mark.
According to a PwC Nigeria Family Business report, half of 60 percent family businesses in the country do not outlive their founder.
At a just concluded three -day summit,experts reiterated family business contributions to the economy at $200 billion, therefore pushed for its improvement and sustainability to boost economic profile of Nigeria.
At the three -day summit themed, ‘Family Business Legacy: Strategies for Building and Maintaining Multigenerational Wealth’, business owners and managers came together to swap ideas on building lasting wealth.
The theme of the conference was further dissected in five extensive panel sessions involving industry experts and executives who shared insights from experience and expertise.
The summit, convened by Oghenevwoke Ighure and hosted by Lehle Balde-Cameron, kicked off with a welcome remark by Frank Aigbogun, Publisher of BusinessDay.
The panel discussions on the first day recorded input from industry experts, including Managing Director of Afrinvest Trustees West Africa Limited, Rita Abengowe; CEO, TENGEN Family Office, Chizoba Ufoeze; CIO, AVA Global Asset Managers Limited, Mayowa Ikotun, Head, Corporate Services, Honeywell Group, Tomi Otudeko and CEO, Nigerian Exchange Limited, Jude Chiemeka, amongst others.
A highlight of the event was the presentation of the prestigious Doyen of Family Business Awards to Chairman of Honeywell Group, Oba Otudeko and Founder of Emzor Pharmaceuticals, Stella Okoli in recognition of their outstanding contributions to family business and the economy of Nigeria.
The day concluded with a Deal Room session, where select family businesses had the opportunity to pitch their ventures to potential investors.
The second day was dedicated to the Next Gen Boot Camp, where over 40 emerging family business leaders participated in workshops covering family business fundamentals, private wealth management, investment migration and navigating private equity options. Faculty members from PwC and China Europe International Business School (CEIBS), alongside industry experts such as Idowu Thompson (Group Executive, Private Banking & Wealth Management, First Bank), Weyinmi Oritsejafor, Consultant at Henley & Partners and Nnennia Ejebe (Adenia Partners), delivered insightful sessions. A fireside chat moderated by Dr. Dennis Oteng featured cross-generational discussions with Sweet Sensation and Chicason Group business executives.
On the third Day, attendees traveled to Abeokuta for an exciting visit to the Olusegun Obasanjo Presidential Library. The excursion included a panel session featuring members of the Odutola family, including Oyeyimika Adeboye, Cluster Director West Africa, Mondelēz International, who provided insights into family business legacy management.
Commenting, the convener, Ighure said, “Our goal was to create a platform for family businesses to connect, share knowledge, and explore strategies for sustained success across generations. Seeing the depth of insights and collaboration here, we’ve made significant strides in helping family-owned enterprises thrive for years to come.”
The summit fostered knowledge sharing and strengthened connections among Nigeria’s most promising family-owned businesses, ensuring a solid foundation for multigenerational growth and success
