The Chartered Institute of Bankers of Nigeria has advised Nigerians to embrace business models that transform into institutions through sustainable practices to grow local brands that have outlived generations.

CIBN president Ken Opara, during his hybrid 2024 presidential valedictory address in Victoria Island, said these models would help indigenous businesses transfer transgenerational wealth that would birth legacies.

Mr Opara stressed that wealth transfers were not through cash transfers but through sustainable organisations, where family businesses turned into family and corporate institutions built by the older generation.

He enumerated measures for building enduring local brands and called for transformational leadership, enabling businesses to be seen as preserved legacies and encouraging deferred gratification to set the pace for standardisation.

He also called for mentorship of the next generation in the businesses.

Mr Opara noted that over $68 trillion in investments were transferred to the younger generation in Asia, Europe and America. He listed global brands that have thrived for centuries while enumerating factors responsible for their transgenerational growth, which is lacking in Africa and Nigeria.

He identified collaboration and leadership as qualities indigenous businesses should emulate to build lasting brands that could outlive three generations.

The CIBN boss listed pitfalls local entrepreneurs must avoid while listing some local brands that had progressed beyond a generation.

Mr Opara added that family and corporate businesses must transform into institutions through sustainable practices that guarantee longevity, adding that the ‘Great Wealth Transfer’ era had begun.

He defined ‘Great Wealth Transfer’ as the transfer of wealth to younger generations, children and grandchildren.

“Dickler (2024) stated that over $68 trillion will be transferred, and it has started and will only accelerate.

“This is the period where the Baby Boomers and silent generation (born 1946-1964) are older and dying and transferring their wealth to Generation X (1965-1980), Millennials (1981-1996), Gen Z (1997- 2012) and the Alpha Gen (2013-2025).

“This great wealth transfer are beyond expectations and trend in Europe, Asia and America,” he said.

(NAN)