By Olakunle Oke
The maiden edition of the Family Wealth Conference has opened in Lagos with a strong call for Africans to rethink how family wealth and legacies are created, preserved, and transferred across generations.
The forum, which convened business leaders, governance experts, and financial professionals, was described as more than an event but a dialogue on “legacy, continuity, and the future.”
In his welcome address, Mr. Mathew Ibiyemi, Executive Director of Nigerian NewsDirect, recounted his personal experience of taking over the family business at the age of 20 following his father’s death in 2023.
He said the collapse of family-run enterprises after the demise of their founders remained a troubling reality across Africa.
“Too often in our part of the world, the story of wealth is the story of one generation filled with passion but lost with silence.
“Businesses that should have outlived their founders disappear; estates that should empower children end in disputes,” Ibiyemi said.
He stressed that the conference aims to provide practical strategies to ensure family wealth becomes a blessing rather than a burden.
The keynote speaker, Co-founder and CEO of COACT, Mr. G.O. Lawal delivering a lecture on “The Pillars of Family Wealth: Building, Managing and Sustaining Prosperity Across Generations.” argued that riches are temporary while true wealth multiplies and creates lasting impact.
“You can be rich and not wealthy, but once you are wealthy, you are rich in value, knowledge, and legacy,” he said.
Lawal identified time, talent, knowledge, and moments as the core pillars of enduring wealth, stressing the importance of early succession planning and equipping children with the right mindset and skills.
Panel discussions also highlighted critical factors for preserving generational wealth, including financial prudence, digital innovation, robust legal frameworks, and strong leadership.
The Chief Operating Officer and Group Head Corporate and Investment Banking, Ecobank, Dr. Bunmi Bajomo who represented Mr. Sulemon, cautioned against arbitrary withdrawals from corporate funds, urging business owners to foster saving habits and adopt fixed salary structures for themselves.
“Merely having control over a company’s finances doesn’t justify unrestricted access to funds.
Upholding financial discipline is key to passing on wealth to future generations,” he advised, suggesting that at least 20 per cent of earnings be saved regularly.
In his contribution, Mr. Suleman encouraged budding entrepreneurs to develop comprehensive business plans and maintain accurate financial documentation prior to approaching banks or investors for capital.
He highlighted that state-supported financial entities, such as agricultural and housing banks, provide customised support for new ventures.
Also, Digital expert, G.O Lawal portrayed Artificial Intelligence (AI) as a revolutionary asset for business operators.
He noted that operations once taking weeks can now be executed in mere minutes using AI, rendering it essential across various industries.
“AI transcends specific sectors. From education to commerce, business owners need to adopt it to stay competitive,” he recommended.
Also, a Legal expert, Dr. Susan Agu emphasised that enterprises lacking proper legal and governance setups are vulnerable to failure, irrespective of their economic strength.
“To establish a lasting heritage that endures beyond your era, adherence to legal standards is imperative. Operating outside the law turns your creation into a potential disaster,” she cautioned.
She advocated for prompt business registration, tax adherence, meticulous record-keeping, and employing wills and trusts to avert familial conflicts.
Managing Editor of Nigerian NewsDirect, Mr Wale Ibiyemi, lent a reflective tone to the proceedings by reading a poem titled “Beyond the Gold.” The piece, which drew attention to the fleeting nature of material possessions, urged participants to consider values, integrity, and legacy as the true measures of wealth. His recital added a creative layer to the conference, reinforcing its theme of building prosperity that endures beyond financial gain.
Wrapping up the event, Ex-Director-General of the Institute of Directors Nigeria, Chief Dele Alimi, asserted that effective leadership, transparency, and governance are indispensable for entrepreneurs aiming to create trustworthy and long-lasting businesses across generations.
