By 19, Okoya had built his first house in Surulere, a bustling part of Lagos. His real estate portfolio grew quickly, and by 21, he owned four houses in the same district.
Key Points
Razaq Okoya turned early business lessons into a manufacturing and real estate empire, shaping Nigeria’s economy for over six decades.
Okoya’s Eleganza Group remains a household name, producing everyday essentials from plastic chairs to luggage in Nigeria’s free trade zone.
Okoya’s ventures directly employ 5,000 Nigerians and support over 25,000 others, cementing his influence in industry and economic growth. …CONTINUE READING
Few names in Nigeria’s business world command as much respect as Razaq Okoya. The billionaire industrialist, best known for his Eleganza Group and RAO Property Investment Company, has built an empire spanning manufacturing and real estate—two sectors that have shaped the country’s economy.
His journey from humble beginnings to billionaire status is a testament to resilience, sharp business instincts, and an entrepreneurial drive that has defined his career. Even Nigeria’s president, Bola Tinubu, has publicly acknowledged seeking his financial support—a nod to Okoya’s influence and success.
Okoya’s early business roots and growth
Born into a modest family, Okoya was introduced to business early through his father’s tailoring trade, which also involved selling accessories. Working alongside his father, he gained firsthand experience in trade and commerce, igniting a passion for entrepreneurship.
With discipline and determination, he began saving his earnings, eventually accumulating £20 ($24.8). His mother later supplemented this with £50 ($62), giving him enough capital to venture into importing and trading goods from Japan. This marked the beginning of a business empire that would span over six decades.
By 19, Okoya had built his first house in Surulere, a bustling part of Lagos. His real estate portfolio grew quickly, and by 21, he owned four houses in the same district. At 34, he made a bold move, acquiring four hectares of prime land in Ikoyi, one of Nigeria’s most exclusive neighborhoods. By 40, he had developed two high-rise buildings, cementing his reputation as a real estate mogul.
The mindset behind Eleganza’s success
Okoya credits his success to an unwavering determination and a willingness to make sacrifices. “I am a very determined person, I hate to fail in whatever goals I set to achieve, I thank God that it has always been possible,” he once said. “When I started Eleganza, there were lots of business opportunities in Nigeria compared to today where you have a lot of competition. The mindset of the youths of nowadays is to make quick money. They are not ready to sacrifice anything. In my time, young individuals were encouraged to set their goals and helped to achieving them.”
That relentless pursuit of opportunity led him to his next breakthrough. Okoya noticed that metals used in expensive jewelry were readily available and affordable in Nigeria. Seizing the moment, he traveled abroad, purchased cutting machines, and launched Eleganza Jewellery. The business took off rapidly, with demand far outpacing supply.
His ability to adapt became even more evident when a business deal in Italy went south. After paying for a shipment of shoes, he discovered his money had been misused, and his order never arrived. Instead of dwelling on the setback, he took matters into his own hands. He imported shoe manufacturing machines, hired experts to train workers, and began producing shoes locally. That decision laid the foundation for Eleganza Group, which grew into one of Nigeria’s largest manufacturing companies.
Eleganza’s legacy in Nigerian homes
For many Nigerians, Eleganza is a household name. Its products—ranging from pens and plastic chairs to school furniture, cooling boxes, travel luggage, and aluminum roofing sheets—are part of everyday life. The company’s 35-hectare Eleganza Industrial City, located in Nigeria’s free trade zone, further reinforces Okoya’s impact on the country’s industrial sector. By embracing automation and large-scale production, he has ensured that Eleganza remains a dominant force in manufacturing.
Beyond industry, Okoya has also left his mark on real estate through RAO Property Investment Company. One of his most notable developments is his personal residence, Oluwanishola Estate, located along the Lekki-Ajah Expressway. The estate, home to many expatriates, is a symbol of his wealth and success, featuring uninterrupted power and water supply, marble floors, central air-conditioning, a sauna, lush gardens, a billiard room, a tennis court, swimming pools, and an extensive collection of sculptures.
Okoya’s impact goes beyond business
More than just business, Okoya’s legacy is about people. His companies employ over 5,000 Nigerians and support the livelihoods of more than 25,000 others who sell Eleganza products. Reflecting on his early career choice, he once said, “In school, I could see my teacher in worn and often shabby clothes and at the same time, I could see the well-dressed businessmen of Dosunmu Street, the heart of business in Lagos then. It was easy for me to choose business life.”
That decision not only shaped his future but also earned him the respect of Nigeria’s elite, including President Bola Tinubu. From a young trader importing goods from Japan to a billionaire industrialist and real estate magnate, Okoya’s journey is a story of perseverance, smart decision-making, and a deep commitment to Nigeria’s economy. His success proves that with discipline, patience, and a relentless drive for excellence, building a billion-dollar empire is possible—not just for Nigerians, but for entrepreneurs across Africa.
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