Aigboje Aig-Imoukhuede, co-founder of Tengen Family Office, delivered a stark warning about Africa’s economic prospects at the Lagos Business School International Family Business Conference 2025. He highlighted the continent’s persistent struggle to sustain family businesses across generations as a critical impediment to its development. Aig-Imoukhuede argued that the mortality rate of family businesses directly correlates with Africa’s stunted economic growth, creating a vicious cycle where businesses fail to build upon previous successes, forcing each generation to start anew. This contrasts sharply with other regions where established family enterprises provide a bedrock for sustained economic expansion. He emphasized the concept of “compounding,” where established wealth and business infrastructure generate further growth, a phenomenon significantly hampered by Africa’s recurring business collapse and reinvention. Aig-Imoukhuede stressed the need for African entrepreneurs to adopt a more strategic approach to succession planning, moving beyond mere ownership transfer to encompass robust governance structures, philanthropic initiatives, and long-term investment strategies, mirroring the practices of globally successful family enterprises like JP Morgan and the Rockefellers.
Aig-Imoukhuede’s call for institutionalizing family businesses resonated with the conference’s theme, “Preparing the Next Generation for Stewardship: Building a Lasting Legacy for Family Businesses.” He argued that the “family enterprise” should be viewed as a broader ecosystem encompassing not only the core business but also frameworks for governance, philanthropy, and long-term investments. This holistic approach, he insisted, is crucial for ensuring the continuity and sustained growth of family wealth and its contribution to broader economic development. Without a concerted effort to move beyond short-term perspectives and embrace long-term strategic planning, African family businesses risk perpetuating a cycle of stagnation, hindering the continent’s ability to compete on the global stage. He underscored the urgency of this issue, warning that without significant changes, Africa will remain trapped in a cycle of economic underperformance.
Omowunmi Tunde-Obe, Executive Director of Business Development and Innovation at PUNCH Nigeria Limited, offered a compelling case study on the importance of succession planning. Recounting her family’s experience with the newspaper, she emphasized the critical role played by her uncle, who stepped in as a “regent” after her father’s passing, ensuring the survival of the publication during a challenging period of military crackdowns. This anecdote served as a poignant example of how effective succession planning can safeguard a family business against unforeseen circumstances and even propel it to greater heights. Tunde-Obe’s own journey into the family business, marked by structured training programs and board experience, highlighted the value of deliberate preparation for future leadership. Her personal commitment to carrying forward her father’s legacy reinforced the conference’s central message about the importance of cultivating a sense of stewardship in the next generation.
Dr. Cosmas Maduka, founder and CEO of Coscharis Motors Limited, echoed the conference’s emphasis on intentional leadership in family businesses. He argued that success extends beyond educational qualifications, requiring a clear vision and meticulous planning to ensure the longevity of a business beyond the founder’s lifetime. Maduka underscored the importance of nurturing a “hunger” for success in successors, emphasizing that this drive cannot be taught but must be intrinsic. His observation that “if everything you stand for dies when you die, you have not lived effectively” resonated with the conference’s focus on building lasting legacies. By actively involving his children in his business, Maduka exemplifies the proactive approach to succession planning advocated throughout the conference. He stressed the need for concrete action, warning that simply hoping for success is not a viable strategy for building a lasting legacy.
Dr. Okey Nwuke, Director of the Lagos Business School Family Business Initiative, further refined the discussion by emphasizing the crucial distinction between leadership and stewardship. He argued that while leadership is important, true continuity requires a deeper sense of stewardship, a commitment to preserving and enhancing the business for future generations. This perspective highlights the long-term perspective essential for building sustainable family businesses. The conference’s focus on ensuring businesses outlive their founders aligns perfectly with Nwuke’s emphasis on stewardship as a core principle for achieving transgenerational success. He positioned stewardship as the key to unlocking long-term sustainability, moving beyond the immediate concerns of current leadership to consider the needs and opportunities of future generations.
The Lagos Business School International Family Business Conference 2025 provided a vital platform for discussing the critical challenges and opportunities facing family businesses in Africa. The insights shared by prominent business leaders and experts underscored the urgent need for a paradigm shift in succession planning, moving beyond mere ownership transfer to a more holistic approach encompassing governance, philanthropy, and long-term investment strategies. The recurring theme of stewardship, as opposed to simply leadership, highlighted the importance of cultivating a sense of responsibility for the long-term health and sustainability of family businesses, ensuring their contributions to both family prosperity and broader economic development in Africa. The conference served as a call to action for African entrepreneurs to embrace structured succession planning, laying the foundation for enduring legacies and contributing to the continent’s economic transformation.
