Stakeholders Chart Path to Sustaining Family Business Legacy
Omolabake Fasogbon
Family enterprise leaders and business experts have underscored the need for stronger governance, structure, and succession systems to preserve the legacy of family-owned businesses across generations.
They reaffirmed this at the just concluded third edition of the Family Business Summit in Lagos, noting that it has become more important amid Nigeria’s volatile economy and rising business mortality rates.
Speaking at the three-day summit, Founder of MyFamily MyBusiness, Oghenevwoke Ighure, stressed the need for family-owned enterprises to stay agile, purpose-driven, and innovative to remain competitive and relevant.
He stated that the summit, themed ‘Wealth Diversification and Resilience in Uncertain Times’ had evolved from an advocacy initiative, to becoming a growing movement championing intentional leadership and structured continuity in family enterprises.
“This platform is not only bringing family businesses together but also advocating for all things related to family enterprises. Legacy is not merely inherited but intentionally built through systems that outlive individual success,” he said.
The summit also witnessed the unveiling of the Family Business Journal, the Family Enterprise Network Nigeria (FENN), a new association with a board of next-generation leaders and a documentary on the life and legacy of the late Chief Adeola Odutola, one of Nigeria’s pioneering industrialists.
Key sessions explored practical strategies for continuity and governance. Publisher of BusinessDay, Frank Aigbogun urged family business owners to institutionalise structure and adaptability as safeguards against leadership transition risks.
Similarly, Country Senior Partner at PwC Nigeria, Pedro Omojume, presented findings from PwC’s Family Business survey, noting that Nigerian family enterprises are gradually shifting focus from profit-driven models to purpose-led growth.
Two fireside conversations deepened the discourse on leadership and wealth preservation. In one, Chairman of Seven-Up Bottling Company, Faysal El-Khalil and his son Sari El-Khalil, explored the challenges of cross-generational leadership.
Also, Strategy Advisor at Diya Fatimilehin & Co, Lanre Olutimilehin highlighted strategies for protecting and growing family wealth through real estate.
A high-level panel session involving global players emphasized alignment, creativity, and succession planning as pillars for multigenerational success, submitting that legacy thrives where stewardship meets structure and the next generation is empowered to lead.
The second day of the summit, themed ‘The NextGen Bootcamp’ centered discussion on equipping emerging family business leaders with tools to balance tradition with innovation. Discussants included former Managing Director, Seven‑Up Bottling Company Ltd, Ziad Maalouf , Wealth Manager, Sameer Vaswani , National Coordinator, Office for Nigerian Digital Innovation (ONDI) ,Victoria Fabunmi and Head of Family Office, Europe, Invest HK, Zipo Lai, amongst others.
The event drew support from leading institutions, including Diya Fatimilehin & Co., BusinessDay, Mauritius Commercial Bank, Capital Advisors and Management Company, Adenia, Seven-Up Bottling Company and Meristem, amongst others.
