With the rising of self-employment in the country, the rate of family owned companies are increasing. It is natural for company owners to trust their own blood more than any other person to run the affairs of their business, while they are around and even when they are gone.
The younger generation tend to be full of agility, innovation and fresh business ideas, therefore, it won’t be surprising if they do perform better than their predecessor. Let’s take a look at these Nigerian companies where the Chief Executive Officers are sons of the founders, cos lets face it, no one suffers to build a successful company only to hand it over to stranger.
1. First City monument Bank
Founder: Otunba Michael Subomi Balogun
CEO: Ladi Balogun
The senior Balogun founded the First City Merchant (now Monument) Bank in 1979. The bank was the first to be established in Nigeria without government or foreign support. Mr Otunba had resigned from his job at a bank two years earlier to set up FCMB. His son, Ladi Balogun took over the business in 1996 and so far has transformed FCMB from a privately held business to a listed company on the Nigerian Stock Exchange in 2004, and from a merchant bank to a full service banking group.
2. Yinka Folawiyo Group Of Companies
Founder: Abdulwahab Iyanda Folawiyo
CEO: Tunde Folawiyo
Abdulwahab Iyanda Folawiyo, began what will become a business empire in the future. He founded Yinka Folawiyo & Sons, an import-export enterprise in 1957, which had grown to Yinka Folawiyo Group of Companies, a diverse conglomerate with interests in shipping, banking, construction, agriculture and energy. Iyanda Folawiyo died in 2008 and passed on the mantle of his legacy to his son Tunde.
However, Tunde has been the CEO and group Managing Director of the group since 1989. Just like his father, his business prowess continues to manifest; he has held roles on the board of several leading companies like MTN Nigeria Communications Ltd where he is a director and shareholder.
3. Diamond Bank
Founder: Paschal Dozie
CEO: Uzoma Dozie
Serial investor, Paschal Dozie, the founder of Diamond Bank (1990), one of Nigeria’s top growing banking tier, resigned as the CEO in 2006. He handed the position to his son Uzoma Dozie, who has spent the last 20 years mastering his trade in the banking industry. The 45-year-old trained chemist has his father’s blood as an advantage, and is being watched closely to see if he would do better than his predecessor.
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4. Elizade Nigeria Limited,
Founder: Michael Ade-Ojo
CEO: Ademola Ade-Ojo
Michael Ade-Ojo founded Elizade Nigeria Limited which is a trading company handling general textile sales in the early 70s. A few years later, the company grew into an automobile marketing company dealing on Toyota vehicles and spare parts in Nigeria. His strong relationship with his son Demola prompted Michael to make him CEO and Managing Director of the company in 2005.
Demola Ade-Ojo is well-grounded in the auto business; he holds a first and second degree in Business Administration from universities in the U.S. He also has experience from Toyota Motor Sales Incorporated, where he held several management positions, and that is evident in his successful leadership in Elizade.
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