The name of Chief Rasaki Akanni Okoya, the founder of Eleganza Industries Limited stands out in the Nigerian business landscape. Imbued with vision, industry and enterprise, Okoya, who is now 85, has been a permanent fixture on the Nigerian business terrain over the past six decades.
One would expect a man turning 85 to have slowed down regarding business dealings and other lofty ambitions. That expectation, however, doesn’t apply to Alhaji Razak Okoya, the famous business mogul behind the Eleganza conglomerate whose larger-than-life image and business acumen have continued to dominate the business world in Nigeria and beyond.
The story of Okoya has all the ingredients of a remarkable blockbuster. And it began early, when, as a 14-year-old, he seized the moment with a loan of 70 pounds from his mother. His decision to invest in the importation of tailoring materials such as ribbons, zip fasteners and buttons under the trade name under the trade name -Okoya Buttons Stores – paid off and the rest, as they say, is history.
By the time, he was 17 years old, he had become a source of inspiration even to many much older than him. Having displayed sharp business acumen and drive to achieve great success, Okoya has continued to blaze the trail. At just 19, he built a house in Surulere and by the age of 21, he could boast of four houses in the area.
By the time he was 34, he had acquired a property on Ikoyi Crescent and four hectares of land in the vicinity which continues to be a prime location in Lagos State. By the time he clocked 40, two high-rise buildings had been added to his name.
Today, without a doubt, Okoya’s Eleganza Group is one of the biggest homegrown conglomerates in Nigeria, with over six factories from the beginnings marked by the manufacturing of coolers in 1978 at a factory in Oregun, Ikeja, Lagos State.
As a company, Eleganza keeps evolving, driven by the vision of its relentless founder. The sprawling production plant, Eleganza Industrial City Limited, which is situated on over 30 hectares of land at Ibeju-Lekki, Lagos attests to the vision of a man whose passion for enterprise has refused to diminish.
“Under the newly-built plant, all household items such as coolers, chairs and tables, hair threads, diapers, sanitary pads, re-useable cups and plastic shoes, luggage boxes, etc. are produced under the same roof. The goods are vastly distributed across towns and cities in Nigeria and neighbouring African markets with unmatched standards and quality.
Born on January 12, 1940, to Tiamiyu Ayinde and Alhaja Idiatu Okoya, in Lagos, the billionaire industrialist’s Eleganza Group of Companies has a market presence that extends across the West African sub-region.
“Shortly after he finished his primary education at Ansar-Un-Deen Primary School, Oke Popo, Lagos, Okoya made it clear that his heart was set on becoming a businessman. Speaking on life at 85, the business mogul said: “My prayer is to enjoy good health, long life and leave the legacy of my industry behind as I want Eleganza to outlive me and continue with my philosophy of philanthropy.”
A dynamic Nigerian, Chief Okoya is the poster boy of entrepreneurship with enduring enterprise and credits certain virtues as those he would never compromise on. “Honesty, focus, determination, self-belief, and passion for what you do are key ingredients to being successful and wealthy.
“When I started, I guarded my resources jealously because I believed as an industrialist, the money might come in volume and once you are determined to put the money back into that business and you don’t waste it, you will see the result.
“I have been busy all my life with business, construction, and trading to the extent that I didn’t have time for social life at the initial stage. And to have sustained all this over the last six decades is by commitment, hard work and the grace of God. I believe success isn’t elusive to those who dare.”
As a business mogul, he is also a property tycoon; his legacy in the real estate sector is conspicuous as many of the landmarks on both sides of the 80-kilometre Lekki-Epe Expressway are adorned with Eleganza properties while providing employment opportunities for artisans, engineers, architects and others skilled and unskilled workers across the Eleganza estates.
“All my life has been spent in the industries I built. I derive my happiness on production lines, which I have found to be very interesting, it keeps me busy and fulfilled all the time, and I continuously pray for Nigeria every minute to be an industrialised country,” Chief Okoya added.
Ever looking at issues from the perspective of industry and entrepreneurship, Chief Okoya advised the government to pay attention to the manufacturing sector and set up industrial zones.
“I have always preached and prayed that every state of all 36 states including FCT in Nigeria would have an industrial zone in the outskirts of the cities with residential accommodation to ameliorate the life of citizens. This would stop the movements of our youths migrating from rural areas to urban cities,” he enthused.
Dwelling on his personal view during visits outside the shores of Nigeria, the 85-year-old magnate stated that the government should provide small-scale equipment and machinery for small-scale production lines and sell it to the youths who have acquired the skills and graduated from the training school of their specialised area on the basis of loans with low-interest rates.
Okoya, also an uncommon philanthropist, single-handedly endowed the Ekiti State University (formerly University of Ado–Ekiti, UNAD) with a building that accommodates the entire Faculty of Business Administration on the campus. In recognition of his business acumen and his large-heartedness, he was conferred with the Honorary Doctorate degree of the institution.
He also sponsored the building of a library located inside the Island Club premises along with scholarship schemes for indigent students in various institutions of higher learning across Nigeria.
A core Muslim, his devotion to Islam is such that he sponsors no fewer than twelve Islamic devotees (staff, relations), who are sent to Mecca on the yearly holy pilgrimage. He also built a large mosque in his private residential compound at the Oluwaninshola Estate where hundreds of the Muslim faithful from all over Lagos come together to worship Allah every Friday and he shares food and gifts after the service each week.
His streak of excellence bears the marks of recognition including being conferred with the Nigeria National Award of Commander of the Order of Niger, CON and honoured with the title of Otun-Aare Adinni by the Lagos Central Mosque along with the Life Time Achievement Awards by Sun Newspaper in 2016 and Daily Independent Newspapers in 2017 respectively.
The foremost industrialist, who is also a committed family man. also bears titles such as Aare of Lagos, Bobajiro of Oke–Ona Egbaland and Aare Babalaje of Ajiran land.
Despite his greatness and wealth, you find him attending to his wives, children and grandchildren discussing vital issues pertaining to the good and development of Eleganza Group of Companies as well as family matters.
The wealthy entrepreneur is further strengthened by his wife, Shade. “In a few years, I may quit or slow down. Luckily, I have a younger wife, Shade, who is interested and committed to this dream as well. She is always in the factory from 7 am to 7 pm. I have worked throughout my life. It’s time to relax,” he stated.
And even if the time for him to take a bow comes today, his business is built to last generations as Eleganza products will continue to dominate. In life, hardly is there a greater testament to vision and commitment.
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