Razaq Okoya

Early Life and Background

Chief Razaq Akanni Okoya was born on January 12, 1940, in Lagos, Nigeria, into a modest family. His formative years were spent amidst the bustling commercial environment of Lagos, which inadvertently provided an early education in trade and commerce. Growing up in a period of significant social and economic change in Nigeria, young Razaq observed the dynamics of local markets and the flow of goods, sparking an early entrepreneurial spirit. His parents were involved in petty trading, and their daily struggles and resilience instilled in him a strong work ethic and a desire to achieve self-sufficiency. Despite the challenging circumstances, Okoya displayed remarkable ambition and a keen eye for business opportunities from a very tender age, often engaging in small-scale buying and selling to supplement his family's income and save money. This hands-on experience in his youth laid the foundational understanding of market demand, supply chains, and customer relations that would later become critical to his monumental success.

Education

Razaq Okoya's formal education was notably limited, a fact he often highlights as a testament to his self-made status. He attended Christ the King School in Ago-Iwoye, Ogun State, for his primary education. However, his academic journey concluded at this basic level. Unlike many successful individuals who pursue higher education, Okoya's 'university' was the marketplace itself. He immersed himself in practical learning, absorbing knowledge through observation, direct engagement in trade, and an insatiable curiosity about how things worked and how value could be created. His entrepreneurial instincts were sharpened by real-world challenges and opportunities, making him a master of practical business strategy rather than theoretical concepts. This lack of formal higher education did not deter him; instead, it fueled his determination to prove that success was attainable through grit, innovation, and an unwavering belief in one's vision.

Career

Razaq Okoya's illustrious career began in 1967 with a modest capital of about £20 (equivalent to approximately ₦50 at the time), money he had diligently saved from his small trading ventures. He initially started by trading general merchandise, focusing on imported goods such as shoes and buttons. Through this, he quickly identified a significant gap in the Nigerian market: the scarcity of locally produced, affordable consumer goods. This realization became the catalyst for his pivot from trading to manufacturing. In 1970, he founded the Eleganza Group, starting with the production of buttons, a relatively simple item but one with high demand. His strategy was clear: produce high-quality goods locally at competitive prices, thereby reducing reliance on imports and creating employment opportunities for Nigerians.

The Eleganza Group rapidly diversified under his visionary leadership. From buttons, the company expanded into the manufacturing of a vast array of consumer products, including plastics, coolers, cutlery, stationery, cosmetics, sanitary products, furniture, travel bags, suitcases, and even food products. Okoya's commitment to backward integration and local content was evident in the establishment of numerous factories within Nigeria, culminating in the creation of the sprawling Eleganza Industrial City on the Lagos-Ibadan Expressway. This massive industrial complex houses multiple manufacturing plants, producing a diverse range of goods and employing thousands of Nigerians. His business model focused on volume, affordability, and meeting the everyday needs of the average Nigerian consumer, making Eleganza products ubiquitous in households across the country and beyond. Over the decades, the Eleganza Group has grown into one of Nigeria's largest and most respected indigenous conglomerates, with operations spanning manufacturing, real estate, and other sectors, cementing Okoya's status as a true industrial titan.

Major Achievements

Chief Razaq Okoya's life is punctuated by numerous significant achievements that underscore his impact on Nigeria's economic landscape. His most profound achievement is undoubtedly the founding and continuous expansion of the Eleganza Group, transforming a small trading venture into a multi-billion-naira industrial powerhouse. This conglomerate has been instrumental in Nigeria's industrialization drive, advocating for and demonstrating the viability of local production. Through his factories, he has created tens of thousands of direct and indirect jobs, providing livelihoods for countless Nigerian families and contributing significantly to the nation's human capital development.

Beyond his business prowess, Okoya is a notable philanthropist. He has made substantial donations to educational institutions, religious organizations, and various community development projects, demonstrating a strong commitment to social responsibility. His contributions have often focused on empowering the less privileged and improving access to essential services. In recognition of his immense contributions to national development, industry, and philanthropy, the Nigerian federal government bestowed upon him the prestigious national honor of Commander of the Order of the Niger (CON). Furthermore, he holds the esteemed traditional title of Aare of Lagos, a testament to his influence and respect within the traditional leadership structures of Lagos State. The establishment of the Eleganza Industrial City, a self-sustaining industrial complex, stands as a physical manifestation of his vision and an enduring legacy to Nigeria's manufacturing sector.

Personal Life

Chief Razaq Akanni Okoya's personal life is as notable as his professional journey, characterized by a large and influential family. He is married to multiple wives, a common practice in many Nigerian cultures, with Dr. Shade Okoya being his most prominent and publicly recognized spouse, often seen by his side at social and business events. Together, they have several children who are actively involved in the management and operations of the Eleganza Group, ensuring the continuity of his business empire across generations. His children include Olamide, Oyinade, Subomi, and Wahab, among others. Okoya is known for his lavish lifestyle, residing in the opulent Oluwa Ni Shola Estate in Lekki, Lagos, a sprawling residential complex that reflects his considerable wealth and success. Despite his public persona as a shrewd businessman, he is also known to be a family-oriented individual who values tradition and community. He often emphasizes the importance of hard work, discipline, and integrity to his children and proteges, embodying the principles that guided his own remarkable ascent.

Legacy

Chief Razaq Okoya's legacy is multifaceted and profound, positioning him as an icon of indigenous entrepreneurship and industrialization in Nigeria. He is widely regarded as a symbol of the self-made man, proving that with vision, perseverance, and strategic acumen, one can achieve extraordinary success even with limited formal education and initial capital. His pioneering role in establishing a diverse manufacturing conglomerate has inspired countless Nigerian entrepreneurs to venture into local production, contributing to import substitution and economic diversification. The Eleganza Group stands as a testament to the potential of Nigerian businesses to compete on a global scale, producing quality goods that meet local demands.

Okoya's commitment to job creation has left an indelible mark on thousands of Nigerian families, providing employment opportunities that transcend economic cycles. His philanthropic endeavors further solidify his legacy as a compassionate leader dedicated to societal welfare. As the Aare of Lagos and a recipient of national honors, he represents a unique blend of traditional respect and modern industrial leadership. His life story continues to be a source of inspiration, particularly for young Africans aspiring to build sustainable businesses and contribute to the economic development of their nations. The Eleganza Industrial City, in particular, will remain a lasting monument to his industrial vision and his unwavering belief in Nigeria's potential to become a manufacturing hub.