CIoD highlights importance of succession planning to promote sustainability

Leaders and governance experts have underscored the need for stronger succession planning and adherence to best corporate governance practices as key to ensuring organisational sustainability and national development.

Speaking during the 2025 Annual Directors Conference of the Chartered Institute of Directors (CIoD) Nigeria, themed “Leading Through Change: Building Sustainable and Inclusive Enterprises,” top corporate leaders emphasised the importance of leadership continuity and capacity building in both the private and public sectors.

Otunba Bimbo Ashiru, chairman, National Organising Committee and Group Chairman of the Odu’a Investment Company Limited, said the major takeaway from the conference was the renewed focus on best practices in corporate governance, particularly around leadership succession.

Read also: CIoD champions inclusive, sustainable business practices to drive Nigeria’s economic growth

“Many organisations in Nigeria do not understand what succession planning is. For any organisation to succeed and continue, it must have a plan in place,” Ashiru said.

“At Odu’a, we already know who will succeed the current managing director in the next ten years, and that level of foresight is what every organisation should emulate.”

He stressed that poor leadership transitions and the absence of structured succession plans were often responsible for institutional collapse in both corporate and public sectors.

“Best practices in corporate governance mean there should be no corruption, no hidden agenda. You must put the right people in the right places at the right time,” he added.

Ashiru also linked the concept of succession planning to governance in the public sector, noting that the civil service is meant to operate as a structured system. However, he decried the rise of favoritism and mediocrity that undermine merit-based progression.

“The civil service is the most structured system in the world, but in Nigeria, because of autocratic tendencies, people don’t follow the process,” he said.

Highlighting his achievements at Odu’a, Ashiru said capacity building had been central to the company’s success.

“When I became chairman, I focused on training and capacity development. Today, all our directors are attending Harvard Business School for advanced corporate training. Once you build capacity, the sky is the limit,” he said.

In her remarks, Taiwo Nola-Alausa, director-general and CEO of the Chartered Institute of Directors Nigeria, said the conference was designed to prepare organisations for the future by promoting sustainability and leadership continuity.

“Our conference, themed ‘Leading Through Change: Building Sustainable and Inclusive Enterprises,’ focuses on how businesses can survive and thrive,” she explained.

“We’ve seen that companies without succession plans eventually fail. That’s why we’re placing emphasis on how Nigerian enterprises can build structures that outlive their founders.”

The CIoD conference brought together business leaders, directors, and governance experts to deliberate on strategies for strengthening corporate resilience and promoting ethical leadership in Nigeria’s public and private sectors.