SUCCESSION PLANNING, KEY TO FAMILY WEALTH CONTINUITY: A Case Study of Akpo.
INTRODUCTION.
For any particular organisation to stay long in business, there should be what is called succession planning. And what is succession planning? Succession planning is having a backup plan for an organisation when the leader of the organisation takes a bow. It is a strategy companies use to identify and develop future leaders to replace current leaders when they leave, retire, or move up. With this, the organisation in question continues to remain alive.
Succession planning in our local context often focuses on grooming family members or trusted individuals to ensure the continuity and sustainability of the family business. It involves taking the business left behind by the parents to the next level by the remaining members of the family.
This write-up attempts to x-ray succession planning as key to family wealth continuity with particular reference to our town, Akpo. It reveals how succession planning worked for the past generations only to elude the current generation due to excessive material quest. It gives the way forward and the roles of the community, and concludes with the collaboration between the families and the leadership of Akpo.
BACKGROUND INFORMATION.
Before the 1960s through to the late 1970s, Akpo people had small-scale to medium-scale family-owned enterprises. In the same way, there were some people in the vocations and professional services, etc.
Below is how the situation was then:
In the area of small-scale businesses (buying and selling) were the following: Late Chief C.D. Jones Okpalaejiaku, Late Mr Anselem Dim, Late Mr Robinson Okpalaejiaku, Late Mr Vitus Ezearigo, Late Mr Basil Dimonyebara, Late Mr Marius Okechukwu, Late Mr Stephen Igwe, Late Mr John Umeh, Late Mr Nwachukwu Okpalaeze, Late Mr Jonathan Okpalaunegbu, Late Mr Isaac Onyemobi, Late Mr Fidelis Umeojirinnaka and Late Mr Simon Ezeomedo, etc.
In the area of agro-allied businesses, Akpo had viz, yam cultivation or "iko ji," animal husbandry - rearing of animals like chickens, cows, goats and sheep or "izu okuko, ehi, ewu na aturu" and butchery or "ogbuerighi."
In yam cultivation, Akpo had the following people: Late Mr Okpalannabude Okpala, Late Mr Tobias Okpalandiokwere, Late Mr Julius Okpalaunanma, Late Mr Marius Okpalaonaku, Late Mr Gabriel Ozueh, Late Mr Josiah Dimobidieje, Late Mr Ejike Umeh, Late Mr Nkachukwu Nkpawu and Late Mr Chibueze Okpalanwaka, etc.
In the area of animal husbandry/related businesses, the following names were prominent: Late Mr Okpalaku Okpalaejesi, Late Mr Okpalarahu Okpalaonaku, Late Mr Andrew Nwosu, Late Mr Ezenwanne Eze, Late Mr James Ogamba and Late Mr Obijiofor Okpalobi, etc.
Late Mr Nkwonwe Onuora and Late Mr Uwadineke Izunwanne Okpalaononobi, etc, were strong in butchery services.
In the oil palm plantation/palm produce sector, there were: Obi Akpo, Obijikwa Okpalaebibisiaku and his younger brother, Chief Sebastian Obiadaubu Okpalaebibisiaku featuring prominently in oil palm plantation. Whereas in the palm produce sector, Late Chief C.D. Jones Okpalaejiaku was very prominent.
In the art and craft, there were: Late Mr Okpalannadi Okpalanbanaso, Late Mr Onwuharaonye Anyaeche Dim and Late Mr Obuekwe Emeh, etc.
In the printing business, there were the following: Late Mr Patrick Jupadim, Late Mr Peter Izuazi Onyemobi and Late Mr James Ogamba, etc.
In professional services like teaching, Akpo had come up with the likes of Late Prof. Stephen Orajiaka, Late Mr Peter Izuazi Onyemobi, Late Mr Philip Dim, Late Mr Charles Ezenwata, Late Mr Emmanuel Okpalike, Late Mr Charles Ononamadu, Late Mr Sylvester Ezenwata, Late Mr Joseph Ilonuba, Late Chief Sebastian Obiadaubu Okpalaebibisiaku, Late Ichie Philip Ezeiruaku, Late Mr Jonathan Dim, Late Mr Asiegbu, Late Mr Ferdinand Izuakam Offor, Late Mr James Odiegwu, Late Mr Solomon Okpalaji, Late Mr James Ogamba, Late Mr Cosmas Okpalannajiaku, Late Mr Joseph Mbene, Late Mr Charles Dim, Late Mr Reuben Ezenwajikwa, Late Mr Bernard Okpalaonyiwara, Late Mr Christopher Okpalire, Late Mr Andrew Unachukwu, Late Mr Hyacinth Okpalaelibe, Late Mr Godian Ezeonwuka, Late Mr Martin Ezeomedo, Late Sir Edwin Okpalaejiaku, Late Mr Dominic Umeanozie, Mr Cletus Ilo (still alive and kicking) and Mr Gilbert Okeke (still alive and kicking), etc.
In the construction industry (building/civil works), there were: Late Chief Jacob Okpalanechedo, Late Chief Felix Obi, Late Sir Nobert Okpalalupue, Late Mr Christopher Okpalobi, Late Mr Rommy Okpalaozigbo, Late Mr Reuben Okpalaemeghara, Late Mr Thomas Ebube, Late Mr Celestine Unachukwu, Late Mr Nkachukwu Ikunna, Late Mr Gabriel Ozueh, Mr Anthony Okpalaima (still alive and kicking), Late Mr Robinson Ike and Mr Sylvester Nzenenwu (still alive and kicking), etc.
Late Mr Michael Orajaka, Late Mr Akpunonu Ike (who later became a sanitary officer), Late Mr Ibeanusi Ezenduka, Late Mr Nnadiekwe Okpalaonyiwara, and Late Mr Alaemene Nweze, etc, were the people to beat in the area of road maintenance (civil works).
Late Mr Ezennedueme Ezeuduji and Late Mr Obed Ebube, etc, were into block making.
In the haulage sector, the following names featured: Late Mr Josiah Okpaluba, Late Mr Alabude Mbigbo, Late Mr Dominic Okpalaku, Late Mr Ernest Oraukwu, Late Mr Sebastian Okpalanwa, Late Mr Anyalebechi Okpalaejiaku, Late Mr Philip Ebube, Late Mr Titus Ononuju and Late Mr Emmanuel Obieri, etc.
In the quarry business, Obi Akpo, Obijikwa Okpalaebibisiaku was prominent. Late Mr Onwubuemeri Onyesiyabana Okpalanyim also had a good showing in this area.
In the timber/related businesses, featured prominently were: Late Mr Benard Ugokwe, Late Mr Ikedionwu Ezennaya, Late Mr Elenmuo Alagba, Late Mr Amanchukwu Dim and Late Mr Bennedict Okpalaokechukwu, etc.
In the carpentry/joinery works, prominently featured were: Late Mr Fabian Oraukwu, Late Mr Christopher Dimnwajiobi, Late Mr Aaron Onyebuchi, Late Mr Elebeke Okpalataghasi, Late Mr Cletus Okpalaegwuonwu, Late Mr Edmund Okpalaima and Mr Leonard Ononamadu (still alive and kicking), etc.
In the fashion designing area, Akpo had the likes of Late Mr Bartholomew Dimukeje, Late Mr Joseph Anyarowusi, Late Mr William Okpalachukwu and Late Mr Gibbon Okpala, etc.
In the mechanical sector (bicycle/motorcycle maintenance and tinkering business), prominently featured were: Late Mr Peter Ifesie, Late Mr John Okpalaemeghara, Late Mr Ihekwoaba Dim, Mr Thomas Umeiguegbe (still alive and kicking), Mr Mathias Unachukwu (still alive and kicking) and Late Mr Gabriel Okpalannuozo, etc.
In the photography industry, there were the following: Late Mr Michael Nnabuike and Late Mr Damian Umenduka, etc.
In the area of propaganda or information dissemination (ima egbe onu) were: Late Mr Gbajie Anyaeletu, Late Mr Albert Okpalachukwu and Late Mr Maduka Okpala, etc.
In the wine tapping business, featured prominently were: Late Mr Okwuegbule Okpalakunne, Late Mr Alaekezie Okpalanzenwozo, Late Mr Okpalaojimba Okpala, Late Mr Onyekesi Okpala, Late Mr Okpalaigwenagu Okpala, Late Mr Okpalachukwu Okpala, Late Mr Madueke Okpalanyim, Late Mr Okpalaunegbu Ike, Late Mr Raphael Dimonyebara, Late Mr Robinson Okpalanwagu and Late Mr Martin Okpalaonobi, etc.
From the 1960s to the late 1970s, the Igbo apprenticeship system "igba odibo" garnered momentum. This saw many Akpo people into buying/selling, vocations, and professional services. Many of the Akpo youths were seen joining their own brothers/families in trading and other businesses/professions. Then, there was a sense of succession planning, with the people bringing their own into their businesses, though it was very informal.
From the 1980s to date, succession planning and growth have been dying because of this current generation's big appetite for unacceptable, unaccountable, and questionable wealth, hence the beginning of the decline of sustainable family wealth succession planning and growth.
THE CURRENT TREND.
Today, things have changed. People do not want to learn anything from the past. They want quick "everything." Brothers do not relate well with brothers anymore. Why? It is because of money! It is because of property! Who made all these things they are quarrelling about? The parents! How come about the fight? It is because they are in a generation where there is no succession planning, that would guarantee them a better future.
The earlier folks knew what brotherhood was all about. They understood themselves and knew the need to help one another. There was the spirit of "onye hu, ya kara nwanne ya." Growth along family and relation lines was strong. That was why so many of them were found in several businesses/vocations/professions of their callings. The families were found in the areas where they were better gifted than the others, which is different from today's own that is patterned on dishonesty and deceit. Today, if a brother tells a brother his source of wealth, he is finished because the brother who collected the information would waylay him in that business. There has been a lack of trust in recent times that impedes growth and development.
THE WAY FORWARD.
As a people, there are certain things that are expected to be done to sustain family wealth growth and continuity?
1. Early preparation: Our children should be prepared early enough for the work ahead of them. They should be groomed by their parents and made to understand that a particular business or vocation or service is the area of the family's calling, and therefore should be embraced by them.
2. Clear documentation: The children should be provided with the roles to play in the scheme of things. The parents should write down the processes and the decisions of the family for everybody to be aware of them.
3. Capacity/capability focus: Attention should be paid to the capacity/capability of the people concerned. It should not be a matter of this is my first son, and therefore, he must handle this or that. The best fit should be the consideration.
4. Stakeholder involvement: All the family members should be carried along in the affairs of the business or the direction the family is headed. Where the family is polygamous, all their representatives should be aware of the happenings in the business or what the family is doing.
5. Regular updating: What kills every business or family setup is when members are tied to a single way of doing things. Family members should check when it is necessary to diversify in that area the family is known for and, at the same time, maintaining the plan.
WHAT SHOULD BE THE ROLES OF THE COMMUNITY.
For succession planning to work effectively in Akpo, the community has some roles to play. They include:
1. Support and resources: The families that are doing well in various endeavours can be encouraged by way of funding and encouraging them to move on with what they are doing. Supports can come from the influential members of Akpo.
2. Mentorship: The Akpo Development Association (ADA) can invite experienced business moguls to connect with such families to give them more ideas for improvement. For those who are into yam cultivation, the ADA can invite agricultural extension workers for them to improve their yields.
3. Partnership: The ADA can call some of these families who are into one vocation or the other to collaborate or form partnerships for government recognition.
4. Akpo community through ADA can, from time to time, organise some seminars and workshops to make the people understand the need to focus on those opportunities that the families are capable of displaying their potential. Those who are good in civil service, buying/selling, vocations, and others should be encouraged.
CONCLUSION:
In conclusion, Akpo as an emerging town in this 21st century should as a matter of fact be able to produce leaders in various areas of human endeavour if really the families cooperate with the leadership of our town. The youths can easily be fixed properly where they are supposed to be. Families will be proud of their contributions to themselves and the community. With all this, what hopes!
Peace!
JERRY AMUZIE OKPALANEDU, LAGOS.
January 2026.
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