In Nigeria’s ever-shifting economy, one constant has quietly underpinned growth: family-owned businesses.
For decades, they have been ingrained in society, shaping the country’s economic trajectory while weathering downturns, policy shifts, and volatile market cycles.
According to a study by McKinsey, family-owned businesses account for more than 70% of global GDP, generate annual turnovers of between $60 trillion and $70 trillion, and provide around 60% of global employment.
From trading outposts that evolved into sprawling conglomerates to food processors that turned local produce into export-ready products, these enterprises reflect the resilience and ingenuity that define Nigeria’s private sector and some parts of its public sector.
Their growth stories are not just about survival in sticky economic climes, but about steering directional change in key sectors of Africa’s largest economy.
Methodology
This spotlight draws companies with founding roots in Nigeria that have grown to serve wider markets across Africa and beyond. Each has been in operation for at least 25 years, with demonstrable succession in managerial or directorial roles within the family.
We also examined their journey maps, market expansion, brand strength, and institutional resilience using only publicly available data. This list is not exhaustive; many more family-owned firms continue to shape Nigeria’s economy outside the public eye.
Family: The Fajemirokuns
One of Nigeria’s most storied family ventures began with Chief Henry Oloyede Fajemirokun, CON, a visionary industrialist whose influence spanned trade, industry, and regional integration. Upon his death in 1978, the eldest son, Chief Dele Fajemirokun, inherited the sprawling Henry Stephens Group, comprising 19 companies including industrial manufacturing, trading, shipping, and service enterprises.
Facing heavy debt, Dele revitalized the group, securing loans and restoring operational stability. His bold acquisition of a majority stake in T-CAS, an American firm owed millions by the Nigerian Ministry of Communications, transformed a modest N50,000 loan into a lucrative venture, exemplifying the family’s entrepreneurial audacity.
- He went on to build an empire across insurance, food, telecoms provisioning, and investment.
- His personal gambit during AIICO’s privatization using 11 shell companies to secure an 11% stake, later acquiring the Bahamian 40% holding made him the majority shareholder.
He chaired AIICO’s board, Kings Guards Securities, Johnson Wax (Baygon & Raid), Food Concepts & Entertainment (Chicken Republic), Xerox Nigeria, FSS Gases, Bluechip Communications, and DF Holdings
Today, the Fajemirokun family continues its multi-generational legacy, with Kikelomo Fajemirokun serving as director at AIICO Insurance.
