Here is comprehensive Razaq Okoya biography.
Chief Razak Akanni Okoya, often referred to as a quintessential Nigerian industrialist, was born on January 12, 1940, in Lagos, Nigeria. Popularly recognized for his entrepreneurial brilliance, he is the founder and chairman of the Eleganza Group, a conglomerate renowned for producing a wide range of household items.
Chief Okoya is also the chairman of RAO Property Investment Company. Over the decades, he has cemented his position as a pivotal figure in Nigeria’s industrial landscape, showcasing his exceptional ability to identify and capitalize on opportunities.
Despite having limited formal education, his success story exemplifies resilience, vision, and an unwavering commitment to self-development. Known fondly as “The Aare of Lagos,” his life’s journey continues to inspire many aspiring entrepreneurs worldwide.
Razaq Okoya Biography Overview
| Attribute | Details |
|---|---|
| Full Name | Razak Akanni Okoya |
| Date of Birth | January 12, 1940 |
| Place of Birth | Lagos, Nigeria |
| Occupation | Industrialist, Chairman of Eleganza Group and RAO Property Investment Company |
| Spouses | Alhaja Kuburat Okoya, Dr. Shade Okoya, among others |
| Children | Tayo Okoya, Jubril Okoya, Aminat Okoya, Subomi Okoya, Wahab Okoya, Olamide Okoya, Oyinlola Okoya, among others |
| Parents | Tiamiyu Ayinde Okoya and Idiatu Okoya |
| Notable Titles | Aare of Lagos |
| Website | Eleganza Group |
Early Life of Razaq Okoya
Born into the humble household of Tiamiyu Ayinde and Idiatu Okoya, Chief Razak Okoya’s formative years in Lagos were instrumental in shaping his entrepreneurial journey. He attended Ansar-Un-Deen Primary School in Oke Popo, which marked the extent of his formal education.
However, his practical education began much earlier, working in his father’s tailoring business. This early exposure allowed him to understand the intricacies of running a business, from sourcing materials to customer relations.
Despite the limited opportunities available to him due to his educational background, Chief Okoya’s resourcefulness stood out. With a modest loan of £50 from his mother and his personal savings of £20, he began importing goods from Japan.
His early ventures included the sale of jewelry and tailoring accessories. Observing the high demand for imported goods, he envisioned a future where locally manufactured products could compete favorably, both in quality and affordability.
This vision would eventually give birth to the Eleganza Group.
As of January 14, 2025, Chief Razak Okoya is 85 years old. Despite his advanced age, he remains a prominent figure in Nigeria’s business landscape. On January 12, 2025, he celebrated his 85th birthday in grand style.
The event was attended by numerous dignitaries, including Governor Ademola Adeleke and Afrobeat star Davido, who performed to honor the occasion.
This milestone celebration further underscored his legacy as a celebrated Nigerian icon.
Razaq Okoya Personal Life
Chief Okoya’s personal life reflects his traditional Yoruba roots and his embrace of modernity.
He has been married to multiple wives and is a proud father to many children. His senior wife, Alhaja Kuburat Olayinka Okoya, has been by his side for over five decades.
Known for her calm demeanor, she played a critical role in supporting her husband’s early business endeavors.
In contrast, his youngest wife, Dr. Shade Okoya, epitomizes the blend of tradition and modernity. Shade, who holds a doctorate, is actively involved in the management of Eleganza Group. Together, they have four children: Olamide, Subomi, Oyinlola, and Wahab.
Chief Okoya’s family is united by their shared commitment to sustaining his business legacy, with many of his children playing active roles in the family enterprises.
Razaq Okoya Business Ventures
Chief Okoya’s business empire began with Eleganza Jewelry, which was inspired by his observation of the high cost of imported jewelry.
Determined to offer affordable alternatives, he acquired machinery from overseas and started local production.
This venture was a resounding success, paving the way for the establishment of Eleganza Industries, a conglomerate that now produces a diverse range of household goods.
Under the Eleganza Group’s umbrella, Chief Okoya has expanded into various industries, including plastics, furniture, and real estate. Eleganza’s product portfolio includes cutlery, food warmers, ice chests, electric fans, cosmetics, and ballpoint pens.
The company’s manufacturing plants in Oregun-Ikeja, Isolo, Alaba, and Iganmu employ over 5,000 workers, making it one of Nigeria’s largest employers of labor. Eleganza products are not only popular in Nigeria but also in other West African countries.
In addition to manufacturing, Chief Okoya has made significant investments in real estate through RAO Property Investment Company.
His properties, including the luxurious “Oluwa ni shola” estate along the Lekki-Ajah Expressway, are a testament to his success and vision.
Razaq Okoya Net Worth
While exact figures are not publicly available, Chief Okoya is widely regarded as one of Nigeria’s wealthiest individuals.
His business empire, spanning manufacturing and real estate, generates substantial revenue annually. The “Oluwa ni shola” estate, renowned for its opulence, symbolizes his financial achievements.
The estate features world-class amenities, including uninterrupted power supply, marble floors, lush gardens, swimming pools, and central air-conditioning, reflecting the luxury associated with his brand.
Recent Developments
In January 2025, two of Chief Okoya’s sons, Subomi and Wahab, were involved in a controversy over the abuse of the Nigerian naira, as captured in a viral video.
The incident led to an invitation by the Economic and Financial Crimes Commission (EFCC) for questioning. Despite this, Chief Okoya’s reputation as a business icon remains intact.
Frequently Asked Questions
What inspired Chief Razak Okoya to venture into manufacturing?
Chief Okoya’s foray into manufacturing was inspired by his observation of the high cost of imported goods. He believed that Nigeria had the potential to produce these items locally at a more affordable price.
His determination to offer quality and cost-effective alternatives led to the establishment of Eleganza Industries.
How did Chief Okoya’s early life shape his career?
Growing up in Lagos and working in his father’s tailoring business exposed Chief Okoya to the fundamentals of trade and entrepreneurship.
This early experience, combined with his limited formal education, instilled in him a strong work ethic and the confidence to pursue his business dreams.
What is the significance of the “Oluwa ni shola” estate?
The “Oluwa ni shola” estate, meaning “The Lord creates wealth,” is a symbol of Chief Okoya’s success.
Located along the Lekki-Ajah Expressway, the estate is a luxurious haven featuring state-of-the-art facilities. It reflects his journey from humble beginnings to becoming one of Nigeria’s most successful entrepreneurs.
Has Chief Okoya received any notable recognitions?
Yes, Chief Okoya has been recognized for his contributions to industry and philanthropy. He holds the prestigious title of Aare of Lagos and continues to inspire future generations of entrepreneurs.
