NBCC urges leadership succession in governance frameworks
Succession planning is at the heart of a company’s continuity. Whether it’s a small and medium enterprise, or a conglomerate, weak or absent succession systems remain a snap in the longevity of a business, especially in Nigeria.
This is why Kunle Elebute, former chairman and now current senior partner at KPMG Nigeria, has urged boards and business leaders to embed leadership transition into corporate governance as a long-term strategy.
Speaking at the Nigerian-British Chamber of Commerce (NBCC)’s Succession Planning: Passing the Baton on Thursday, Elebute said the lack of succession planning in Nigeria and across Africa has left companies vulnerable during transitions.
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“The true test of leadership is how well your work continues after you’ve left. If you don’t build leaders from within, you’ll keep buying them from outside, and they may not carry your culture,” he said.
Elebute, with over four decades of experience advising multinationals, led KPMG operations across multiple markets. He said that businesses which fail to plan for succession lose institutional knowledge, operational instability, and declining investor confidence. Also, when key executives retire or exit, there is an internal struggle for power that leads to cultural dislocation.
“Even multinationals struggle when continuity is not deliberately designed. When you embed succession in governance, you institutionalise performance,” said Elebute.
According to Elebute, mentorship is a critical link in sustaining leadership development. “It is the bridge between experience and continuity,” he said. “Mentorship is not optional for those who want their legacy to last. It is through mentoring that you multiply leadership capacity and ensure long-term continuity.”
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Abimbola Olashore, president and chairman of the council of NBCC, called succession planning the architecture of legacy. “Leadership is not measured by tenure, but by transition. It’s not merely about reaching the summit but about ensuring others can continue the climb after us,” he said. He added that “those who fail to plan for succession risk collapse.”
Olashore said the chamber revived its breakfast meetings to necessitate discourse on governance and business sustainability. In a volatile business environment, competent structural systems trump charisma and reputation, and investors are lured by those that guarantee leadership continuity, preserve company values, and sustain competitiveness.
