At summit, over 300 family enterprises interrogate multigenerational wealth strategies

Though the 2024 Family Business Summit might have come and gone, but it has left in its trail, sweet memories that will linger in the minds of the participants for a long time.

The summit drew more than 300 family businesses across the country to discuss strategies for multigenerational wealth building and legacy preservation. Hosted between October 17 and 19, 2024, the event opened with a summit at The Wheatbaker Hotel, where over 200 family businesses convened under the theme: “Family Business Legacy: Strategies for Building and Maintaining Multigenerational Wealth.”

The summit, convened by Oghenevwoke Ighure, was hosted by Lehle Balde-Cameron, kicking off with welcome remarks by the Publisher of BusinessDay, Frank Aigbogun.

While presenting the PwC’s Nigeria Family Business Report, Partner and PwC Africa Family Business Lead, Esiri Agbeyi, said despite the fact that over 60 per cent of Nigerian businesses are family-owned, only about 30 per cent survive beyond the first generation.

The summit also featured addresses from industry leaders, including CSP at PwC, Sam Abu; Managing Director, Bank of Industry, Dr Olasupo Olusi, represented by the bank’s General Manager, Isa Omagu; and Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem.

While the first day of summit featured five panel sessions, it was headlined by the presentation of Doyen of Family Business Awards to two icons of Nigerian business -Chairman of Honeywell Group, Oba Otudeko and Founder of Emzor Pharmaceuticals, Stella Okoli, in recognition of their outstanding contributions to family business and the economy of Nigeria.

The day was 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 Group Executive, Private Banking & Wealth Management, First Bank, Idowu Thompson; Consultant at Henley & Partners, Weyinmi Oritsejafor; and Adenia Partners, Nnennia Ejebe, 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 three, 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, the convener, 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.”