Management experts have pointed the way to business sustainability in Nigeria.
The experts who spoke at Pearl Award 30 years anniversary summit in Lagos with the theme: “Build to last- A road map for corporate Nigeria”, believed that one of the challenges many companies don’t consider or don’t know the strategies to achieve it is how to sustain the business for a long term.
Though a few companies in Nigeria have achieved longevity of over 100 years but many are chocked by economic uncertainties, lack of sustainable planning and other disruptions that cause their non-existence a few years after operation.
Leading the discussion, Biodun Adedipe, Chief Consultant at BAdedipe and Associates Limited identified business planning, strong capital structures, financial management, consistent policies, and effective corporate governance as some of the pillars of longevity of businesses.
He said for instance, access to long-term capital through capital market provides cheaper funds and also ensures that companies comply to rules and standards of market regulations.
Adedipe whose expertise is wide ranging said stakeholders such as employees, investors, regulators and the public have trust on companies with ethical practices and good corporate governance.
He also identified visionary leadership, innovations, digital inclusions and strategic partnerships as other pillars of achieving sustainable businesses.
Others are succession planning, human capital development, and alignment with Environmental, Social and Governance (ESG) principles.
Adedipe said in Japan there are over 33,000 companies that have lasted over 100 years and over 14 companies existing over 1,000 years. He attributed this longevity feat to sound corporate governance and good succession planning.
In his comment, Christopher Ezearulukwe, CEO of Transcorp Energy Limited said that in Heirs Holdings, corporate governance is not only for executives in the company but it goes down the ladder.
According to him, corporate governance demands accountability. “You should be able to lead yourself even when you are not reporting to nobody”.
Oluwatoyin Sanni of Emerging Africa Capital Group said those who want to build to last must change their mindset. She said technology and AI are not a must have but a need to have.
Bayo Olugbemi CEO offFirst Registrars & Investor Services Limited said corporate governance is doing the right things the right way and playing by the rules. Even when the children of the owner of the company are employees, things must be done the right way.
He also said that companies that want to survive for a long term must embrace technology.
Earlier, James Faleke, Chairman, Finance Committee, House of Representatives, said Nigeria’s economic future also hinges on corporate strength and resilience.
Represented by Ben Faleke, Managing Director of Takol Ltd., he stressed the importance of governance, innovation, and long-term strategies in institutions.
He said lasting businesses go beyond founders, short-term profits, or market cycles, marking true success in today’s competitive world.
The lawmaker assured that the National Assembly is committed to fostering a stable, predictable, and enabling fiscal environment for businesses.
He noted the House is driving reforms for fiscal transparency, simplified tax systems, and incentives supporting long-term investment.
Faleke said they are working to improve ease of doing business and enhance corporate governance through updated regulatory frameworks.
He stressed that thriving companies require strong legislative, judicial, and regulatory institutions that are themselves built to last.
The lawmaker commended PEARL Awards Nigeria for its three-decade dedication to corporate transparency and recognising performance in the capital market.
Tayo Orekoya, President of PEARL Awards, said the event aims to objectively recognise excellence in Nigeria’s capital market through data-driven assessments.
He emphasised that integrity, fairness, and objectivity have remained the PEARL Awards’ foundation, guided by a board of highly credible professionals.
Orekoya explained that the awards have evolved beyond three original categories, adding initiatives to further support Nigeria’s capital market.
He said: “Only by God’s grace, with bold vision, tenacity and resilience, have we endured economic challenges to reach this milestone.”
He described the summit as a gathering of top business leaders exploring strategies for corporate longevity in Nigeria.
Orekoya reaffirmed PEARL Awards’ commitment to expanding its influence across Africa, saying the vision remains strong and will be fulfilled
