Experts have called on African business leaders and families to undertake proactive succession planning and strong legacy preservation in order to secure the continent’s economic future.
At the inaugural Family Wealth Conference organised by NewsDirect media group in Lagos, experts underscored the need to address the alarming trend of family-owned businesses collapsing after the death of their founders.
The conference, which brought together a diverse group of experts, business owners and financial professionals, concluded that there should be multi-faceted strategies to preserve generational wealth.
They called for stronger financial discipline, succession planning and structure in business operations.
In his welcome address, Prince. Mathew Ibiyemi, Publisher and Executive Director of NewsDirect, shared his personal journey of taking over his family’s business at age 20 after the loss of the media company’s founder and his father, Late Prince Samuel Ibiyemi.
He highlighted a common African narrative of businesses built with passion in one generation often disappearing in the next, leading to family disputes and the loss of potential.
“Businesses that should have outlived their founders disappear; estates that should empower children end in disputes,” Ibiyemi said, emphasising the conference’s goal to equip attendees with practical strategies to turn family wealth into a blessing, not a burden.
Ibiyemi also seized the opportunity to disclose the winner of the N500,000 grant awarded in conjunction with the Samuel Folorunsho Ibiyemi Foundation.
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The grant was awarded to Mr Oluwatobi Oladeji Mathew, an entrepreneur and book seller based in Ibadan, Oyo State.
Delivering his keynote address, Co-founder and Chief Executive Officer, COACT, Mr. G.O. Lawal, distinguished between temporary riches and true, lasting wealth.
He argued that while riches are fleeting, wealth is defined by its ability to multiply and create lasting impact through a foundation of value, knowledge, and legacy.
Lawal identified four core pillars of enduring wealth: time, talent, knowledge, and moments. He stressed the importance of early succession planning and preparing the next generation with the right mindset and skills.
Legal expert and Partner at Royal Heritage, Dr. Susan Agu stressed that without proper legal and governance structures, businesses are vulnerable to failure. She advocated for prompt business registration, tax compliance, and the use of wills and trusts to prevent future family conflicts.
Another panelist, Chief Dele Alimi, former Director-General of the Institute of Directors Nigeria, reinforced that effective leadership, transparency, and governance are non-negotiable for entrepreneurs aiming to build trustworthy and sustainable businesses that last for generations.
The conference successfully set the stage for a new conversation on legacy in Africa, highlighting that while building wealth is a journey, preserving it requires a deliberate, multi-generational strategy rooted in discipline, foresight, and strong governance.