From Premium Times Nigeria · Abdulqudus Ogundapo · · 2m
NNPC ex-director launches book on family business failures
Wosilat Adebayo's book reveals why Nigerian family businesses collapse after founders die.
In brief
Wosilat Adebayo's book reveals why Nigerian family businesses collapse after founders die. NNPC ex-director Wosilat Adebayo's book explains why Nigerian family businesses fail to survive beyond founders. Originally reported by Premium Times Nigeria.
Book launch event
Wosilat Adebayo, former NNPC internal audit director, launched book at Abuja event with NNPC directors and ICAN representatives.
Book title and purpose
Book titled 'Igniting Entrepreneurship: Your Guide to Build a Successful Business' examines why family businesses fail after founders die.
Author's background
Author draws on professional experience and upbringing, particularly practical intelligence from late parents Alhaji Tijani and Alhaja Hamdalat.
Book structure
Book has 11 chapters covering business establishment, management, financial discipline and sustainability.
First three chapters
Chapters one to three focus on assessing entrepreneur skills, market size and competitor analysis before starting a business.
Chapters four to six
Chapters four to six examine financial discipline, cash flow management and cost minimisation in accessible language.
Chapters seven to nine
Chapters seven to nine address business expansion, sustainability and succession planning for family businesses.
ICAN president's view
ICAN president Queensley Seghosime says knowledge, discipline and integrity are essential for business survival in Nigeria.
Nigeria's business failure pattern
Nigeria has family businesses that flourish under founders but collapse after founders die, often before third generation.
Ekene Dili Chukwu Group example
Ekene Dili Chukwu Group, founded by Augustine Ilodibe, declined after his death in 2007 due to family disputes.
Concord Group example
Concord Group, founded by Moshood Abiola, declined after his death in 1998 with newspaper ceasing publication.
Henry Stephens Group example
Henry Stephens Group, founded by Henry Fajemirokun, declined after his death in 1:78.
Key failure causes
Poor financial management, inadequate planning and failure to separate personal finances from business resources cause business collapse.
Accountancy profession role
Chartered Accountants help entrepreneurs understand finances, manage risks and access funding for sustainable growth.
Author's advice
Entrepreneurs need knowledge, discipline and integrity to build businesses that survive beyond founders.
The key point
NNPC ex-director Wosilat Adebayo's book explains why Nigerian family businesses fail to survive beyond founders.
