LBS empowers family businesses for wealth sustainability

The Lagos Business School is championing the sustainability of family businesses in Nigeria by equipping business owners with strategic tools to build lasting legacies.

The institution is set to host its International Family Business Conference 2025, themed ‘Building a Lasting Legacy for Family Businesses’, on March 27, 2025, in Lagos.

Speaking at a pre-event press briefing in Lagos, a member of the Family Business Advisory Committee at LBS, Sarumi Rasheed, stressed the significance of structured family business management.

He highlighted that well-managed family enterprises could significantly boost Nigeria’s Gross Domestic Product and enhance economic stability.

“LBS, through its family business initiative, is dedicated to ensuring these businesses thrive across generations. Proper management structures can turn family businesses into enduring institutions that drive national development,” Rasheed stated.

With over 75 per cent of Nigerian businesses being family-owned, Rasheed noted that their sustainability is crucial for economic growth, job creation, and poverty reduction.

However, studies show that only 30 per cent of family businesses survive beyond their founders, making succession planning and governance critical challenges.

Also, the director of the Family Business Initiative at LBS, Dr Okey Nwuke, described the conference as a platform for business owners, successors, and key stakeholders to exchange ideas on effective succession planning, governance structures, financial stewardship, and technological integration.

According to Nwuke, this year’s theme focuses on stewardship—ensuring that family businesses transition successfully beyond their founders.

“We aim to prepare the next generation with the skills and mindset needed for long-term sustainability,” said Nwuke, who emphasised that a well-structured family business can grow from one entrepreneur’s vision into an economic powerhouse.

Meanwhile, the conference seeks to equip owners with the knowledge and strategies to ensure the sustainability of family businesses, which is vital for Nigeria’s economy.

The conference will feature top business leaders, including keynote speaker and co-founder of TenGen Family Office, Aig-Imoukhuede.

Other notable participants include the Vice Chancellor of Pan-Atlantic University, Prof. Enase Okonedo; Dean, LBS, Prof. Olayinka David-West; Partner, PwC, Esiri Agbeyi;

and CEO of Coscharis Motors, Dr Cosmas Maduka.