Razaq Okoya, also known as Razaq Akanni Okoya who was born on January 12, 1940, is a celebrated Nigerian billionaire industrialist and the Aare of Lagos. He is best known as the founder of the Eleganza Group of Companies, a conglomerate with operations spanning Western Africa. His journey from humble beginnings as an apprentice tailor to becoming one of Nigeria’s most successful entrepreneurs is a testament to his vision and perseverance. Okoya’s life story serves as an inspiration to many, highlighting the potential for growth and success through hard work and strategic business acumen.
Profile Summary
| Full Name | Razaq Akanni Okoya |
| Date of Birth | January 12, 1940 |
| Place of Birth | Lagos, Nigeria |
| Nationality | Nigerian |
| State of Origin | Lagos State |
| Spouse | Kuburat Okoya, Shade Okoya |
| Children | Multiple, including Olamide, Subomi, Oyinlola, and Wahab with Shade Okoya |
| Occupations | Industrialist, Entrepreneur, Businessman |
| Net Worth | $1 billion |
Early Life and Education
Okoya was born in Lagos to Tiamiyu Ayinde and Alhaja Idiatu Okoya. His early life involved working in his father’s tailoring business, where he learned the basics of entrepreneurship and saved money.
At the age of 17, he started his own trading activities, marking the beginning of his entrepreneurial journey. He attended Ansar-Ud-Deen Primary School in Oke Popo, which marked the extent of his formal education.
Despite the lack of formal higher education, Okoya’s practical experience and business acumen have been instrumental in his success.
Career
Okoya’s career began with small-scale trading, which quickly expanded into manufacturing. He founded the Eleganza Group, which produces a wide range of products including jewelry, plastics, and household items.
His ventures also include real estate through RAO Property Investment Company, known for developments like the Oluwa Ni Shola Estate. Today, the Eleganza Group is one of Nigeria’s largest conglomerates, employing thousands of people and contributing significantly to the country’s industrial sector.
Okoya’s business strategy has been focused on diversification and innovation, allowing him to stay ahead in competitive markets. His leadership has been marked by a commitment to quality and customer satisfaction, which has helped build a strong brand reputation for Eleganza.
Personal Life
Okoya has been married multiple times, with his wives including Kuburat Okoya and Shade Okoya. Shade Okoya currently serves as the MD/CEO of Eleganza Group, playing a crucial role in the company’s operations and strategic direction. He has many children from his marriages, including Olamide, Subomi, Oyinlola, and Wahab with Shade Okoya.
Okoya is known for his philanthropic efforts, particularly in the area of education and healthcare. He has supported various charitable initiatives and has been recognized for his contributions to the community.
Razaq Okoya Net Worth
As of January 2025, Razaq Okoya’s net worth is estimated to be around $1 billion, reflecting the continued success of his Eleganza Group and other business endeavors. However, some reports still cite 2016 figure of over $650 million. The variation in these estimates stems from the private nature of his companies, which are not publicly traded, making it challenging to access precise financial information.
Awards and Recognitions
Here are some of the notable awards and recognitions received by Razaq Okoya, rephrased for clarity:
- Lifetime Achievement Award as Business Entrepreneur of Our Time: This prestigious honor was presented by former U.S. President Bill Clinton at an event organized by ThisDay Newspapers.
- Golden Award for Quality: The Nigerian Institute of Standards recognized Okoya’s commitment to quality with this esteemed award.
- Commander of the Order of Niger (CON): This national honor was conferred upon him by the Federal Government of Nigeria, acknowledging his significant contributions to the nation.
- Lifetime Achievement Awards: Both The Sun Newspaper and Daily Independent Newspaper have honored Okoya with lifetime achievement awards, celebrating his enduring impact on business and entrepreneurship.
- Otun-Aare Adinni Title: The Lagos Central Mosque bestowed this distinguished title upon him, reflecting his influence and respect within the community.
These accolades underscore Okoya’s remarkable achievements in business, philanthropy, and community leadership.
