Here is comprehensive Razaq Okoya biography.
Chief Razaq Akanni Okoya, widely referred to as “Baba Eleganza,” is a legendary Nigerian industrialist, philanthropist, and the founder of the Eleganza Group of Companies.
Born on January 12, 1940, in Lagos, Nigeria, Chief Okoya rose from modest beginnings as the son of a tailor to become one of the most influential manufacturers in West Africa. His empire spans multiple industries, and his contributions to the Nigerian economy are monumental.
Known for his keen business acumen, simple lifestyle, and strong belief in local production, Okoya’s life story serves as a blueprint for self-made success.
Over the decades, he has inspired a generation of entrepreneurs and remains a prominent figure in Nigeria’s industrial and social landscape.
Razaq Okoya Biography Summary
| Attribute | Details |
|---|---|
| Full Name | Razaq Akanni Okoya |
| Nickname | Baba Eleganza |
| Date of Birth | January 12, 1940 |
| Place of Birth | Lagos Island, Lagos State, Nigeria |
| Nationality | Nigerian |
| Occupation | Industrialist, Businessman |
| Known For | Founder and Chairman of Eleganza Group |
| Spouses | Alhaja Kuburat Okoya, Dr. Folashade Noimot Okoya |
| Children | Tayo, Jubril, Aminat, Subomi, Wahab, Olamide, Oyinlola |
| Net Worth | Estimated over $500 million (as of 2024) |
| Residence | Oluwa Ni Shola Estate, Lekki-Ajah Expressway, Lagos |
Early Life and Education of Razaq Okoya
Chief Okoya was born into a humble Muslim family in Lagos Island. His father, Tiamiyu Ayinde Okoya, was a respected tailor, and his mother, Alhaja Idiatu Okoya, was a trader. From an early age, Razaq was exposed to the realities of hard work and enterprise.
Despite his natural intelligence and curiosity, financial constraints limited his formal education to primary school at Ansar-un-Deen School in Oke-Popo, Lagos.
Though he didn’t attend secondary school, Okoya developed critical business skills by observing his father’s tailoring business. He also took a keen interest in importing and selling consumer goods.
He saved £20 while working as an apprentice tailor and, with a £50 loan from his supportive mother, began importing small accessories such as buttons, zippers, and tailoring kits from Japan. This venture marked the beginning of his journey as a trader and industrialist.
Razaq Okoya Career and Business Empire
Razaq Okoya’s professional journey gained momentum in the early 1960s when he transitioned from importation to manufacturing. Realizing the power of local production and its potential to reduce dependency on foreign goods, he established the Eleganza Group.
The group started with small household products—plastic chairs, hair combs, and coolers—but gradually expanded its reach. Today, the Eleganza Group manufactures items such as:
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Travel luggage
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Aluminum pots and pans
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Toothbrushes
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Detergents
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Furniture
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School stationery
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Bottled water
The company’s biggest facility, the Eleganza Industrial City, spans over 35 hectares in Ibeju-Lekki and employs more than 5,000 Nigerians. His philosophy is simple: “If it can be made locally, why import it?” This belief has influenced the group’s operational focus on domestic manufacturing.
He also diversified into real estate through RAO Property Investment Company. His crown jewel in this sector is the Oluwa Ni Shola Estate, an opulent estate that includes his private residence—a multi-winged mansion equipped with modern architecture and luxury features.
Razaq Okoya Personal Life
Chief Okoya has led a vibrant personal life. He was first married to Alhaja Kuburat Okoya. He later married Dr. Folashade Noimot Okoya, a trained sociologist and businesswoman, who currently serves as the Managing Director of the Eleganza Group.
Folashade, who holds a degree in Sociology from the University of Lagos and a diploma in Banking and Finance from Lagos State Polytechnic, met Chief Okoya at the age of 21. Their union has produced four children: Olamide, Subomi, Wahab, and Oyinlola. He also has children from previous relationships, including Tayo, Jubril, and Aminat.
Despite his wealth, Chief Okoya maintains a down-to-earth demeanor and prefers a private lifestyle focused on family and business.
Razaq Okoya Net Worth and Recognition
Chief Okoya’s net worth is conservatively estimated at over $500 million. His wealth is primarily derived from manufacturing, real estate, and smart reinvestment strategies.
Over the years, he has received several honors, including:
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Commander of the Order of Niger (CON)
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Lifetime Achievement Award by the Nigerian Government
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Business Leadership Awards from numerous trade associations
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Special commendation from former U.S. President Bill Clinton during a leadership summit
Razaq Okoya Philanthropy and Influence
Apart from creating employment opportunities for thousands of Nigerians, Chief Okoya has quietly supported causes related to education, healthcare, and community development. He has funded scholarships, donated hospital equipment, and supported vocational training programs.
As he approaches his late 80s, his focus is on industrial advocacy—encouraging younger entrepreneurs to embrace local manufacturing and reduce Nigeria’s overreliance on imports.
Latest News (2024-2025)
In February 2025, Chief Okoya was honored at the Lagos Industrial Roundtable for his enduring legacy in manufacturing. During the event, he reiterated his belief in “Made in Nigeria” products and called on the government to reduce bureaucracy around industrial land allocation.
Dr. Folashade Okoya also received recognition in March 2025 for women’s leadership in Africa, praising her role in transforming Eleganza into a modern brand.
Frequently Asked Questions
What inspired Razaq Okoya to start his business?
Chief Okoya was inspired by his father’s tailoring business and the need to solve local problems. He noticed the high cost and long wait times involved in importing tailoring items and believed he could provide those products locally. This mindset drove him into trading and later into manufacturing, where he believed in building solutions by Nigerians for Nigerians.
How many companies does Eleganza Group have today?
The Eleganza Group currently operates over 10 major product lines across manufacturing and real estate. These include Eleganza Plastic Industries, Eleganza Bottled Water, Eleganza Industrial City, and RAO Properties, among others. Each business functions semi-independently but operates under the group’s vision of local empowerment and industrial growth.
Who will inherit Eleganza Group?
While Chief Okoya has not made any public statement about succession, his wife, Dr. Folashade Okoya, already serves as Managing Director. Several of his children, especially those with business or industrial training, are reportedly being groomed to take on leadership roles in the future.
Where is Chief Razaq Okoya now?
As of 2025, Chief Okoya resides in his luxurious estate in Lekki, Lagos, where he manages his businesses and meets with policy leaders. Though he rarely makes media appearances, he occasionally grants interviews to encourage industrial reforms and youth entrepreneurship.
