Approximately between 70per cent and 80 per cent of family businesses fail, collapse, or become moribund after the original founder retires, becomes incapacitated, or passes away.
Studies from institutions such as Lagos Business School and PwC indicate that only between 20per cent and 30 per cent successfully survive into the second generation.
But determined to put a stop to this trend, My Family My Business in partnership with PwC Nigeria and BusinessDay, will host the Family Business Summit 2026 from October 15-17, bringing together family business owners, next-generation leaders, wealth advisors, and industry experts to explore what it takes to build family enterprises that outlast their founders.
Worse still, on the second generation, survival drops even further, with only about 10 per cent to 15per cent making it to the third generation-and some estimates showing long-term survival rates dipping below five per cent.
The mortality rate of family-owned businesses in Nigeria is exceptionally high, particularly when transitioning leadership across generations:
This year’s theme: ‘Beyond the Founder: Scaling Family Businesses Across Generations,’ will tackle one of the most pressing challenges facing family-owned businesses across Africa and beyond: the transition from founder-led operations to sustainable, professionally governed enterprises capable of thriving across multiple generations.
The 2026 edition comes at a time when family-owned enterprises continue to play a significant role in Nigeria’s business landscape and the wider African economy. At the 2024 Family Business Summit, a report by knowledge partners for the summit, PwC Nigeria noted that more than 70 per cent of small and medium-sized enterprises in Nigeria are family businesses and that these businesses contribute close to 50 per cent of the country’s gross domestic product (GDP).
The summit will feature a full conference programme, a Family Business Deal Room, and a NextGen Bootcamp, designed to give attendees both strategic insight and practical tools for succession planning, governance, and growth.
Speakers include: CEO, Chapel Hill Denham, Bolaji Balogun; Country Senior Partner, PwC Nigeria and Regional Senior Partner, West Market, Sam Abu; Author, Building Beyond You; Founder, House of Tara, Tara Fela-Durotoye; Partner and Africa Family Business Leader, PwC Nigeria, Esiri Agbeyi; Founder, SKLD Integrated Services Limited, Temilola Adepetun; President (Europe), China Europe International Business School (CEIBS), Prof. Dominique V. Turpin; along with senior leaders from Adenia Partners, First Bank of Nigeria, Invest Hong Kong, Suntera Global, Coscharis Group, Starzs Investments, Diya Fatimilehin and Co, and other organizations across wealth management, family office advisory, and corporate governance.
Speaking on the 2026 Summit, Oghenevwoke Ighure, Convener, My Family My Business, said: ‘The real test of a family business is not simply whether it survives its founder, but whether it can continue to create value, adapt to a changing world and give the next generation the opportunity to build on what came before them. We are looking at what it takes to have the difficult and necessary conversations around succession, governance, leadership, capital and innovation before they become challenges. We want this Summit to be a space where families do not just talk about legacy, but actively consider what it takes to build businesses that can carry that legacy forward.’
The event is supported by sponsors and partners including Diya Fatimilehin and Co, Suntera Global, Meristem Family Office, FirstBank, Blanche Aigle Communications, Invest HongKong, Radix Capital Partners, CEIBS, Coscharis Group, The Sun, Honeywell Group, Adenia, MCB, Starzs Investments, and Bemil, with PwC serving as Academic Partner and Knowledge Partner, reflecting its continued collaboration with My Family My Business since the initiative’s founding.