Lagos Summit Tells Family Firms: Succession Beats Inheritance

By Amara Osei

Family businesses need governance and succession structures to outlive their founders — that was the blunt message from the Family Business Summit 2026, which closed in Lagos on October 17. Sam Abu, Country Senior Partner at PwC Nigeria, put the core distinction in plain terms: "Inheritance is not the same as succession." While inheritance settles ownership, he said, succession goes further — "to address who leads the business, how decisions are made, and the principles that guide those decisions."

The summit ran from October 15 to 17 under the theme "Beyond the Founder: Scaling Family Businesses Across Generations." My Family, My Business organised it, with BusinessDay and PwC as partners. Roughly three days of keynotes, panels, masterclasses, a Deal Room, a succession workshop and the Family Business Leadership Awards 2026 drew business leaders, investors, wealth management experts and family enterprise advisers to discuss continuity, wealth preservation and sustainable growth.

What did the conveners want?

Convener Oghenevwoke Ighure pressed family firms to move past founder-dependent structures and build institutions that survive 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," Ighure said. He added: "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."

Keynote speakers included Frank Aigbogun, Publisher of BusinessDay; Sam Abu of PwC Nigeria and Regional Senior Partner, West Market; and Bolaji Balogun, Chairman and CEO of Chapel Hill Denham. Esiri Agbeyi, PwC Nigeria Partner and Africa Family Business Leader, presented findings from the PwC Africa Family Business Survey.

Balogun focused on patient capital. "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," he said. He stressed capital markets, long-term financing and building the competence and character of future generations.

Who else spoke?

The programme drew contributors from Nigerian conglomerates and international business schools:

• Deola Sagoe of The House of Deola
• Tomi Otudeko and Foluke Oyeleye of Honeywell Group
• Cosmas Maduka Jnr. and Charity Maduka-McFoy of Coscharis Group
• Tara Fela-Durotoye
• Professor Jeremy Cheung of CUHK Business School and Lansberg Gersick Advisors
• Professor Dominique Turpin of CEIBS Europe
• Kemi Ojenike of Meristem Family Office, Idowu Thompson of FirstBank, Zipo Lai of Invest Hong Kong, Nene Bejide of Blanche Aigle Communications, and Claire Machin and Chad Phillips of Suntera Global

Who won the awards?

The Family Business Leadership Awards 2026 honoured individuals and enterprises across leadership, succession, innovation and stewardship. The late Otunba Michael Olasubomi "Subomi" Balogun, CON, received a posthumous Lifetime Achievement in Family Business Leadership Award. Honeywell Group took the Generational Excellence in Family Business Award, and Aminu Nyako of Sebore Farms was named Emerging NextGen Family Business Leader.

Quits Aviation Group FZE and Coleman Wires & Cables won the Succession Planning Excellence Award. Toyin Bakare of SAS Textiles and Deola Sagoe received the Women in Family Business Leadership Award. Remi and Yinka Morgan of Laterna Ventures were recognised in the Couples in Family Business category. The Anyaegbu Family of Chisco Group was named Entrepreneurial Family of the Year, Coscharis Group received the Emerging Technology Award, and Ambassador Nimi Akinkugbe collected both the Family Wealth Literacy & Stewardship Champion Award and a Special Recognition Award.

The summit ended October 17 with a NextGen Mixer at Ilashe Beach Resort in Lagos, connecting emerging family business leaders around the future of family enterprise. Sponsors and supporters included Suntera Global, Diya Fatimilehin & Co., Meristem Family Office, FirstBank, Jewellery Banc, HGL, SAS Textiles, Adenia, Capital Advisors, Mauritius Commercial Bank, Starzs, Bemil Security, Daily Need Group, Radix, Iron and The Glenlivet. Blanche Aigle Communications served as PR partner, Invest Hong Kong Family Office as strategic partner, CEIBS as academic partner and PwC as knowledge partner. With PwC's Africa survey data now on the table, the pressure on founder-led firms to formalise succession plans before the next transition is only set to grow.