AE-FUNAI, Makerere University Host International Webinar on Family Business Sustainability in Africa

The Department of Accountancy, Faculty of Management Sciences, Alex Ekwueme Federal University Ndufu-Alike, Ebonyi State, in collaboration with the Department of Accounting, Makerere University Business School, Uganda, and Lucky Family Business Limited, has successfully held a one-day international webinar on “Family Business Sustainability in Africa.”

The event, which took place on Monday, September 22, 2025, brought together scholars, researchers, entrepreneurs, policymakers, and families from across Africa to deliberate on the challenges and opportunities facing family businesses on the continent. The webinar emphasized succession planning, accountability, and sound financial management as key factors for inter-generational continuity and wealth preservation.

In his welcome address, the Head of the Department of Accountancy, AE-FUNAI, Dr. Isaac Ikpor, described family businesses as the backbone of Africa’s economic growth and called for deliberate efforts to ensure their survival across generations. He commended the Dean of the Faculty of Management Sciences, Professor Otu Otu Akanu, for his support, and praised the Vice-Chancellor, Professor Sunday Elom, for providing an environment that encourages academic excellence, research, and innovation.

Dr. Ikpor, who moderated the session, urged participants to draw practical lessons that would help reposition family businesses in Africa to meet global standards, noting that the initiative reflects the department’s commitment to fostering impactful research and community engagement.

In his keynote lecture, Dr. Rogers Matama, Head of the Department of Accounting, Makerere University Business School, Uganda, underscored the pivotal role of family businesses in Africa’s socio-economic transformation. He identified their contributions to job creation, wealth generation, and cultural preservation, stressing that the real strength of family enterprises lies not only in financial capital but also in succession planning, strong governance structures, and adaptability across generations.

Dr. Matama cited examples from notable African business families such as Dantata and Dangote, alongside global dynasties, to illustrate how prudent management and reinvestment foster sustainability. He, however, cautioned that internal conflicts, poor governance, and lack of financial literacy threaten the longevity of many African family businesses.

He concluded by urging African entrepreneurs and policymakers to institutionalize mentorship, accountability, and professionalism while adopting sustainable business practices to ensure that family enterprises endure and thrive across generations.