Key Factors
- Razaq Okoya turned early enterprise classes into a producing and actual property empire, shaping Nigeria’s economic system for over six many years.
- Okoya’s Eleganza Group stays a family identify, producing on a regular basis necessities from plastic chairs to baggage in Nigeria’s free commerce zone.
- Okoya’s ventures immediately make use of 5,000 Nigerians and help over 25,000 others, cementing his affect in trade and financial progress.
Few names in Nigeria’s enterprise world command as a lot respect as Razaq Okoya. The billionaire industrialist, greatest identified for his Eleganza Group and RAO Property Funding Firm, has constructed an empire spanning manufacturing and actual property—two sectors which have formed the nation’s economic system.
His journey from humble beginnings to billionaire standing is a testomony to resilience, sharp enterprise instincts, and an entrepreneurial drive that has outlined his profession. Even Nigeria’s president, Bola Tinubu, has publicly acknowledged searching for his monetary help—a nod to Okoya’s affect and success.
Okoya’s early enterprise roots and progress
Born right into a modest household, Okoya was launched to enterprise early via his father’s tailoring commerce, which additionally concerned promoting equipment. Working alongside his father, he gained firsthand expertise in commerce and commerce, igniting a ardour for entrepreneurship.
With self-discipline and dedication, he started saving his earnings, ultimately accumulating £20 ($24.8). His mom later supplemented this with £50 ($62), giving him sufficient capital to enterprise into importing and buying and selling items from Japan. This marked the start of a enterprise empire that might span over six many years.
By 19, Okoya had constructed his first home in Surulere, a bustling a part of Lagos. His actual property portfolio grew rapidly, and by 21, he owned 4 homes in the identical district. At 34, he made a daring transfer, buying 4 hectares of prime land in Ikoyi, one in every of Nigeria’s most unique neighborhoods. By 40, he had developed two high-rise buildings, cementing his repute as an actual property mogul.
The mindset behind Eleganza’s success
Okoya credit his success to an unwavering dedication and a willingness to make sacrifices. “I’m a really decided particular person, I hate to fail in no matter targets I set to attain, I thank God that it has at all times been attainable,” he as soon as stated. “Once I began Eleganza, there have been a number of enterprise alternatives in Nigeria in comparison with right this moment the place you might have lots of competitors. The mindset of the youths of these days is to make fast cash. They don’t seem to be able to sacrifice something. In my time, younger people had been inspired to set their targets and helped to reaching them.”
That relentless pursuit of alternative led him to his subsequent breakthrough. Okoya seen that metals utilized in costly jewellery had been available and inexpensive in Nigeria. Seizing the second, he traveled overseas, bought reducing machines, and launched Eleganza Jewelry. The enterprise took off quickly, with demand far outpacing provide.
His capacity to adapt grew to become much more evident when a enterprise deal in Italy went south. After paying for a cargo of sneakers, he found his cash had been misused, and his order by no means arrived. As a substitute of dwelling on the setback, he took issues into his personal fingers. He imported shoe manufacturing machines, employed consultants to coach employees, and started producing sneakers domestically. That call laid the muse for Eleganza Group, which grew into one in every of Nigeria’s largest manufacturing corporations.
Eleganza’s legacy in Nigerian properties
For a lot of Nigerians, Eleganza is a family identify. Its merchandise—starting from pens and plastic chairs to highschool furnishings, cooling containers, journey baggage, and aluminum roofing sheets—are a part of on a regular basis life. The corporate’s 35-hectare Eleganza Industrial Metropolis, positioned in Nigeria’s free commerce zone, additional reinforces Okoya’s affect on the nation’s industrial sector. By embracing automation and large-scale manufacturing, he has ensured that Eleganza stays a dominant power in manufacturing.
Past trade, Okoya has additionally left his mark on actual property via RAO Property Funding Firm. Certainly one of his most notable developments is his private residence, Oluwanishola Property, positioned alongside the Lekki-Ajah Expressway. The property, residence to many expatriates, is an emblem of his wealth and success, that includes uninterrupted energy and water provide, marble flooring, central air-conditioning, a sauna, lush gardens, a billiard room, a tennis courtroom, swimming swimming pools, and an intensive assortment of sculptures.
Okoya’s affect goes past enterprise
Extra than simply enterprise, Okoya’s legacy is about folks. His corporations make use of over 5,000 Nigerians and help the livelihoods of greater than 25,000 others who promote Eleganza merchandise. Reflecting on his early profession selection, he as soon as stated, “At school, I may see my instructor in worn and sometimes shabby garments and on the similar time, I may see the well-dressed businessmen of Dosunmu Road, the guts of enterprise in Lagos then. It was straightforward for me to decide on enterprise life.”
That call not solely formed his future but additionally earned him the respect of Nigeria’s elite, together with President Bola Tinubu. From a younger dealer importing items from Japan to a billionaire industrialist and actual property magnate, Okoya’s journey is a narrative of perseverance, sensible decision-making, and a deep dedication to Nigeria’s economic system. His success proves that with self-discipline, endurance, and a relentless drive for excellence, constructing a billion-dollar empire is feasible—not only for Nigerians, however for entrepreneurs throughout Africa.
