Abstract

Multigenerational family businesses control a significant portion of the African economy. While these family businesses are common across the continent, only a few of them enjoy longevity and continuity, a situation traceable to the absence or lack of strict observance of the principles of corporate governance. This paper examines the role of corporate governance and corporate social responsibility in family businesses in Nigeria. Drawing from other jurisdictions like South Africa, it argues that the failures of most family businesses in Nigeria, particularly after the death of their owners, is due, mainly, to the inability of stakeholders to manage these businesses inline with the principles of best corporate practices. It further argues that the prospects of African family businesses surviving their founders depend on their adoption of sound managerial and investment practices. Recommendations are subsequently proffered.