5 Lessons to Learn from Billionaire Rasaq Okoya

Razaq Okoya is a highly influential businessman from Nigeria. Born in Lagos in January 1940, he is a billionaire and holds the title of Aare of Lagos.

He runs the Eleganza Group of Companies, a large business network that operates across Western Africa. Okoya’s journey in business is quite remarkable and serves as an inspiration.

One of the reasons Razaq Okoya started his business was his ambition to own property.

Although many company founders and CEOs often have degrees or MBAs, Okoya shows that determination, hard work, and initiative are also key to achieving success in business without such formal qualifications.

Here are 5 lessons to learn from Rasaq Okoya

Start Small and Dream Big

Okoya started his business journey with a small amount of money he saved from working as a tailor in his father’s shop.

He spent many hours after school learning the craft, running errands, and helping his father with tasks like getting supplies and repairing clothes.

They created custom clothing, bicycle seat covers, and other accessories for sale. This apprenticeship made Razaq Okoya skilled in tailoring before he even finished primary school.

While many assumed Okoya became a tailor because his father was one, he later explained in an interview that he chose this path after careful thought.

He had considered other careers like law or teaching, but he wanted to be wealthy. He observed his surroundings and noticed that many of the richest people were businessmen.

Seeing his teacher often in worn and shabby clothes, compared to the well-dressed businessmen in Dosunmu Street, the business centre of Lagos at the time, influenced his decision.

“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.

Despite starting small, he had big dreams and eventually expanded his ventures into areas like jewellery and property investments.

Leverage Opportunities

Razaq Okoya enhanced his business by going directly to manufacturers instead of using middlemen, which allowed him to sell higher-quality products at competitive prices.

He found a catalogue from a Japanese manufacturer that produced tailoring materials like buttons, ribbons, and zippers and decided to order directly from them.

He needed an additional £50 to the £20 he already had, so with his father’s approval, his mother lent him the money without interest.

He placed the order, and the products sold out quickly after they arrived because traders quickly recognized their superior quality compared to what was already available in the market.

This strategic decision not only gave Razaq Okoya an advantage over his competitors but also significantly boosted his profit margins.

Innovate and Diversify

Okoya decided to venture into jewellery manufacturing after noticing a market opportunity influenced by his wife’s interest in jewellery.

His first wife, Kuburat Okoya, like many women, had a keen interest in jewellery and often spent a significant amount on it.

Recognizing the high demand for jewellery and contemplating a shift toward manufacturing, Okoya saw potential in using locally available raw materials in Nigeria to produce jewellery.

During a trip abroad, he took the opportunity to import jewelry manufacturing machines and experts to start production.

This initiative allowed him to manufacture jewelry at very low costs, leading to the establishment of the Jewelry Manufacturing Arm of the Eleganza Group.

This strategic move capitalized on the existing market demand and expanded his business empire further.

Real Estate Investment

Okoya recognized the value in real estate and invested in properties, which provided him with a steady income and strengthened his financial base.

One of his early motivations for entering business was his desire to be a landlord. He noted that most successful businesspeople also owned property, contrasting sharply with the professionals in suits who typically rented their homes.

This ambition stayed with Razaq Okoya, and as soon as he had enough money, he invested in real estate. By the age of 34, he had acquired four hectares of land in Ikoyi Crescent.

By the age of 40, he owned two high-rise buildings. Later, he established the RAO Property Investment Company to further pursue his real estate goals.

Okoya, who appreciates well-built homes, saw this venture as an opportunity to provide quality housing for others.

His company developed and manages the Oluwa Ni Shola Estate on the Lekki-Ajah Expressway, which is notably popular among expatriates.

Value of Hard Work Over Formal Education

Despite his limited formal education, Razaq Okoya stresses the significance of hard work and practical experience over academic credentials.

In an interview, when asked about his views on formal education given his own success with just a primary education, he responded, “I have nothing against education.

But sometimes, education can give people a false sense of confidence. It can make people rely too much on their academic qualifications rather than focusing on working hard.

I always knew I wanted to be rich, and I understood that it would require a lot of hard work.”

This perspective highlights his belief that ambition and diligence are crucial to achieving success, possibly more so than academic achievements alone.