Sixty per cent of businesses in Nigeria are family-owned while half of the figure hardly go beyond the first generation, according to a new report by multinational professional services firm, PwC.
Partner and PwC Africa Family Business Lead, Esiri Agbeyi, who presented the report at 2024 Family Business Summit convened by Oghenevwoke Ighure at The Wheatbaker Hotel, Ikoyi, Lagos, said the study, entitled: PwC’s Nigeria Family Business Report, showed that over 60 per cent of Nigerian businesses are family-owned, adding that only about 30per cent survive beyond the first generation.
According to the organisers, Family Business Summit drew more than 300 family businesses from across Nigeria to discuss strategies for multigenerational wealth building and legacy preservation.
Over 200 family businesses convened under the theme: Family Business Legacy: Strategies for Building and Maintaining Multigenerational Wealth.
The summit, convened by Oghenevwoke Ighure and hosted by Lehle Balde-Cameron, kicked off with welcome remarks by Frank Aigbogun, Publisher of BusinessDay.
The summit also featured keynote addresses from industry leaders, including CSP at PwC, Sam Abu; Managing Director of Bank of Industry (BoI), Dr Olasupo Olusi (represented by GM at BoI Isa Omagu); and Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem.
The first day of the summit featured five panel sessions:
Panel 1: Family-owned Legacy to Liquidity: Navigating the IPO Journey, moderated by Chioma Obaro (PwC Nigeria), with panellists Rita Abengowe (MD, Afrinvest Trustees West Africa Limited), Nnennia Ejebe (Partner, Adenia Partners), and Jude Chiemeka (CEO, Nigerian Exchange Limited).
Panel 2: Sustainable Wealth: Balancing Profit and Purpose in Family Offices, moderated by Abisola Atitebi (PwC Nigeria), featured panellists Johannes Rettig (Director, EMEA Family Office, PwC), Kemi Ojenike (COO, Meristem Family Office), Chizoba Ufoeze (CEO, TENGEN Family Office), and Austin Avuru (Chairman & Founder, AA Holdings).
Panel 3: Private Wealth Strategies for the Long Term, moderated by Weyinmi Oritsejafor (Henley & Partners), with Kaliko Olowole (ED, YBR/DCX Metals), Toyosi Alabi (Partner, Olaniwun Ajayi LP), Adeolu Idowu (Partner, ALN Nigeria/Aluko & Oyebode), and Mayowa Ikotun (CIO, AVA Global Asset Managers Limited) as panellists.
Panel 4: Navigating Succession: Empowering the Next Generation, moderated by Olusegun Zacchaeus (PwC Nigeria), featured Tomi Otudeko (Head, Corporate Services, Honeywell Group), Aminu Murtala-Nyako (CEO, Sebore International Farms), Ife Bakare (ED, Strategy & Innovation, Medplus), and Uchenna Ezenna (Orange Drugs Group Limited).
Panel 5: Empowering the Matriarchs: Navigating Leadership and Legacy, moderated by Segilade Ademoroti (Capital Advisors Management Company), included Dr. Modupe Elebute-Odunsi (MD, Marcelle Ruth Cancer Centre), Toyin Bakare (SAS Textiles), and Olufunke Olumide (The Legacy Haus).
Highlight of the event was the presentation of the Doyen of Family Business Awards to two icons of Nigerian business- Oba Otudeko, Chairman of Honeywell Group, and Stella Okoli, Founder of Emzor Pharmaceuticals, 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 day 3, 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.
Reflecting on the success of the summit, 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 Family Business Summit promoted knowledge sharing and strengthened connections among Nigeria’s most promising family-owned businesses, ensuring a solid foundation for multigenerational growth and success.
