Lagos Business School (LBS) is gearing up to host the International Family Business Conference 2025, themed “Building a Lasting Legacy for Family Businesses,” on March 27 in Lagos. The conference aims to provide family business owners with strategic insights and tools to ensure business continuity and long-term economic impact.
During a pre-event briefing, Sarumi Rasheed, a member of the LBS Family Business Advisory Committee, underscored the critical role of structured management in sustaining family enterprises. He highlighted that well-managed family businesses have the potential to contribute significantly to Nigeria’s Gross Domestic Product (GDP) and overall economic stability.
“LBS, through its family business initiative, is committed to helping these enterprises thrive across multiple generations. Implementing proper management frameworks can transform family-run businesses into long-lasting institutions that drive national development,” Rasheed stated.
With family-owned businesses making up more than 75% of Nigerian enterprises, their longevity is essential for fostering economic expansion, generating employment, and alleviating poverty. However, research indicates that just 30% of family businesses survive beyond their founders, making succession planning and corporate governance major challenges.
Dr. Okey Nwuke, Director of the LBS Family Business Initiative, emphasized that the conference will serve as a forum for business owners, successors, and key industry players to engage in discussions on succession planning, governance structures, financial sustainability, and the integration of technology. He stressed that this year’s theme focuses on stewardship—ensuring a seamless transition of family businesses from one generation to the next.
“Our goal is to equip the next generation with the competencies and mindset required for long-term business sustainability,” Nwuke stated, pointing out that a properly structured family business can evolve from a founder’s vision into a significant economic force.
The conference will feature an array of distinguished business leaders, including keynote speaker Aig-Imoukhuede, co-founder of TenGen Family Office. Other notable figures include Pan-Atlantic University Vice-Chancellor Prof. Enase Okonedo, LBS Dean Prof. Olayinka David-West, PwC Partner Esiri Agbeyi, and Coscharis Motors CEO Dr. Cosmas Maduka.
By convening leading experts and business professionals, the event seeks to provide family businesses with the knowledge, strategies, and best practices necessary to ensure their long-term sustainability. It also aims to reinforce their crucial role as a foundational pillar of Nigeria’s economic landscape.
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