The Lagos Business School (LBS) has introduced a groundbreaking initiative aimed at strengthening family businesses and ensuring their long-term success. This move is expected to boost Nigeria’s Gross Domestic Product (GDP) by fostering sustainable business legacies.
Speaking at a press briefing in Lagos, Dr. Okey Nwuke, Director of the LBS Family Business Initiative, highlighted the critical role of family businesses in the economy.
He stressed the importance of preserving their legacies, implementing strong governance structures, and preparing the next generation for leadership.
To address these challenges, LBS will host the 2025 International Family Business Conference on March 27 in Lagos. Themed “Preparing the Next Generation for Stewardship: Building a Lasting Legacy for Family Businesses”.
The conference will provide actionable insights on succession planning, financial stewardship, governance, and technology integration.
Notably, the keynote address will be delivered by Aigboje Aig-Imoukhuede, Co-founder of Tengen Family Office.
Other top industry leaders, including Mrs. Omowunmi Tunde-Obe (Director, Punch Nigeria Ltd.), Dr. Cosmas Maduka (Founder, Coscharis Motors), and Mr.George Onafowokan (Managing Director, Coleman Wires), will also share their expertise.
According to Mr. Rasheed Sarumi, Chairman of the LBS Family Business Advisory Committee, this initiative will become an annual event to promote family business governance in Nigeria.
Why It Matters:
- Less than 30% of family businesses survive beyond their founders.
- The initiative will equip family business owners with essential tools for longevity.
- It aims to enhance employment opportunities and reduce poverty through better business management.
Senior Programme Manager Oreoluwa Adeyinka emphasized that well-structured family businesses are vital for Nigeria’s economic growth.
Through this initiative, LBS is committed to supporting family enterprises with governance structures that ensure their continued success.
