NIGERIAN family businesses have been urged to strengthen governance, embrace succession planning, and invest in next-generation leadership to build enterprises that endure beyond their founders.
The advice came during the Family Business Summit 2026 in Lagos, with the theme: “Beyond the Founder: Scaling Family Businesses Across Generations,” where speakers noted that family businesses need more than the determination of their founders to endure; they need the right structures, values and leadership to thrive across generations.

Organised by My Family, My Business, in partnership with BusinessDay and PwC, the summit featured keynote addresses, panel sessions, masterclasses, a Deal Room, a succession workshop and the Family Business Leadership Awards 2026 as discussions explored succession planning, family governance, investment strategies, global wealth structuring, women’s leadership, technology and international expansion.

In his welcome address, the Convener of the summit, Oghenevwoke Ighure, emphasised the need for family businesses to move beyond founder-dependent structures and establish institutions capable of surviving across generations.
“The success of this year’s summit reinforces our belief that family businesses need more than the determination of their founders to endure; they need the right structures, values and leadership to thrive across generations. Our goal is to create a platform where families can have honest conversations, learn from one another’s experiences and access the knowledge and networks required to build sustainable institutions. Ultimately, succession is not just about transferring ownership; it is about preparing the next generation to lead, preserve the family legacy and create even greater value for the future.”

The Publisher of BusinessDay, Frank Aigbogun, Country Senior Partner, PwC Nigeria and Regional Senior Partner, West Market, Sam Abu, and Chairman and Chief Executive Officer of Chapel Hill Denham, Bolaji Balogun, delivered keynote addresses, while the PwC Nigeria Partner and Africa Family Business Leader, Esiri Agbeyi, presented findings from the PwC Africa Family Business Survey.
Balogun, addressed the role of patient capital in building businesses that endure. “Building a family business that endures across generations requires more than reinvesting capital; it demands a clear distinction between family wealth and corporate resources, strong governance, integrity and a relentless commitment to excellence,” stressing the importance of capital markets, long-term financing and developing the competence and character of future generations.

On his part, Abu, spoke on the importance of succession planning in family businesses. He said: “Inheritance is not the same as succession. While inheritance answers the question of ownership, succession goes much further to address who leads the business, how decisions are made, and the principles that guide those decisions. Building a family enterprise that thrives across generations requires deliberate structures and traditions that enable the business to evolve and transition successfully from one generation to the next, without remaining dependent on its founder.”
The summit featured contributions from prominent business leaders and international experts, including Deola Sagoe of The House of Deola, Tomi Otudeko of Honeywell Group, Cosmas Maduka Jnr. of Coscharis Group, Tara Fela-Durotoye, Professor Jeremy Cheung of CUHK Business School and Lansberg Gersick Advisors, among others.
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The Family Business Leadership Awards 2026 recognised individuals and enterprises for their contributions to family business leadership, succession, innovation and stewardship. The late Otunba Michael Olasubomi “Subomi” Balogun, CON, received the posthumous Lifetime Achievement in Family Business Leadership Award. Honeywell Group received the Generational Excellence in Family Business Award, while Aminu Nyako of Sebore Farms was named Emerging NextGen Family Business Leader.