Lagos Business School (LBS) is set to host the International Family Business Conference 2025, themed “Building a Lasting Legacy for Family Businesses,” on March 27 in Lagos. The event aims to equip family business owners with strategic tools to ensure longevity and economic impact.
Speaking at a pre-event briefing, Sarumi Rasheed, a member of the LBS Family Business Advisory Committee, emphasized the importance of structured management for family enterprises. He noted that well-run family businesses could significantly contribute to Nigeria’s Gross Domestic Product and economic stability.
“LBS, through its family business initiative, is dedicated to ensuring these businesses thrive across generations. Proper management structures can turn family businesses into enduring institutions that drive national development,” Rasheed stated.
With over 75% of Nigerian businesses being family-owned, their sustainability is crucial for economic growth, job creation, and poverty reduction. However, research shows that only 30% of family businesses survive beyond their founders, making succession planning and governance key challenges.
Dr. Okey Nwuke, Director of the LBS Family Business Initiative, described the conference as a platform for business owners, successors, and key stakeholders to discuss succession planning, governance structures, financial stewardship, and technological integration. He stressed that this year’s theme focuses on stewardship—ensuring a smooth transition of businesses beyond their founders.
“We aim to prepare the next generation with the skills and mindset needed for long-term sustainability,” Nwuke said, highlighting that a well-structured family business can evolve from an entrepreneur’s vision into an economic powerhouse.
The conference will feature leading business figures, including keynote speaker and co-founder of TenGen Family Office, Aig-Imoukhuede. Other notable participants 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 bringing together experts and business leaders, the event seeks to equip family businesses with the knowledge and strategies needed to ensure long-term sustainability, reinforcing their role as a key pillar of Nigeria’s economy.
