Successful entrepreneurs are passing the torch to their second-generation successors. These visionary leaders have not only inherited the legacy of their forebears but have also taken on the responsibility of steering their family-owned enterprises to new heights.
Family businesses are crucial players in most economies, also facing challenges transitioning into giant players. Experts at BusinessDay’s Family Business Summit 2023, emphasized 4 key elements for success: strong governance, aligned family values, tech adoption, and smooth succession plans.
Leadership Successions
Leonard Stanley Nnamdi Ekeh, the founder and chairman of Zinox Group and Konga, has handed over the reins to his son, Prince Nnamdi Ekeh, who now serves as the CEO. This transition highlights the commitment of the Ekeh family to technological innovation and entrepreneurship, as the younger Ekeh leads the group into a new era of growth and expansion.
Sir Tony Ezenna, the founder of Orange Drug Nigeria, has set a remarkable precedent by handing over the reins to the next generation. Uchenna Cynthia Ezenna, now the Media and Communication Director, and Ernest Ezenna, leading the Business Development division, embody the spirit of continuity and innovation within Orange Group. Their strategic vision and commitment reflect a seamless transition of leadership within the family, ensuring the sustained success of the business.
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Mike Adenuga, the founder of Globacom, has successfully passed on the baton to his children, creating a multifaceted leadership structure within his business empire. Bella Disu as the Executive Vice Chairman, Paddy Adenuga as an Advisor to the Mike Adenuga Group, and Michael Babajide Adenuga as the CEO Chairman of Conoil Plc. and Globacom Limited, collectively contribute to the diversified success of the Adenuga family businesses.
Aliko Dangote, Africa’s richest man, has empowered his three daughters – Halima, Fatima, and Mariya – by appointing them as executive directors of the Dangote Group. This move not only demonstrates a commitment to gender equality in leadership but also showcases the family’s confidence in the capabilities of the second generation to carry forward the legacy of Africa’s wealthiest man.
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Sir Hassan O. Odukale, the founder of Leadway Assurance, has seen his family play pivotal roles in the company’s management. Oyekanmi Hassan-Odukale, after leading the company for three decades, passed on the mantle to his brother, Tunde Hassan-Odukale, who took over as the new Managing Director in 2020. This smooth transition reflects the family’s commitment to maintaining the company’s legacy of excellence and service.
Oba Otudeko, the founder and chairman of Honeywell Group, a business conglomerate, has seamlessly integrated his children into the family business. Tomi Otudeko heads Corporate Services, Obafemi Otudeko serves as the Managing Director and Moyo Otudeko-Ogunseinde is the CEO of Uraga Real Estate Ltd. This family-centric approach ensures a harmonious blend of tradition and modernity within the Honeywell Group.
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Edwin and Stella Ajaere, founders of God is Good Motors, and their son Chidi Ajaere, who now serves as the CEO. Chidi’s commitment to providing reliable transportation services, and ensuring the continued success of God is Good Motors.
Godwin Ubaka Okeke, the owner of GUO Transport Company, has entrusted the management of the company to his son, Maduabuchukwu Okeke, who now serves as the Managing Director. The Okeke family’s commitment to maintaining the company’s reputation for reliable transportation services is evident in this seamless transition of leadership.
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Cosmas Maduka, the founder of Coscharis Group, has ensured the continuity of his legacy by appointing his son, Cosmas Maduka Jr, as the Executive Director. This family-driven approach to leadership reflects a commitment to excellence and innovation within the diversified portfolio of the Coscharis Group.
The Aswanis, creators of the iconic Indomie brand, have seen Mowan’s son, Sajen Aswani, assume a leadership role as a third-generation leader of Tolaram Group. Sajen Aswani oversees all commercial operations, bringing fresh perspectives and innovative strategies to further solidify Tolaram’s position in the market.
Training for Succession
Tony Elumelu, a renowned Nigerian entrepreneur and philanthropist, is a driving force behind Heir Holdings. Recognizing the importance of succession planning, Elumelu is actively grooming his daughters, Oge Elumelu will be stepping into a leadership role within the family business soon, This forward-thinking approach to succession ensures that the values, vision, and legacy of Heir Holdings continue to thrive under the guidance of the next Elumelu generation.
Jason and Mary Njoku, the founders of iROKOtv, ROK TV, and studios stand as pioneers in the digital entertainment industry, the couple is actively shaping the future of their business by involving their children in the intricacies of their entrepreneurial journey. While the specifics of their succession plan may not be fully disclosed, the couple’s commitment to involving their children in the entrepreneurial ecosystem speaks volumes about their dedication to nurturing the next generation.
