Family-owned businesses (FOBs) can continue to drive economic success, create value for shareholders, and positively impact their communities worldwide by staying true to their core values and adopting strategic practices that prioritise long-term growth, efficiency, and resilience. This was part of the submission made by Halima Aliko-Dangote, Group Executive Director of Dangote Industries Limited, during the Forbes Global CEO Conference in Bangkok, Thailand.

Halima, who is also the Executive Director, Family Office, spoke at the panel session on Family Business: Looking at the Next Frontier, opined that family-owned businesses have demonstrated exceptional resilience, navigating challenges and thriving over multiple decades.  Other speakers include Carolyn Choo, Managing Director and CEO of Worldwide Hotels; Rose Damen, Managing Director of Damen Yachting, third-generation family shareholder of Damen Shipyards Group; and Caroline Link, Co-Chairman of B.GRIMM Pharma, President of B. Grimm Joint Venture, and Board Member of B. Grimm Power.

She stated that  success in family-owned businesses starts with shared values, goals, governance policies and alignment adding that reputation is part of Family Capital. According to her, governance structure, adherence to core values, customer satisfaction, optimization of shareholder value, meritocracy, integrity, leadership, brand equity, diversification/growth, philanthropy and preserving generational wealth play key roles to the success of our businesses.

She opined that Dangote Group’s governance policies do not allow board and management to operate in silos as each business unit have at least three independent directors that will give a holistic view.

Speaking on other factors of success for Dangote Group, Halima emphasized, “We family-owned businesses have to stick to our tradition of asset rich-cash moderate or as my father will correct me, asset rich-cash poor. We as Dangote perpetuate a profitable business with strong values and strong governance structure. We make money while building our nation by contributing heavily to the global economy, creating massive jobs, thinking of our great grand kids and contributing  excessively to humanity.”

Highlighting the significant contribution of FOBs to the global economy, Halima noted that studies by Mckinsey showed  that they account for more than 70% of global GDP, generate annual turnovers of between $60 trillion and $70 trillion, and provide around 60% of global employment. She stressed the crucial role these businesses play in creating jobs, sustaining communities, and driving development in sectors such as manufacturing, education, healthcare, and infrastructure across the world.

“Family-owned businesses (FOBs) have proven to be resilient, weathering challenges and thriving across multiple decades. Despite facing external pressures, many FOBs not only survive but also grow, contributing significantly to the global economy in ways that are often underestimated or overlooked,” she said.

She also pointed out that family-owned businesses often employ two key approaches in preparing the next generation for leadership roles: internal and external capacity building. Regarding internal capacity building, Halima explained that many families create internship programmes for young family members interested in taking over the business or assuming leadership positions.

In Nigeria, we  train the next generation so they can grow organically  to  leadership roles in family businesses. My dad’s approach is for you to start from ground up knowing you will get to leadership role if you work hard and do your job right. These experiences  make it easier for you to learn the ropes and be prepared for leadership role in the future,” she said.

On external capacity building, Halima discussed the practice of sending younger generations to work in non-family businesses. This approach enables them to acquire new skills, learn better processes, and gain diverse perspectives that can benefit the family business in the long run adding that she started her career as an Analyst at KPMG before joining Dangote Industries Limited.

The approach she explained “removes the familiarity tag as the young generation got employed as other people and supervised to monitor their performance. This has been a common avenue business families have chosen to pursue for many years, having their next generation spend three to five years working outside the family business before eventually joining with a new set of skills and business knowledge.”

Addressing the challenges of succession planning, Halima emphasised the importance of involving the younger generation in the business early on. She suggested that this creates a space for open communication, where the next generation can share their thoughts, ideas, and aspirations, while the senior generation provides critical information to help the next leaders make informed decisions.

She stressed the need for a balance between tradition and innovation in family-owned businesses. While tradition provides continuity and stability, she noted that innovation is vital to staying relevant and competitive in the modern marketplace.

“Successful family businesses recognise the need to adapt to changing consumer preferences, technological advancements, and market trends. Family businesses often have a wealth of experience and deep-rooted traditions. They can also benefit from external expertise and fresh perspectives,” she concluded.

The Federal Government has announced the approval of a groundbreaking N4 trillion budget for development commissions across the country. The funds aim to accelerate regional development and address critical infrastructure gaps in underserved areas.

This landmark decision was confirmed during a federal executive meeting chaired by President Bola Tinubu. According to officials, the allocation is targeted at bolstering the activities of existing development commissions, including those in the North East, Niger Delta, North Central, and other regions requiring special intervention.

Focus Areas of the Budget
The N4 trillion will reportedly focus on key development priorities such as:

Infrastructure rehabilitation, including roads, bridges, and power supply.

Support for internally displaced persons (IDPs) and resettlement programs.

Job creation initiatives to tackle unemployment in affected regions.

Social programs aimed at healthcare, education, and capacity building.

Government’s Commitment
Speaking on the development, the Minister of Finance, Mr. Wale Edun, stated that the budget reflects the administration’s commitment to fostering inclusive growth and equitable resource distribution. “This is a bold step to address longstanding challenges in regions that have been neglected for years,” he remarked.

The announcement has sparked mixed reactions across the country. While some citizens and regional leaders have praised the move as a step toward addressing inequalities, others have called for transparent implementation to ensure the funds are utilized effectively.

This allocation marks one of the largest investments in regional development commissions in Nigeria’s history, signaling the government’s intent to bridge the gaps in infrastructure and social welfare.

Stay tuned for more updates as details of the implementation strategy emerge.

Deputy Senate President Barau Jibrin has distributed 1,000 operational motorcycles to the Kano State Police Command, in a move aimed at enhancing the mobility and operational capacity of the police force. The distribution ceremony, held in Kano, was attended by various dignitaries and stakeholders.

In his speech, Jibrin expressed his gratitude to the Nigerian police for their efforts in maintaining peace in Kano. “I am thanking the Nigerian police Kano command for bringing peace to reign in Kano,” he said. He acknowledged the role of traditional rulers in supporting the police and emphasized the importance of their contributions to the state’s security.

Jibrin highlighted the significance of the motorcycles in improving the efficiency of the police force. “My intention is to give a motorcycle to every policeman,” he stated, underscoring his commitment to equipping the police with the necessary tools to perform their duties effectively.

Muktara Gashash, Chairman of the Eminent Persons Forum, commended Jibrin for his generous gesture. “This initiative will greatly enhance the operational capabilities of the Kano police,” Gashash remarked, praising the Deputy Senate President’s dedication to supporting law enforcement.

Kano State Commissioner of Police, Salman Dogo Garba, also spoke at the event, urging his fellow officers to utilize the motorcycles to enhance their service delivery. “As we embrace this new chapter of enhanced mobility and operational capacity, I urge my fellow police officers to embrace these motorcycles as tools of service excellence,” Garba said. He emphasized the importance of professionalism, integrity, and accountability in their duties.

Garba further encouraged the police officers to use the motorcycles to strengthen their relationships with the communities they serve. “Let us leverage this significant investment to forge even stronger bonds with the communities we serve, fostering trust, cooperation, and mutual respect,” he added.

The distribution of the motorcycles is expected to significantly improve the response time and effectiveness of the Kano State Police Command, contributing to the overall safety and security of the state.