Atedo Peterside, president of ANAP Foundation and founder of Stanbic IBTC Bank Plc has warned that poor recruitment policies remain one of the biggest threats to succession planning in Nigerian businesses.
Speaking during his keynote address titled “Building strong and sustainable institutions”,at the Building Beyond You conference 2025, he shared insights drawn from over three decades of experience as a founder, board-level operator, and business leader.
He emphasised that companies that compromise on hiring standards inevitably limit their options when the time comes to choose future successors.
“Poor recruitment policies sabotage succession planning because if you hire poorly, you may have very few qualified options when it comes to choosing who succeeds from within”, he said.
The respected banker, who founded Stanbic IBTC at the age of 33, said that succession planning only becomes relevant when a business is built to last, not when it is designed to be sold quickly.
“If you are building to flip, succession planning doesn’t matter. Your goal is simply to build value and sell at a good price,” he explained. “But if you are building to last, then succession planning becomes critical to survival.”
Peterside also spoke about the importance of embedding core values, systems, and effective reward-and-sanction mechanisms into an organisation’s culture to ensure continuity beyond the founder.
He cautioned entrepreneurs not to hire in their own image, noting that diversity of thought and shared vision are key to building strong leadership pipelines.
“Loyalty to the organisation is more important than loyalty to the boss. And it is a mistake to try and hire only people who think and act like you,” he said.
Peterside, who has also been an influential voice on governance and nation-building issues, encouraged business owners to keep investing in themselves as well as their companies.
“If everyone you talk to every day learns from you but you are not learning from anyone, you are in trouble,” he said, stressing the importance of continuous personal development.
The former investment banker concluded by challenging entrepreneurs to think about the purpose of their businesses beyond profit-making, arguing that financial security should serve as a foundation for contributing to society and tackling national issues.
