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Razaq Okoya stands as one of Nigeria's most prominent billionaire industrialists and a household name in Lagos. This remarkable business titan turned 85 and built his empire from scratch with just primary school education.
He created one of Nigeria's biggest homegrown conglomerates. His role as the Aare of Lagos and founder of Eleganza group of companies makes him a fascinating subject to explore the wealth he accumulated as a self-made manufacturing giant.
Razaq Okoya's net worth reflects the massive scale of his business operations. He started with a small tailoring business that grew into manufacturing household items like plastics, chairs, buckets, pens, fabrics, and coolers. His wealth comes mainly from Eleganza Industries, which now produces a wide range of household goods.
The company's product line includes cutlery, food warmers, ice chests, electric fans, cosmetics, and ballpoint pens.
His business empire also includes the RAO Property Investment Company. The combined enterprise provides jobs to over five thousand people, both Nigerians and non-Nigerians. This piece explores Okoya family's wealth and their impressive business empire that shapes markets in Nigeria and neighboring African countries.
Okoya’s Net Worth in 2025: The Numbers and What They Mean
Chief Razaq Okoya's financial empire continues to expand in 2025. His estimated net worth solidifies his position among Africa's business elite. Nigeria's industrial landscape keeps evolving, and his wealth showcases decades of smart investments and manufacturing breakthroughs.
Breakdown of Razaq Okoya net worth today
Chief Okoya's financial portfolio shows remarkable diversity across multiple sectors. We built his wealth through two major business entities—Eleganza Group and RAO Property Investment Company. His smart investments in real estate have grown substantially over time, especially his properties in Lagos' prime locations.
Manufacturing prowess forms the bedrock of Okoya's wealth, which he built from scratch with determination and business sense. His entrepreneurial vision helped him spot market gaps and create essential household products across Nigeria, despite having no formal higher education.
How Eleganza Group contributes to his wealth
Eleganza Group serves as the life-blood of Okoya's financial empire. The company's success comes from its vertical integration strategy that controls production from raw materials to finished goods.
This approach creates substantial cost savings, which makes Eleganza products both affordable and profitable.
The group's product diversity strengthens its market position. Eleganza caters to multiple consumer needs under one corporate umbrella, offering everything from household plastics to cosmetics and furniture. The company's nationwide distribution network reaches customers in every region of Nigeria.
Key revenue streams within Eleganza include:
- Mass-market household goods production
- Industrial manufacturing operations
- Distribution networks across West Africa
- Property holdings and commercial real estate
Comparison with other Nigerian billionaires
Okoya stands out in Nigeria's billionaire circle. He built his wealth through manufacturing instead of oil, telecommunications, or banking. His approach differs from peers like Aliko Dangote or Mike Adenuga as he focused on consumer goods production to serve everyday Nigerians.
Okoya's wealth stands apart through its foundation in import substitution—creating locally what Nigeria previously imported. This strategy not only built his personal fortune but also boosted Nigeria's industrial development.
Okoya might not be a match for Nigeria's wealthiest individuals like Dangote, but his business longevity and manufacturing focus have earned him unique respect. His commitment to employing thousands of Nigerians shows how wealth creation can benefit society, something not all billionaires achieve.
Inside the Eleganza Empire: Nigeria’s Manufacturing Giant
The impressive Okoya net worth emerged from a manufacturing powerhouse that revolutionized Nigeria's industrial landscape. Eleganza Industries stands as Chief Razaq Okoya's greatest contribution to Nigeria's economy. The company employs thousands and produces essential household items for millions of consumers throughout West Africa.
Origins of Eleganza and early product lines
Razaq Okoya launched the Eleganza story in 1966 after spotting a significant market gap. Most household items were imported and too expensive for average Nigerians. He started a small manufacturing operation with roughly $2,000 to make buttons and other small items.
His business philosophy remained simple yet powerful: affordable, quality products made locally. The company began by producing everyday necessities like buttons, costume jewelry, and basic plastic items. These products quickly gained popularity because they cost less than imported alternatives.
Expansion into plastics, cosmetics, and real estate
The company's success led Okoya to expand strategically into new markets. The plastics division became a huge success by producing everyday items that Nigerian homes needed – chairs, buckets, and food containers. The company also ventured into cosmetics, creating soaps, creams, and perfumes under different brand names.
Okoya's business empire grew beyond manufacturing with RAO Property Investment Company. This real estate venture developed commercial and residential properties, which helped build the Okoya family's net worth substantially.
Challenges faced in Nigeria's manufacturing sector
Running a manufacturing giant in Nigeria came with its share of obstacles. The company invested heavily in power generation equipment because of unreliable electricity supply. Distribution networks proved complicated due to Nigeria's big geography and infrastructure limitations.
Cheaper Asian products posed constant competition. Chief Okoya's focus on quality and understanding of local market priorities helped Eleganza keep its loyal customers through these challenges.
Eleganza Industrial City: Vision and scale
Eleganza Industrial City stands as the crown jewel in the Eleganza-Okoya net worth story. This massive manufacturing complex covers 35 acres in Ibeju-Lekki, Lagos State. The facility brings multiple production lines under one roof, which strengthens Razaq Okoya's net worth through efficient operations.
The industrial city showcases Okoya's business expertise and his dream of Nigerian industrial self-sufficiency. State-of-the-art technology powers this facility, creating jobs for thousands of Nigerians. This achievement boosts Chief Okoya's net worth while serving national development goals.
The Okoya Family: Wealth, Influence, and Controversies
Chief Okoya's net worth remains deeply connected to his family dynamics. These relationships shape his business success and public image.
Chief Okoya's wives and children
Chief Razaq Okoya's marital life includes several wives. His senior wife Kuburat Olayinka Okoya has stood by his side for over 50 years and blessed him with seven children. His other wives include Ajoke, Yetunde, Jennifer, and Zainab.
The year 1999 marked his marriage to his youngest wife Shade. She was 21 and he was 59. Their union produced four children: Olamide, Subomi, Oyinlola, and Wahab.
Sade Okoya's role in the business
The Eleganza manufacturing business thrives under Sade's leadership as Managing Director/CEO. Her two decades of experience with the conglomerate have yielded impressive results.
She achieved a milestone by producing over 300,000 cartons of the company's flagship product in just one month. Eleganza Industrial City now provides employment to more than 3,000 workers under her guidance.
Public image and social media controversies
The Okoya family drew public attention after the EFCC summoned sons Subomi and Wahab. They faced allegations of naira abuse in a promotional video. Pictures of the family dining with President Tinubu after the EFCC invitation sparked further debate.
Okoya family net worth and succession planning
Chief Okoya has mapped out a clear succession strategy for his business empire. "I have my family. My wife today… the factory is her life," he explained about his succession plan. His children now occupy key positions in the company. This strategic placement ensures the family's wealth continues to grow through generations.
Beyond Business: Okoya’s Legacy and National Impact
Chief Razaq Okoya's influence goes way beyond his impressive net worth. He shaped Nigeria's social landscape by giving back to society. His impact touches philanthropy, politics, and culture, making him much more than a business leader.
Philanthropy and community development
Chief Okoya's wealth powers many charitable initiatives in Lagos and beyond. He supports educational institutions through personal donations and Eleganza Group's corporate social responsibility programs. These efforts provide scholarships to underprivileged students and create opportunities for youth development near his industrial complexes.
His charitable work has sections for healthcare and infrastructure development in underserved areas. The Okoya family steps up during national emergencies with relief materials, showing their steadfast dedication to social welfare.
Political connections and influence
Okoya has managed to keep strategic collaborations with Nigeria's political elite as governments changed. His success in industry earned him recognition from successive governments, who ask his advice on manufacturing policies and economic growth strategies.
He stays politically neutral and champions policies that boost local manufacturing and cut import dependence. Years of experience in Nigeria's business world have made him a trusted voice in economic policy talks.
Cultural significance and public perception
Okoya stands as a symbol of homegrown entrepreneurial success in Nigerian society. Yes, it is his journey from modest beginnings to industrial success that strikes a chord with many Nigerians as a story of possibility.
His luxurious lifestyle and famous Oluwanisola Estate make him a cultural icon among Lagos elites. His business achievements have earned him traditional titles, including the prestigious Aare of Lagos, showing his place in Nigeria's cultural hierarchy.
Conclusion
Razaq Okoya's net worth places him without doubt among Nigeria's most influential industrialists. His wealth stems from decades of manufacturing innovation and mutually beneficial alliances. His remarkable trip from a small-scale tailor to the founder of Eleganza
Group shows what vision and perseverance can achieve, even with limited formal education.
Chief Okoya changed Nigeria's manufacturing landscape by producing affordable household items locally instead of relying on imports. His wealth creation model is different by a lot from other Nigerian billionaires who built fortunes in oil, telecommunications, or banking sectors.
Eleganza Group remains the life-blood of his financial empire. The company employs thousands while producing essential products from plastics and cosmetics to household items. RAO Property Investment Company has built significant real estate holdings that have grown in value over time. His most impressive achievement, Eleganza Industrial City, stands as a massive manufacturing complex that strengthens his legacy and advances Nigerian industrial self-sufficiency.
Okoya's wealth has enabled substantial philanthropic initiatives throughout Lagos and beyond. His wife Sade, who now guides Eleganza as Managing Director, plays a vital role in continuing his business legacy. The family has faced some public controversies, yet their strategic position within the business suggests the Okoya family's wealth will grow across generations.
Razaq Okoya's story surpasses mere wealth accumulation. His rise from humble beginnings to industrial prominence has made him both a business titan and a cultural icon. He represents possibilities for aspiring entrepreneurs across Nigeria.
His luxurious lifestyle and prestigious traditional titles reflect his elite status, but his lasting legacy lies in his contribution to Nigeria's industrial development and the thousands of jobs his manufacturing vision created.
FAQs
Q1. Who is considered Nigeria's wealthiest industrialist?
While Aliko Dangote is often cited as Nigeria's wealthiest industrialist, Razaq Okoya has made significant contributions to the country's manufacturing sector, establishing himself as a prominent figure in Nigeria's industrial landscape.
Q2. How did Razaq Okoya build his fortune?
Razaq Okoya built his fortune by founding the Eleganza Group, which manufactures a wide range of household products. He started with a small trading company and expanded it into a conglomerate that includes manufacturing and real estate investments, employing thousands of people across Nigeria.
Q3. What is unique about Okoya's wealth creation model?
Okoya's wealth creation model is unique because it focuses on manufacturing everyday household items locally, rather than relying on imports. This approach not only generated personal wealth but also contributed significantly to Nigeria's industrial development and import substitution efforts.
Q4. What is the Eleganza Industrial City?
Eleganza Industrial City is a massive manufacturing complex spanning over 35 acres in Ibeju-Lekki, Lagos State. It houses multiple production lines under one roof, employing thousands of Nigerians and representing Okoya's vision for Nigerian industrial self-sufficiency.
Q5. How is the Okoya family involved in the business empire?
The Okoya family is deeply involved in the business empire. Notably, Sade Okoya, Chief Razaq Okoya's wife, serves as the Managing Director/CEO of the Eleganza manufacturing business. Other family members also hold strategic positions within the company, ensuring the continuity of the Okoya business legacy.
