A former Director of Internal Audit at the Nigerian National Petroleum Company Limited (NNPC Ltd), Wosilat Adebayo, on Wednesday unveiled a book examining why businesses, particularly family-owned enterprises, often fail to survive beyond one or two generations.
The book, titled “Igniting Entrepreneurship: Your Guide to Build a Successful Business”, was launched at an event in Abuja attended by NNPC Ltd directors, members of the Institute of Chartered Accountants of Nigeria (ICAN), including its president, Queensley Seghosime, and members of the public.
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Tope Omage, a former director of finance at the Central Bank of Nigeria (CBN) and current director at First Bank Plc, reviewed the book at the event.
Mrs Omage described the publication as a well-structured and methodical text that bridges the gap between academic business theory and the practical realities of running an enterprise.
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She said the author made the book engaging by presenting business ownership as a problem-solving lifestyle rather than merely a series of corporate financial calculations.
“What makes ‘Igniting Entrepreneurship’ an interesting read right from the start is how the author frames the mindset of a business owner. She doesn’t treat business as a series of cold corporate spreadsheets. Instead, she presents it as a dynamic, problem-solving lifestyle,” she said.
A practical guide to building businesses
The book is structured into 11 chapters that cover the different stages of establishing, managing, and sustaining a business.
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It draws on Mrs Adebayo’s professional experience and her upbringing, particularly the practical intelligence and collaborative strategies she observed in her late parents, Alhaji Tijani and Alhaja Hamdalat.
The first two chapters introduce a framework for assessing an entrepreneur’s skills and abilities, encouraging readers to identify their technical and interpersonal strengths before starting a business.
The author argues that existing talents and ideas can form the foundation of a business, challenging aspiring entrepreneurs’ tendency to prioritise access to capital over identifying viable opportunities.
Chapters three to five examine the mechanics of starting a business, including assessing market size, analysing competitors, understanding customer expectations and developing a business plan.
Chapters six to eight focus on financial discipline, drawing on Mrs Adebayo’s experience in corporate finance. The chapters explain cash flow management, cost minimisation, working capital and record-keeping in accessible language.
The final three chapters address business expansion and sustainability, with particular emphasis on why Nigerian businesses, especially family-owned enterprises, often struggle to survive beyond their founders. Mrs Adebayo discusses how entrepreneurs can establish a sustainable business culture and plan for leadership succession to ensure that their enterprises outlive them.
Businesses Nigeria needs
In her address at the unveiling, the ICAN president, Mrs Seghosime, commended the author for contributing to knowledge, enterprise development and national progress.
Represented by Nyakno Oluokun, a member of the institute’s council, the ICAN president said knowledge, discipline and integrity were essential to building successful businesses.
“The title of this book speaks to something fundamental about human potential. Every successful enterprise begins with an idea, but not every promising idea becomes a successful business.
“An idea may start a business, but it takes knowledge, discipline and integrity to build an enterprise that endures. That is why this publication is particularly timely,” she said.
She argued that Nigeria needed entrepreneurs who could identify opportunities in difficult situations, turn challenges into solutions and build enterprises capable of creating value beyond their founders.
“Nigeria does not merely need more businesses. We need more businesses that survive, grow, create employment, compete successfully and contribute to national prosperity.
“We need entrepreneurs who can recognise opportunities where others see difficulties, transform challenges into solutions and build enterprises capable of creating value beyond their founders,” she said.
Mrs Seghosime also expressed concern about the number of Nigerian businesses that have collapsed, attributing some failures to weak foundations.
She said poor financial management, inadequate planning, weak internal controls and the failure to separate personal finances from business resources could undermine even promising enterprises.
“But ambition alone is not enough. Passion may ignite an enterprise, but sound financial management keeps its flame alive. Too many promising businesses struggle, not necessarily because their ideas lack merit, but because their financial foundations are weak,” she said.
She said the accountancy profession had a responsibility to help entrepreneurs understand their finances, manage risks, meet tax obligations, access funding and strengthen corporate governance.
“Chartered Accountants do more than prepare financial statements. We help entrepreneurs understand their numbers, manage risks, fulfil their tax obligations, access finance, strengthen governance and make decisions that support sustainable growth,” she said.
Family businesses struggle to survive beyond founders
Nigeria has a long history of family-owned businesses that flourished under their founders but struggled to survive after their deaths, with some collapsing before reaching the third generation.
The disappearance of several once-prominent business empires has raised concerns about succession planning, family disputes and the absence of strong management structures in businesses that depend heavily on their founders.
One notable example is the Ekene Dili Chukwu Group, founded by the late transport mogul Augustine Ilodibe. The company, which operated a major fleet of luxury buses and haulage trucks, was a leading player in Nigeria’s transport industry. After Mr Ilodibe died in 2007, the business declined amid disputes among family members over his estate and the company’s management.
Another example is the Concord Group, founded by the late businessman and politician Moshood Abiola. The conglomerate included Concord Newspapers, Concord Airlines, Abiola Farms and Wonder Loaf Bakery. After Mr Abiola died in 1998, the businesses gradually declined, with the newspaper eventually ceasing publication and several other ventures disappearing.
The Henry Stephens Group, founded by businessman Henry Fajemirokun, also experienced a similar fate. The conglomerate had interests in engineering, banking, insurance, shipping and oil, but its fortunes declined after his death in 1978.
These examples illustrate the challenges of sustaining family businesses beyond their founders.
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