The co-founder of Tengen Family Office, Mr Aigboje Aig-Imoukhuede, has warned about Africa’s economic future, stating that the continent’s failure to sustain family businesses across generations is a critical barrier to development.
Aig-Imoukhuede said this at the Lagos Business School International Family Business Conference 2025, themed ‘Preparing the Next Generation for Stewardship: Building a Lasting Legacy for Family Businesses’, which was held on Thursday in Lagos. He said strong economies are built on the foundation of thriving family enterprises, which Africa has failed to nurture.
He explained, “The mortality of family businesses has a perfect correlation with our stunted development. While other regions build on existing business legacies, Africa repeatedly dismantles its economic gains. Every time we start from the bottom, others build on what has been built. You cannot compete with compounding.”
He emphasised the long-term advantages of structured business succession. Aig-Imoukhuede drew comparisons to global economic powerhouses such as JP Morgan and the Rockefellers, who institutionalised family enterprises beyond business ownership.
He said these firms incorporated governance structures, philanthropy, and investment offices to sustain their wealth. He noted that in contrast, Africa’s cycle of business collapse and reinvention has hindered economic expansion and wealth accumulation.
“The family enterprise is broader than the family business. It includes governance, philanthropy, and long-term investments,” he noted, urging African entrepreneurs to embrace structured succession planning to ensure continuity.
Aig-Imoukhuede’s remarks added urgency to ongoing discussions about economic transformation in Africa. “Without deliberate efforts to institutionalise family businesses, the continent will struggle to compete on the global stage and break free from cycles of economic stagnation,” he warned.