Oludayo, Obasanjo's Son, Describes How He Run His Father's Farm

Olusegun Obasanjo and Oludayo Obasanjo

Oludayo, Obasanjo's son, describes how he runs Obasanjo Farms and his relationship with his father.

Oludayo Obasanjo, a son of former Nigerian President Olusegun Obasanjo, provided advice on running the long-running family business Obasanjo Farms.

According to report, he emphasized the particular difficulties of managing a family firm of this size and related his experiences working with his father while delivering a speech at the 'My Family, My firm' summit in Lagos. He works for Obasanjo Farms Nigeria Limited as the Executive Director of Marketing and Development.

He stressed that in cases like these, the firm owner's vision typically takes primacy. He addressed the challenges of dealing with a first-generation company owner and two-term Nigerian president. But he also emphasized how crucial it was to integrate that vision with contemporary technology to ensure operational effectiveness.

In addition to contrasting failure in one's own firm with a family business with a long history, he spoke about the specific difficulties and worries he encountered while working with his father.

In a multi-generational family business, he emphasized the dread of failure and the added responsibility, highlighting how important it is to avoid being seen as the cause of the failure.

Regarding the family dynamics of the company, he clarified that the Obasanjo family owns multiple firms, each of which is run by a different sibling, creating healthy internal competition.

He related stories of heated arguments amongst family members over financial matters, which appeared furious to observers. He made it clear, though, that these discussions are professional and not personal.

He emphasized the importance of a clear strategy, well-thought-out plans, and building the right team in his advise for succeeding in a family business. In order to provide the younger generation with the skills and information needed to successfully maintain and expand family companies, he also advocated for early and thorough education.

The significance of family companies for the national economy was stressed by other speakers at the occasion. They cited the important contribution of the nation's 23.8 million family enterprises, which annually contribute 200 billion dollars to Nigeria's economy. They underlined the importance of family enterprises continuing after their founders pass away since they are crucial to the generation of jobs and economic progress.

A notable panel of young family business executives from various companies was included at the conference. They gave insights into the challenges of running family enterprises and preserving intergenerational harmony as they talked about their experiences.