Razaq Okoya's net worth stands at ₦180 billion – ₦200 billion (approximately $150 million – $165 million USD) as of 2025. The successful Nigerian industrialist has built one of West Africa's most recognizable manufacturing empires.
The visionary entrepreneur started Eleganza Group in the 1960s. His business began by making jewelry and tailoring accessories before growing into household products. His factories have now produced millions of items that Nigerian families use in their homes, schools, and weddings. These products might be sitting in your kitchen right now. Nigerian households regularly use Eleganza products without realizing their connection to Okoya's business empire.
The story behind Okoya's wealth shows his growth from early business ventures to creating a manufacturing powerhouse that spans Western Africa. His luxury lifestyle, business principles, and empire have altered the map of Nigeria's industrial sector.
Biography of Chief Razaq Okoya
Razaq Akanni Okoya was born on January 12, 1940, in Lagos, Nigeria. He rose from humble beginnings to become one of Nigeria's most successful industrialists. His parents, Tiamiyu Ayinde and Alhaja Idiatu Okoya, raised him in a modest environment that all the same taught him strong values of hard work and entrepreneurship.
Early life and family background
Razaq's story started in the bustling streets of Lagos, where he grew up as a Yoruba man from the southwestern part of Nigeria. His father ran a successful tailoring business that included both making clothes and selling tailoring accessories. This family business later became the foundation of Razaq's empire.
Young Razaq had powerful examples around him despite his modest background. His father owned a brand new Chrysler, five houses, and hired numerous apprentices – achievements that sparked ambition in the young boy. His father's visits with wealthy clients in Ikoyi introduced him to successful businessmen like Chief Louis Odumegwu Ojukwu (father of Chief Emeka Odumegwu-Ojukwu). These experiences shaped his future aspirations.
Education and first exposure to business
Razaq's only formal education was at Ansar-Ud-Deen Primary School in Oke-Popo, Lagos. He made up for limited classroom learning through hands-on experience. After school, he worked as an apprentice in his father's shop. He ran errands, helped source supplies, and learned to mend clothes.
His apprenticeship made him an expert tailor before he finished primary education. The young Razaq thought over several career options:
- Becoming a lawyer
- Working as a teacher
- Pursuing business
Life around him helped make his choice. "While in school, I could see my teacher in worn out and often shabby clothes and at the same time, I could see well-dressed businessmen at Dosunmu Street, the then heart of business in Lagos," he recalled. So by age 17, when he finished primary school, Razaq had decided to focus on business full-time.
First ventures and lessons learned
Razaq saved £20 (twenty pounds) from mending shirts and trousers in his father's shop by age 17. Most traders at that time worked through middlemen to reach manufacturers. Razaq found a product catalog from a Japanese manufacturer that made tailoring materials like buttons, ribbons, and zip fasteners.
His calculations showed he needed £70 for his first order – £50 more than his savings. His mother gave him an interest-free loan for the extra amount with his father's blessing. His first shipment from Japan was a huge success. The goods sold out fast as traders noticed their better quality compared to existing options.
Quick sales gave Razaq the money to grow his business and increase orders. He built his first house in Surulere, Lagos at 19, and owned three more properties there by 21. At 34, he made a bold move by buying four hectares of prime land in Ikoyi, one of Nigeria's most exclusive neighborhoods.
Razaq showed remarkable determination in his early business days. "I am a very determined person, I hate to fail in whatever goals I set to achieve," he once stated. This mindset and his readiness to make sacrifices built the foundation for his future billion-dollar empire.
The Rise of Eleganza Group
Razaq Okoya's path to success began with importing tailoring materials. His business trip took a big turn when he started what later became one of Nigeria's largest manufacturing groups. His dream of local production and self-reliance helped reshape Nigeria's industrial scene for decades.
Founding of Eleganza Industries
Eleganza's story started when Okoya noticed his first wife Kuburat's love for expensive imported jewelry. He saw that Nigeria had plenty of raw materials to make these items. He brought in machinery and experts to produce affordable, quality jewelry locally, which led to Eleganza Jewelry.
The success of this original venture led him to think bigger. After a failed deal in Italy, Okoya made a bold choice. Instead of importing shoes, he decided to make them in Nigeria. He bought shoe-making equipment and trained local workers, taking another big step toward building his manufacturing empire.
Okoya's business philosophy centered on finding imported products that could be made locally. "It took me 60 years to build the Eleganza conglomerate through dint of hard work," he once said about his path to success.
Expansion into plastics, furniture, and cosmetics
Eleganza Group really took off in 1978 when Okoya started making coolers at a factory in Oregun, Ikeja, Lagos State. The company grew faster and set up more factories in key spots like Isolo, Alaba, and Iganmu.
The product line grew to include:
- Plastic chairs (over 68 different designs for churches, parties, eateries, and hotels)
- Household items (coolers, food warmers, luggage boxes)
- Sanitary products (diapers, feminine hygiene products)
- Consumer goods (detergents, cosmetics, cutlery)
- Furniture and industrial products
Okoya's steadfast dedication to quality never wavered. "The consistency, not compromising on standard and quality has been the guiding principles that have kept the company going in the past four decades," he explained.
Eleganza Industrial City Limited stands as the company's crown jewel. This massive 30-35 hectare complex along the Lekki-Epe Expressway brings Okoya's vision to life. The industrial hub makes numerous products under one roof and employs around 3,000 workers.
The company's 40-year history shows its strong presence not just in Nigeria but across West Africa. Its products have become everyday items in many homes.
Real estate and other business ventures
Okoya created RAO Property Investment Company to pursue his real estate goals. The luxurious Oluwa Ni Shola Estate along the Lekki-Ajah Expressway proves his successful expansion strategy.
Okoya's real estate investments stand out across Lagos. Many landmark buildings along the 80-kilometer Lekki-Epe Expressway carry the Eleganza Properties name. These buildings offer premium homes to Nigeria's middle and upper classes while creating jobs for artisans, engineers, architects, and various skilled and unskilled workers.
The business group also works in oil and gas and construction, helping develop Nigeria's infrastructure. Dr. Folashade Okoya, Razaq's wife, serves as CEO of Eleganza Group, while he stays on as chairman. This structure helps manage their vast business empire effectively.
Since taking charge, Mrs. Okoya has brought in new ideas that have substantially grown the company's portfolio and adapted to changing market needs. Together, they continue to build on what has become one of Nigeria's most inspiring industrial success stories.
Okoya Net Worth in 2025
My research into Nigerian industrialist Chief Razaq Okoya's financial journey reveals some fascinating contradictions about his wealth. Let's head over to what makes his fortune one of Nigeria's most talked-about success stories.
Estimated value in Naira and USD
Financial analysts can't seem to agree on Okoya's exact wealth valuation. The most reliable sources put his net worth at USD 1.50 billion as of January 2025, making him one of Nigeria's wealthiest industrialists. Yet some financial estimates suggest a more modest ₦180 billion – ₦200 billion (approximately USD 150.00 million – USD 165.00 million).
These huge differences show how hard it is to evaluate private business empires. His wealth has grown impressively whatever estimate you trust:
|
Year |
Estimated Net Worth |
|
2015 |
USD 650.00 million |
|
2021 |
USD 900.00 million |
|
2022 |
USD 1.00 billion |
|
2023 |
USD 1.10 billion |
|
2024 |
USD 1.30 billion |
|
2025 |
USD 1.50 billion |
His wealth jumped by more than 130% in a decade, with growth picking up speed after he hit the billion-dollar mark in 2022.
How his wealth is calculated
We need to look at Okoya's various business holdings to understand his true net worth. His fortune mainly comes from two sources: Eleganza Group and RAO Property Investment Company. His manufacturing empire includes factories throughout Lagos that employ over five thousand Nigerians and non-Nigerians.
Okoya's wealth calculation remains somewhat unclear because "his companies are not listed on the Stock Exchange". Financial analysts find it challenging to make precise valuations due to this private ownership structure.
His wealth typically includes:
- The Eleganza industrial complex covering over 30 hectares
- RAO Property Investment's extensive real estate holdings
- Luxury personal assets and properties
- Manufacturing facilities in Oregun-Ikeja, Isolo, Alaba and Iganmu
- International investments and assets
Eleganza Industrial City's expansion and mutually beneficial alliances in Nigeria's booming real estate market propelled his wealth's growth in the last decade. His billionaire status seems validated by his extensive asset portfolio, even if the exact figures remain debatable.
Comparison with other Nigerian billionaires
Okoya holds a special place in Nigeria's exclusive billionaire circle. He built his fortune through manufacturing and real estate, unlike many of today's Nigerian billionaires who made their money in oil, telecommunications, or banking.
Financial analysts consider Okoya "old money" in Nigerian terms. He started building his wealth decades ago, making him one of the country's longest-standing billionaires. This sets him apart from newer members of Nigeria's billionaire club.
Okoya's wealth stands out because it's rooted in local manufacturing. He created a manufacturing ecosystem that competes with foreign imports, unlike some wealthy Nigerians who depend on importation or extraction industries. This approach has weathered Nigeria's economic ups and downs remarkably well.
Okoya keeps most of his wealth invested in Nigeria, unlike his contemporaries who diversify internationally. Though his fortune is substantial, he maintains a lower profile than other Nigerian billionaires. Instead, he focuses on industrial development and making an impact in his community through business operations.
Inside the Billionaire Lifestyle
Chief Razaq Okoya's extravagant lifestyle shows how Nigeria's manufacturing titan enjoys his success. His high-end car collection and palatial home reflect the wealth he has built over decades.
Luxury cars in his collection
Chief Okoya's garage boasts some of the world's most prestigious vehicles that showcase his refined automotive taste. His impressive collection has:
- Rolls Royce Phantom – Valued at approximately ₦230 million
- Bentley Continental GT – Estimated worth of ₦120 million
- Mercedes Benz S-Class – Valued around ₦85 million
- Range Rover Autobiography – Worth approximately ₦70 million
These automotive masterpieces sit proudly at his sprawling Lekki estate with customized plate numbers that give each vehicle a personal touch. Okoya's passion extends beyond modern luxury cars to a collection of vintage automobiles, showing his love for both automotive history and contemporary engineering.
The Lekki mansion and other properties
The crown of Okoya's personal empire is his magnificent "Oluwanishola Estate" (meaning "The Lord creates wealth") along the Lekki-Ajah Expressway. This sprawling complex stands as a landmark and draws tourists to Lagos.
The estate's remarkable features include:
- Multiple villas built for family members and guests
- Private gardens and swimming pools across the property
- State-of-the-art security systems protecting the complex
- A chapel and mosque to accommodate different faiths
- Personal cinema and event halls for entertainment
- Marble floors and central air-conditioning throughout
- Sauna facilities, lush gardens, and a billiard room
- Tennis court and numerous swimming pools
- Expensive sculptures, with a statue at the entrance showing a man carrying the globe – a symbol of his massive wealth
Parts of this vast estate are home to expatriates, earning it the nickname "expatriates estate". The main mansion's gold-plated interiors have become popular backdrops for music videos and social media posts.
Shade, Chief Okoya's wife, enjoys a bedroom that rivals a three-bedroom apartment in size, filled with high-end decor. Her working closet is a wealth of designer bags, shoes, and jewelry.
International assets and travel habits
Beyond his Lagos base, Okoya owns luxury homes decorated with similar gold-themed interiors and garages full of expensive vehicles. His real estate investments stretch into international markets, though details about these foreign holdings remain private.
Okoya travels in style with private jets complementing his fleet of luxury vehicles. His global connections have helped build and maintain the worldwide supply chains that power his manufacturing empire.
His 85th birthday celebration in January 2025 at the Oluwanishola Estate drew many dignitaries, including Africa's wealthiest businessman, Aliko Dangote. These gatherings show his status not just as an industrial leader but as a central figure among Nigeria's elite.
Philanthropy and Social Impact
Chief Razaq Okoya has built massive personal wealth, but his true legacy lies in his philanthropy that has changed countless lives in Nigeria. His charitable work goes well beyond simple donations with programs that tackle key social needs.
Scholarships and education support
Education is the life-blood of Okoya's charitable work. The Alhaji Akanni Okoya Scholarship Awards gives financial support to 40 top undergraduates from four Lagos State institutions each year. Students from the University of Lagos, Lagos State University, Yaba College of Technology, and Lagos State Polytechnic receive these awards.
Each student gets ₦100,000, which makes a real difference in their academic life. A University of Lagos Geography student, Kosoke Mazeed, said the award would "boost his pursuit of academic excellence." Lagos State University student Lamidi Samuel noted that the scholarship would "drive him to excel in his studies".
One of his biggest contributions to education was his gift of an entire building to Ekiti State University (formerly University of Ado-Ekiti) that now houses the Faculty of Business Administration.
The university awarded him an Honorary Doctorate degree for this generous act. He also funded the Island Club Library's construction and started several scholarship programs for needy students in Nigerian universities of all sizes.
Healthcare and community development
Okoya shows his steadfast dedication to public health by donating vital equipment to medical facilities and hospital homes. These gifts help build Nigeria's healthcare system and make quality medical care available to more people.
His community work reflects his religious beliefs and humanitarian spirit. He built a large mosque in his Oluwaninshola Estate where hundreds gather for weekly worship. Every Friday after prayers, he gives out food and gifts to those who attend. He also sends at least twelve Muslims, including staff and family, on yearly pilgrimages to Mecca.
Thousands of people receive food from Okoya each week, which shows his ongoing commitment to helping those in need. His consistent support has made him a source of hope for many struggling people in Lagos.
Support for artisans and small businesses
Okoya knows the challenges small business owners face. He has started several ventures to help struggling artisans and entrepreneurs. He combines hands-on help with guidance, drawing from his own trip from modest beginnings to business success.
His real estate projects on the Lekki-Epe Expressway do more than provide housing—they create jobs for artisans, engineers, architects, and workers of all skill levels. This focus on employment offers lasting community support that helps people build careers and take care of their families.
Okoya actively supports government policies to equip young entrepreneurs. He suggests providing small-scale equipment and machinery that skilled graduates could buy through low-interest loans. This shows his belief in helping people become self-sufficient rather than dependent.
Chief Okoya's wide-ranging charitable work shows how great wealth can create positive change—giving better education chances, improving healthcare access, and encouraging economic growth in Nigerian communities.
How Okoya Built His Billion Dollar Empire
Okoya's vast fortune stands on business philosophies that are both simple and powerful. His decades of industrial leadership showed that success comes from following basic principles rather than looking for shortcuts.
Business principles and strategies
Okoya's business approach centers on his steadfast dedication to quality without compromise. "Consistency, perseverance, hardwork, commitment, passion and integrity are the only vehicles that can drive you to success and not by cutting corners," he firmly states. This philosophy explains why Eleganza products managed to keep their reputation through generations.
His business model prioritized affordability without compromising standards. "You do not do business for the ego value. You go for what the people can afford," Okoya explains, adding that "in business, you have to ensure that the masses are able to afford the cost of your products". This customer-first mindset helped Eleganza dominate markets across Nigeria and neighboring countries.
A hands-on management style distinguishes Okoya from other billionaires. "I am passionate about my business. I am committed to it and I have been consistent over the last several years by getting involved all the way by not playing the boss," he reveals. He stayed actively involved in operations and visited production lines regularly, even in his 80s.
Reinvestment and diversification
Okoya's wealth-building strategy hinged on his disciplined approach to capital. "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," he confesses.
This reinvestment philosophy powered rapid scaling of operations. He built substantial manufacturing capacity by consistently reinvesting profits instead of using them for personal gain. "At Eleganza, we try to work within our means especially when you have the local market. It has helped the business to grow this far," Okoya notes.
His diversification strategy grew naturally from tailoring accessories to jewelry manufacturing, then household products, and ended up expanding into real estate. Okoya saw diversification not as random investments but as mutually beneficial alliances in complementary sectors.
Staying independent from politics
Okoya kept his industrial empire separate from political involvement throughout his six-decade business career. "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," he admits.
His choice to think over political entanglements let him concentrate fully on business growth. "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," Okoya emphasizes. This independence preserved his focus on manufacturing excellence in a country where business and politics often mix.
Unlike many Nigerian tycoons, Okoya took a different path: "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 original stage". This single-minded focus without doubt helped build an empire that has weathered economic storms for over half a century.
Conclusion
Chief Razaq Okoya's rise from a tailor's son to the creator of a manufacturing empire shows his exceptional vision, persistence, and strategic mindset. He turned a small business selling imported buttons and ribbons into one of West Africa's largest industrial groups over six decades.
His story reveals how manufacturing creates more wealth than extraction or imports. Many Nigerian billionaires built their fortunes through oil or telecommunications. Okoya took a different path by making products locally that Nigerians used to import. This strategy created jobs for thousands and strengthened Nigeria's industrial foundation.
Without doubt, his success stems from his focus on quality, affordability, and steady reinvestment. "You do not do business for the ego value," he often said, ensuring his products stayed available to everyday consumers. This customer-first approach helped make Eleganza products common in Nigerian homes.
There's another reason behind Okoya's success – he stayed away from political involvement. Though he maintained friendships with politicians, he kept business and politics separate. This allowed him to concentrate on growing his industries whatever the political climate.
Okoya never forgot his humble start despite his wealth and luxurious lifestyle. His charitable work through scholarships, healthcare support, and small business funding shows his steadfast dedication to solving Nigeria's basic challenges.
Okoya's billion-dollar empire means more than personal achievement. It proves that excellence in manufacturing combined with smart reinvestment and community participation can create lasting wealth even in uncertain times. His impact lives on through his business success and the many lives his industrial vision and giving nature have changed.
FAQs
Q1. Who is Chief Razaq Okoya and what is his estimated net worth in 2025?
Chief Razaq Okoya is a prominent Nigerian industrialist and founder of the Eleganza Group. His estimated net worth in 2025 is approximately $1.50 billion, making him one of Nigeria's wealthiest businessmen.
Q2. What is the main source of Chief Okoya's wealth?
The primary source of Chief Okoya's wealth is his manufacturing empire, Eleganza Group, which produces a wide range of household products, plastics, and furniture. He has also diversified into real estate through RAO Property Investment Company.
Q3. How did Chief Okoya start his business career?
Chief Okoya began his business career at age 17 by importing buttons and zippers from Japan. He later expanded into jewelry production and gradually built a manufacturing conglomerate producing various household items and consumer goods.
Q4. What philanthropic activities is Chief Okoya known for?
Chief Okoya is known for his scholarship programs, supporting undergraduates in Lagos State universities, donating to healthcare facilities, and providing weekly food assistance to thousands of people. He also supports artisans and small businesses through various initiatives.
Q5. What are some key business principles that contributed to Chief Okoya's success?
Chief Okoya's success is attributed to his commitment to quality, focus on affordability, consistent reinvestment of profits into the business, and hands-on management style. He also maintained independence from politics, allowing him to focus entirely on business growth.
