In the past 65 years, his name has become a permanent feature on the Nigerian business landscape as a first-class entrepreneur with an uncommon business acumen. Chief Rasaq Akanni Okoya has carved a niche for himself in Nigeria and beyond as an exceptional industrialist with his soar-away Eleganza Group.
For a man who became popular as a rich businessman in his teenage years, Okoya has built on that early success and has remained consistent over the years.
Tomorrow, Sunday January 12, this astute businessman turns 85, and he still waxes stronger. In spite of his age, Okoya has continued to build and expand his business through his equally hardworking and enterprising wife, Shade.
Okoya was born on January 12, 1940 to Pa Tiamiyu Ayinde and Alhaja Idiatu Okoya, in Lagos. He attended the Ansar-Un-Deen Primary School, Oke Popo, Lagos. And even then, it was clear to everyone that the path that the young boy would tread in life was that of business. And at the age of 14, it was gathered, Okoya set out to fulfil his destiny.
Okoya came into wealth much early. The story is told of how he got a grant of 20 pounds from his mother, which he invested in importation of tailoring materials such as ribbons, zip fasteners and buttons under the trade name, Okoya Buttons Stores. Just two or three years later, the teenage boy had become an incredible lesson in entrepreneurship to those old enough to be his parents. Since then, the seasoned industrialist has never looked back.
By the time he was 19, his business had boomed to the extent that he had already built a house at Surulere in Lagos. He continued on the same path as a young but very determined, intentional and highly focused young man. By the time he was 21, he could boast of four houses in that part of Lagos. And when he was in his early 30s, Okoya had become a household name all o0ver Lagos, owning a property and four hectares of land in the highly exclusive Ikoyi, known as the abode of Nigeria’s rich and powerful. And by the time he was marking his 40th birthday, Okoya was already a proud owner of two high-rise buildings in Lagos.
At a time many of his peers were in secondary school, depending on their parents for their daily sustenance and running around playing street football in the evenings, Okoya was already a rich boy. How did he do it?
“Honesty, focus, determination, self-belief, and passion for what you do are key ingredients to being successful and wealthy,” he noted in an interview.
“When I started out, 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, 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.”
In 1978, Okoya’s Eleganza Industries started manufacturing coolers at his factory in Oregun, Ikeja, Lagos State. It was a massive facility where all manners of coolers were being manufactured. Very soon, Eleganza became known as the biggest manufacturers of coolers all over the country. The entire West Africa and beyond became Okoya’s market.
But Okoya’s vision was too expansive for his Eleganza Group to be restricted to that space in Oregun, no matter the size. In line with his vision for his company, Okoya built a new production plant, Eleganza Industrial City Limited, on well over 30 hectares of land at Ibeju-Lekki, Lagos. In this sprawling industrial city, Eleganza has moved from producing just coolers to manufacturing different brands and ranges of household items under the same roof. These products include coolers, chairs and tables, hair threads, diapers, sanitary items, reusable cups and plates, plastic shoes, luggage boxes, and many more. These products have since become popular items in every home in Nigeria and neighbouring countries. The group has kept more than 5, 000 people gainfully engaged, helping them to put food on their tables and keeping them away from the labour market.
Beyond his exploits in manufacturing, Chief Razak Okoya is also a real estate mogul. It has been established that many of the landmark and iconic buildings on both sides of the 80-kilometre Lekki-Epe Expressway are Eleganza Properties. Age has not deterred the iconic businessman from providing choice property for those in the middle and upper rungs of the Nigerian society. Many are the construction experts, architects, builders, engineers, and other skilled and non-skilled workers who have made and are still making good money working in the Eleganza estates.
At 85, Chief Okoya said his wishes have always been to see a functioning society, even as he vowed to continue playing his part.
His words: “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.
“All my life has been spent in the industries I built. I derive my happiness watching the production lines, which I have found to be very interesting. They keep me busy and fulfilled all the time, and I continuously pray for Nigeria every minute to be an industrialised country.
“I have always preached and prayed that every of all the 36 states in Nigeria, including the Federal Capital Territory would have an industrial zone in the outskirts of the cities, with residential accommodation to ameliorate the lives of the citizens. This would stop the movements of our youths migrating from rural areas to urban cities.”
Alhaji Okoya has no worries about the future of his business, as he has a very reliable partner in his wife, Shade. His words: “In a few years time, 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.”
Asked why he has not had any stint in politics, he stated: “As I always say, a good carpenter cannot sew clothes. I am a good industrialist. God has helped me thus far. Although some politicians are my good friends, I don’t know much about politics.
“I am doing God’s will where he has positioned me. I am too busy with my factory to think about dabbling into politics. It has never crossed my mind.”
Alhaji Okoya is also an uncommon philanthropist, with evidence of his humanitarian activities everywhere in Nigeria and beyond. In appreciation of his entrepreneurship and philanthropy, the business mogul was conferred with the Honorary Doctorate degree by the institution. He has a scholarship scheme for indigent students in many institutions in the country.
Okoya is a devout Muslim. No fewer than 12 persons are sponsored by him to perform the holy pilgrimage each year.
He has also built a large mosque in his large home at the Oluwaninshola Estate where hundreds of Muslims from all over Lagos come together to worship Allah every Friday. On weekly basis, food and gift items are shared to hundreds of people.
Okoya has received several awards and honours. He is a recipient of the national honour of the Commander of the Order of the Niger (CON). He has also been honoured by The Sun Publishing Limited and Daily Independent Newspapers.
He’s also a revered community leader with a number of chieftaincy titles, including Aare of Lagos, Bobajiro of Oke –Ona Egbaland and Aare Babalaje of Ajiran land, among others.