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CORPORATE SUCCESSION IN THE AFRICAN BUSINESS CLIMATE: IMPERATIVE FOR SUSTAINABLE ECONOMIC DEVELOPMENT IN NIGERIA

Matthew Izuchukwu Anushiem(1), Uchenna Maryjane Anushiem(2), Cali C. Ojimba(3), Ater Solomon Vendaga(4),


(1) Department of Clinical Legal Education, Faculty of Law, Nnamdi Azikiwe University, Awka Anambra State Nigeria.
(2) Department of Commercial and Property Law, Faculty of Law, Chukwuemeka Odumegwu Ojukwu University, Igbariam Campus, Anambra State, Nigeria.
(3) Department of Commercial and Property Law, Faculty of Law, Chukwuemeka Odumegwu Ojukwu University, Igbariam Campus, Anambra State, Nigeria.
(4) Sabilaw Centre, House 27F, Close 27, Drive 1, 1st Gate Prince and Princess Estate, Gudu, Abuja, FCT, Nigeria
Corresponding Author

Abstract


Corporate succession is increasingly recognized as a critical determinant of business continuity and economic stability globally. In Africa, and Nigeria specifically, the challenges of founder-dependency, poor succession planning, weak corporate governance, and inadequate institutional frameworks have contributed to the high mortality rate of businesses after one generation. This paper examines corporate succession within the African business climate, highlighting its implications for sustainable economic development in Nigeria. It analyses the gaps affecting succession models in private and family-owned enterprises, explores best practices for continuity, and emphasizes the vital role of policy, capacity development, and governance in creating resilient corporate structures. The paper concludes that effective succession planning is central to long-term business survival, job creation, wealth retention, and national development. Recommendations are proposed to strengthen regulatory systems, enhance leadership development, and promote a culture of structured succession planning among Nigerian enterprises.

Keywords


Succession Planning; Corporate Governance; Family-owned businesses; Sustainability; Corporate Succession

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