Professionalising Family Business Governance: A Management Framework for Nigerian Family-Owned Conglomerates

This study develops a professional governance management framework for Nigerian family-owned business conglomerates, examining how the largest family business groups in Nigeria can transition from founder-centric governance to professionalised management while preserving family ownership values and long-term vision. Family-owned conglomerates represent some of Nigeria's most significant private sector enterprises, spanning sectors from manufacturing and construction to media and banking, and their governance quality has direct implications for economic stability, employment, and intergenerational wealth transfer. The study employs a comparative case analysis of five family-owned conglomerates with diverse histories of governance professionalisation, drawing on published governance documentation, industry reports, and semi-structured interviews with 20 family business executives and independent directors. Analysis applies a governance professionalisation framework adapted from family business theory. Findings reveal that governance professionalisation in Nigerian family conglomerates is typically triggered by succession crises, family conflict, or capital market access requirements rather than proactive strategic planning. Boards with meaningful independent director representation show better strategic decision quality and reduced conflict between family branches. The formalisation of family governance instruments including family councils and family constitutions is associated with reduced operational conflict but requires careful trust-building processes. Recommendations include the development of a Nigerian Institute of Directors training programme specifically addressing family business governance professionalisation, and tax incentives for conglomerates that formalise independent board governance structures. Keywords: family business governance, professionalisation, Nigerian conglomerates, board structure, succession.