Stakeholders Raise Alarm on Lack of Succession Plan for Over 70% of Nigerian Businesses

Esther Oluku

Stakeholders in Nigeria’s business ecosystem have expressed concern over the absence of succession plans in more than 70 per cent of Nigerian businesses, warning that the trend continues to fuel the collapse of family-owned enterprises after the demise or exit of their founders.

The concern was raised ahead of the 2026 C-Suite Exclusive Masterclass Succession Blueprint, an exclusive summit scheduled to hold in Lagos, in partnership with Pebble Hill University, Delaware, United States.

Speaking at a press conference in Lagos, the Convener of the summit, Prof. Ezekiel Isidahomen, described the succession crisis as one of the biggest threats to the sustainability of businesses in Nigeria and across Africa.

According to him, only about 22.2 per cent of Nigerian business owners have formal succession plans in place, leaving the vast majority of enterprises vulnerable to failure.

“We know, of course, that only 22.2 per cent of Nigerian businessmen have succession blueprints in place. Over 70 per cent do not have one. Those businesses are at risk. We have seen many businesses fold up because of family disputes, board versus management conflicts, and management versus family disagreements,” Isidahomen said.

He stressed that the absence of structured succession planning has led to the premature collapse of many thriving enterprises, despite years of investment and growth.

“The C-Suite Masterclass is to ensure that no Nigerian business folds up because of failure to introduce a succession blueprint for the organisation. These are the issues we want to resolve at the summit,” he said.

Isidahomen noted that the initiative would bring together founders, chief executives and industry experts in a closed-door session designed to equip participants with practical strategies for ensuring business continuity across generations.

He said professionals in law, finance, education and international business would share insights on governance, succession planning and institutionalising businesses beyond their founders.