From a Tailor’s Son to a Billionaire – The Razaq Okoya Story

Few business figures in Nigeria have made an impact as lasting as Razaq Okoya. From humble beginnings, he built a manufacturing and real estate empire that has shaped Nigeria’s economy for over six decades. 

His company, Eleganza Group, remains a household name, producing essential goods that millions of Nigerians use daily. His journey is one of vision, determination, and hard work.

Early life and business beginnings

Razaq Okoya was born into a modest family. His father was a tailor who also sold accessories, and from a young age, Okoya helped in the business. This experience taught him the basics of trade and money management. He quickly realized that business was the key to success.

Determined to build his own path, he started saving money. With £20 ($24.8) from his earnings and an additional £50 ($62) from his mother, he began importing and trading goods from Japan. This decision set him on the path to wealth.

By 19, he had built his first house in Surulere, Lagos. His love for real estate grew, and by 21, he owned four houses. At 34, he took a bold step by buying four hectares of prime land in Ikoyi, an exclusive part of Lagos. By 40, he had built two high-rise buildings, proving that he was not just a businessman but also a visionary investor.

The birth of Eleganza Group

Okoya’s ability to see opportunities where others did not was key to his success. He noticed that expensive jewelry materials were available in Nigeria but were not being used locally. 

Seizing the chance, he traveled abroad, bought cutting machines, and started Eleganza Jewellery. The business took off quickly, and demand grew beyond expectations.

Another defining moment came when a business deal in Italy went wrong. After paying for a shipment of shoes, he discovered that the supplier had misused his money and failed to deliver. Instead of giving up, he decided to manufacture shoes himself. He imported shoe-making machines, hired experts, and started local production. This move laid the foundation for Eleganza Group, which became one of Nigeria’s largest manufacturers.

A household name in Nigeria

For many Nigerians, Eleganza products are part of daily life. The company manufactures plastic chairs, pens, travel luggage, cooling boxes, roofing sheets, and more. 

With a 35-hectare factory in Nigeria’s free trade zone, Eleganza continues to produce goods at a large scale.

Beyond manufacturing, Okoya also made a name in real estate. His RAO Property Investment Company has built many properties, including his luxurious Oluwanishola Estate along the Lekki-Ajah Expressway. The estate, which features modern amenities like central air-conditioning, marble floors, swimming pools, and tennis courts, reflects his success.

Impact and legacy

Okoya’s businesses employ over 5,000 Nigerians and support over 25,000 others. His journey from a tailor’s son to an industrial giant is a story of perseverance and smart decision-making. 

He once said, “I saw how well-dressed businessmen in Lagos looked compared to my schoolteachers. It was easy for me to choose business.”

His success has earned him respect at the highest levels, including from Nigeria’s President, Bola Tinubu. Okoya’s story proves that with discipline, patience, and determination, anyone can build a lasting legacy. His influence in manufacturing and real estate will continue to shape Nigeria’s economy for years to come.