Halima Aliko-Dangote, Group Executive Director of Dangote Industries Limited, has emphasized the vital role of family-owned businesses (FOBs) in driving economic growth, creating shareholder value, and positively impacting communities worldwide. Speaking at the Forbes Global CEO Conference in Bangkok, Thailand, Halima shared insights on how these businesses can thrive by staying true to their core values and adopting strategic practices that prioritize long-term growth, resilience, and efficiency.
During the panel session on *Family Business: Looking at the Next Frontier*, Halima pointed out that family-owned businesses have shown remarkable resilience, navigating numerous challenges while continuing to thrive over decades. Other prominent speakers included Carolyn Choo, CEO of Worldwide Hotels; Rose Damen, Managing Director of Damen Yachting; and Caroline Link, Co-Chairman of B.GRIMM Pharma.
Halima stressed that the foundation of success in family-owned businesses lies in shared values, clear goals, and robust governance policies. She highlighted that reputation is a crucial element of Family Capital, and businesses must focus on customer satisfaction, meritocracy, integrity, and leadership to ensure sustained success.
She noted that Dangote Group’s governance policies avoid siloed operations, with each business unit being overseen by at least three independent directors, providing a holistic view. Halima further emphasized the importance of the family’s commitment to tradition, stating, “We stick to our tradition of asset-rich, cash-moderate, or as my father says, asset-rich, cash-poor. We perpetuate a profitable business with strong values and governance structure, building wealth while contributing to the global economy and creating jobs.”
Halima also highlighted the significant contributions of family-owned businesses to the global economy, citing McKinsey studies that show FOBs account for over 70% of global GDP, generating annual turnovers of $60 to $70 trillion, and providing around 60% of global employment. She underscored the critical role these businesses play in sectors such as manufacturing, education, healthcare, and infrastructure, driving development and sustaining communities.
In terms of leadership succession, Halima explained that many family businesses, including Dangote Group, focus on both internal and external capacity building. She shared that in Nigeria, families create internship programs to prepare the next generation for leadership roles, with a focus on organic growth from the ground up. “My dad’s approach is for you to start from the ground up, knowing you will reach leadership if you work hard and do your job right,” she said.
Halima’s speech reaffirmed the ongoing importance of family-owned businesses as key drivers of global economic stability and development, demonstrating resilience and adaptability in the face of evolving challenges.
