LBS champions initiative to sustain family business ecosystem

The Lagos Business School (LBS) has unveiled an initiative aimed at addressing challenges to family businesses.

The aim is to engender lasting business legacies and increase the country’s Gross Domestic Product (GDP).

Dr Okey Nwuke, Director, LBS Family Business Initiative, made this known on Wednesday at a press briefing in Lagos to announce the LBS Family Business Conference.

Nwuke said the journey from a family business to an enduring family institution was a transformative process focused on legacy-building and shaping a brighter future.

He emphasised the need to preserve the legacy of family business, ensure that long-term businesses would be well managed, and prepare the next generation for leadership roles.

The director said that while the importance of family business could not be over-emphasised, efforts to sustain the family business ecosystem was essential for its survival.

Nwuke stated that the family business conference scheduled for March 27 in Lagos would provide essential tools for long-term success in family businesses.

He said that key aspects such as succession planning, governance structures, financial stewardship and technological integration within family enterprises would be addressed.

“Under 30 per cent of family businesses live beyond their founders, and most of the issues that affect family businesses are usually swept under the table.

“At the LBS, through the family business initiative, family members, business successors and everyone important to the ecosystem are brought together to listen to each other, share experiences and bring out better outcomes.

“The theme of the LBS 2025 International Family Business Conference is: “Preparing the Next Generation for Stewardship: Building a Lasting Legacy for Family Businesses,” he said.

Nwuke said the keynote address at the event would be delivered by Mr Aigboje Aig-Imoukhuede, Co-founder, Tengen Family Office.

According to him. other discussants include the Director of Punch Nigeria Ltd., Mrs Omowunmi Tunde-Obe; the Founder of Coscharis Motors, Dr Cosmas Maduka; and the Managing Director of Coleman Wires, Mr George Onafowokan.

The Chairman of LBS Family Business Advisory Committee, Mr Rasheed Sarumi, said that LBS was committed to institutionalising the yearly activity to discuss family business and family governance in Nigeria.

This, he said, was important to ensure that family businesses would be run properly with the right succession plan to contribute much to GDP, employment and reduction of poverty.

Oreoluwa Adeyinka, Senior Programme Manager of the initiative, emphasised the importance of successful family businesses to the Nigerian economy.

She added that the initiative would help to develop governance structure to drive longevity of family businesses.