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In today’s rapidly shifting world, legacy is no longer just about passing on wealth — it is about securing relevance, continuity, and purpose across generations. For Nigeria’s ultra-wealthy families, the pressing question is not if their wealth will outlive them but how it will.
With over $124 trillion projected to change hands in the U.S. alone by 2048, the global elite are preparing accordingly. Therefore, Nigeria’s super-rich must not be left behind.
The Power of Planning: A Global Wake-Up Call
Across the world, a new wave of families is prioritising structure over sentiment. According to the 2025 UBS Global Family Office Report, the percentage of family offices with formal estate plans has increased from 47% to 53% in just one year. These families, each with an average net worth of $2.7 billion, understand that planning is not a luxury — it is a necessity.
In comparison, Nigeria’s elite — with their sprawling businesses, political influence, and multi-generational wealth — are equally complex. Yet, too often, they delay or completely ignore succession planning.
“Nothing lasting is built by chance.”
— Aigboje Aig-Imoukhuede, Chairman, Coronation Group
This powerful reminder, shared at the 2025 Africa CEO Forum, captures the essence of institutions like the Tengen Family Office. It stands as a bold African example of how long-term family wealth should be structured — with discipline, vision, and a 100-year plan.
Why Do Families Still Avoid Succession Planning?
Despite growing awareness, fewer than 5% of African family businesses survive to the third generation. In Nigeria, especially where death remains a taboo topic and wealth is often shrouded in secrecy, starting these discussions is difficult — but dangerously necessary.
“Succession must not be viewed as an end-of-life event, but as an integral part of how leadership is exercised today.”
— Aigboje Aig-Imoukhuede
This shift in mindset is long overdue.
The Real Risk: Silence, Not Taxes
Contrary to common belief, the greatest threat to legacy is not taxes or market crashes — it is governance failure. Many Nigerian family businesses still operate without formal governance structures. As a result, emotional decisions often drive critical matters. Roles overlap, and leadership is assumed rather than earned.
The solution is straightforward: families must embrace structured governance. This includes independent boards, clearly defined roles, and a family charter rooted in shared values. As Aig-Imoukhuede puts it, good governance is “the architecture of freedom.”
The Global Tax Landscape is Changing
Proper succession planning extends beyond simply naming an heir. It involves selecting the most capable leader, regardless of whether they share your surname.
At Coronation, we believe that leadership should be earned on merit, not inherited by default. This principle is what sustains longevity and resilience across generations.
While Nigeria may not currently impose estate taxes, wealthy families are not exempt from global scrutiny. Regulators around the world are tightening oversight on offshore structures, hidden assets, and cross-border holdings.
Thus, forward-thinking families do not wait for tax laws to change; they plan proactively.
It’s About Capability, Not Just Kinship
To reiterate, succession is not merely about picking an heir. It is about choosing someone competent enough to lead. Family ties alone do not guarantee continuity.
At Coronation, we continue to champion merit-based leadership because resilience demands it.
What Nigeria’s Elite Must Do Now
If you built your wealth in oil, telecoms, banking, or tech, now is the time to institutionalize your legacy. Simply having a will is not enough. You need a robust estate planning strategy that aligns family, business, and values. That includes:
- Multi-generational governance structures
- Transparent communication between founders and heirs
- Tax-optimised wealth transfer frameworks
- A business continuity plan that goes beyond the founders
- A shared family vision anchored in core values, not just assets
Your Legacy Starts Now
Ultimately, Africa’s future will be shaped not just by visionary founders but by institutional families — those who look beyond the next quarter and plan for the next century.
At Coronation Trustees, we support Nigeria’s wealthiest in defining, preserving, and evolving their legacy. The rest of the world is planning. You should, too.
Start the conversation today and explore how Coronation Trustees can help you define your legacy.
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