The Nigerian Bar Association (NBA), Lagos Branch, has issued a stark warning that the survival of homegrown Nigerian companies is under severe threat due to poor corporate governance and inadequate succession planning.
Emotional Ties and Weak Plans Undermine Longevity
Raising the alarm at the In-House Government Counsel Forum tagged 'Afro Fusion,' the Branch Chairman, Mrs Uchenna Ogunedo Akingbade, lamented the noticeable absence of long-standing indigenous corporations in Nigeria. She observed that most companies operating for over a century were established by foreigners.
"How many 100-year-old indigenous companies can you see around? Even when you see one, you discover that it was brought in by foreigners," Akingbade stated. She directly attributed this situation to a trio of critical failures:
- Lack of effective corporate governance.
- Poor succession plans.
- Cultural sentiments that undermine professionalism.
Akingbade explained that emotional attachments, family ties, and cultural predispositions frequently interfere with sound business decisions. "You want to bring all your brothers, sisters and cousins on board. Corporate governance requires dispassionate decision-making," she emphasized.
The Vital Role of In-House Lawyers and Embracing AI
The NBA Chairman stressed the indispensable role of in-house legal counsel in championing robust corporate governance within organisations. She noted that providing legal guidance and ensuring compliance with governance principles are central to their duties.
Akingbade also highlighted the growing influence of Artificial Intelligence (AI) in corporate operations, urging legal practitioners to adopt its responsible use. "The whole world has been taken over by AI. Nobody can pretend not to use it in this day and age. The question is whether we are using it responsibly," she remarked.
She added that the NBA is committed to keeping its members informed about emerging trends, including evolving governance standards and technological advancements.
Forum Aims to Build Capacity and Celebrate Achievements
Explaining the purpose of the forum held on 23 December 2025, Akingbade said it was designed to promote the welfare, professional development, and networking opportunities for in-house and government lawyers.
The Chairman of the In-House and Government Counsel Forum, NBA Lagos Branch, Adeola Olumeyan, stated that the gathering celebrated collective achievements and recognised the critical role lawyers play in sustaining effective governance and economic growth.
Olumeyan highlighted members' contributions to key national reforms, including policy development within government agencies. She cited initiatives like the recently held justice hackathon, driven by a forum member who also serves as a Senior Special Adviser to the President.
According to her, the forum has prioritised capacity building through regular training, workshops, and expert engagements, including tax-focused sessions, to prepare members for new laws anticipated in the coming year.
