Chief Razaq Okoya's wealth stands at ₦180-200 billion (about $150-165 million USD) in 2025. The sort of thing I love about this Nigerian industrialist's story is his remarkable path to success.

Razaq Akanni Okoya, who founded and owns Eleganza Group, has built a business empire throughout Western Africa. His family's collective worth of $800 million (₦1 trillion) puts them among Nigeria's top 10 wealthiest families. The Aare of Lagos has turned his industrial ventures into household names and created jobs for thousands of Nigerians.

This piece takes you through Okoya's wealth-building strategies, from his humble beginnings to his current success. The Eleganza Group's reputation for affordable quality products has spread to every corner of Nigeria. The Okoya family's business interests now include luxury real estate properties in Lagos and other major cities. His story includes a stunning ₦10 billion Lekki residence and an enviable car collection that showcase his success.

Okoya Net Worth in 2025: The Latest Update

Razaq Okoya stands tall as one of Nigeria's most enduring business titans in 2025. Financial assessments show his wealth has grown substantially in the last decade, cementing the Eleganza Group founder's status among the country's elite.

Current estimated net worth in Naira and Dollars

Chief Razaq Okoya's fortune sits between ₦180 billion and ₦200 billion, which translates to roughly USD 150-165 million. The actual numbers remain debatable. Some industry experts put his worth close to USD 900 million, while others estimate it at USD 1 billion.

None of Okoya's businesses are listed on any stock exchange, which makes exact valuations tough. Financial experts base their calculations on estimates of his business holdings, real estate portfolios, and other investments.

Comparison with previous years

Okoya's financial journey shows remarkable growth. His net worth reached USD 650 million in 2015. Today's valuations point to either steady growth or some wealth fluctuations through the decade.

These changes stem from several factors:

  • Currency fluctuations affecting the Naira-to-Dollar conversion
  • Expansion of his manufacturing operations
  • Strategic investments in the Nigerian real estate market
  • Overall economic conditions in Nigeria during this period

Main sources of income in 2025

Okoya builds his wealth through multiple channels. Manufacturing and real estate are the foundations of his business empire.

The Eleganza Group remains his crown jewel, boosting both his personal fortune and Nigeria's economy. His manufacturing sector adds nearly 13% to Nigeria's GDP. The consumer goods giant has transformed into "an industrial city known for production of everything in the household". They make furniture, plastics, and household items that have become trusted brands across Nigeria and nearby African countries.

His RAO Property investment firm stands as another major wealth generator. Okoya's strategic land purchases and development projects have gained substantial value over time.

His business footprint is impressive. He employs about 5,000 people nationwide. His manufacturing empire now includes more than 10 factories. Their products have become household names in Nigeria and neighboring African markets.

Okoya's success comes from his ability to spot and meet specific market needs in Nigeria. He built local manufacturing capabilities instead of relying on imports to produce affordable quality goods. This business insight and long-term vision have placed the Okoya family among Nigeria's ten wealthiest families.

The Early Life That Shaped Razaq Okoya

Razaq Okoya's rise from a tailor's son to a billionaire industrialist started in the streets of Lagos in 1940. His early experiences shaped his business sense and entrepreneurial spirit that would build his fortune.

Family background and upbringing

Razaq Akanni Okoya was born to Tiamiyu Ayinde and Alhaja Idiatu Okoya on January 12, 1940, in Lagos. The family lived simply in Lagos Island's Epetedo area. His parents taught him the value of hard work and never giving up.

He studied at Ansar-Ud-Deen Primary School in Oke Popo, Lagos. His formal education ended after primary school when he was 17. What he missed in classroom learning, he made up through hands-on experience and raw business talent.

First exposure to business

Young Razaq learned about trade through his father's tailoring business. Tiamiyu Ayinde wasn't just a tailor – he sold clothing accessories too. This mix of making products and selling related items later shaped Okoya's own business approach.

The young boy spent his after-school time in his father's shop. He ran errands, got supplies, and learned to fix clothes. The shop made custom clothing, bicycle seat covers, and various accessories. These daily activities taught him about trade and sparked his love for business.

His father's achievements left a strong mark on young Razaq. "My father was a very good tailor with a brand new car, a Chrysler for that matter, five houses and a lot of apprentices, which could be an inspiration for a young man," he later remembered. Seeing success through business shaped his future deeply.

Lessons from his father's tailoring shop

Okoya weighed his options carefully before choosing his path. Law and teaching caught his eye, but business won him over after some eye-opening observations about society:

  • His teacher wore "worn out and often shabby clothes" while businessmen on Dosunmu Street (Lagos' business center) dressed well
  • He met wealthy businessmen like Chief Louis Odumegwu Ojukwu (father of Chief Emeka Odumegwu-Ojukwu) when he went with his father to Ikoyi
  • The richest people in his community owned businesses

These observations led to his vital decision – business would be his future. He saved every penny he earned from his father's shop.

His savings grew to £20 (USD 24.80 then), and his mother added £50 (USD 62.00). This small amount became his starter money to import goods from Japan, marking his first step into business.

At just 14, Okoya launched his own venture. He started importing tailoring supplies like ribbons, zip fasteners, and buttons under the name "Okoya Buttons Stores". This small business would grow into today's massive Eleganza empire.

Inside the Eleganza Empire: Okoya’s Business Holdings

Razaq Okoya's impressive business empire rests on the life-blood of the Eleganza Group, which represents decades of growth in many industries. His fortune of ₦180-200 billion comes from a network of businesses that have reshaped Nigeria's manufacturing scene.

Overview of Eleganza Group

The Eleganza Group started in 1966 with just £70 (about $86 at the time). The company first imported buttons and small accessories, but Okoya soon saw an opportunity to make these goods in Nigeria instead of importing them.

The company has grown into a huge conglomerate based in Lagos. What started as a small import business has become what Okoya calls "an industrial city known for production of everything in the household." His decision to switch from imports to local manufacturing proved to be brilliant.

Eleganza makes quality products that average Nigerians can afford. This simple idea turned into a soaring win that made Eleganza a household name in Western Africa. The company's focus on local production has created thousands of jobs and reduced Nigeria's need for imported goods.

Key subsidiaries and industries

Eleganza's business spans many industries that have built Okoya's wealth:

  • Eleganza Fashion Products Ltd: Makes shoes, bags, and fashion accessories
  • Eleganza Plastics Industries: Creates household plastic items from chairs to food containers
  • Eleganza Pharmaceuticals: Produces medical supplies and simple pharmaceutical products
  • Eleganza Cutlery Industries: Makes affordable cutlery and kitchenware

Okoya has grown beyond these main businesses into furniture making, electronics, and cosmetics. He spots imported products that people want and builds factories to make similar items at lower costs.

Real estate ventures under RAO Property

RAO Property Investment Company adds another dimension to Okoya's wealth. The company has become a key player in Nigeria's booming real estate market, especially in Lagos where property values keep rising.

The company owns large plots of prime land throughout Lagos, including beachfront properties and commercial buildings. RAO Properties builds luxury homes and rents out commercial spaces for steady income.

This move into real estate helps protect Okoya's wealth and creates growth opportunities. Real estate investments shield him from manufacturing market changes while taking advantage of Nigeria's growing cities and housing needs.

Manufacturing dominance in Nigeria

Eleganza's true strength lies in its manufacturing scale. The company runs over 10 factories across Nigeria and employs about 5,000 people. These plants make everything from plastic chairs and containers to cutlery, cosmetics, and writing tools.

Okoya controls many parts of the supply chain, from getting raw materials to distribution. This approach helps maximize profits while keeping prices low for customers.

His success in manufacturing earned him the position of first President of the Nigerian Manufacturers Association. His factories show how local production can beat imported goods in Nigeria. Okoya's steadfast dedication to making quality products at affordable prices drives Eleganza's success and adds to his growing wealth.

Secret Business Moves That Built His Fortune

Razaq Okoya turned a small trading operation into a manufacturing powerhouse through brilliant business strategies. His wealth-building approach focused on long-term sustainability instead of quick profits.

Reinvesting profits into flexible ventures

Okoya's financial discipline became the foundation of his business empire. "Honesty, focus, determination, self-belief and passion for what you do are the keys to success. When I started, I guarded my resources jealously and reinvested in my business. That is why Eleganza continues to thrive," he explained. This philosophy helped him build his first house in Surulere at 19 years old. He owned four more properties by age 21.

Targeting underserved markets

Okoya's business genius showed in his ability to spot gaps in the Nigerian market. He discovered that metals used in expensive jewelry were abundant and affordable in Nigeria. This led him to travel abroad to buy cutting machines and launch Eleganza Jewelry. His disappointment with Italian shoe manufacturers pushed him to import machinery and hire experts who trained local workers to establish local production.

Building a vertically integrated supply chain

Okoya created a complete production ecosystem instead of relying on external suppliers. His vertical integration approach let him control multiple supply chain stages, which led to better quality control and higher profit margins.

The Eleganza Industrial City in Ibeju-Lekki shows this strategy at work. The facility houses production units for furniture, cooling boxes, luggage, diapers, shoes, and many other products under one roof.

Strategic land acquisitions

Real estate's potential for building wealth caught Okoya's attention early. He acquired four hectares of prime land on Ikoyi Crescent by age 34. By 40, he had built two high-rise buildings. His RAO Property Investment Company now owns major properties along the 80-kilometer Lekki-Epe Expressway.

Low-cost, high-volume product strategy

Okoya became skilled at producing affordable goods at scale. He brought in manufacturing equipment and trained local workers to cut production costs while maintaining quality. This made Eleganza products available to millions of Nigerians. The massive sales volume made up for lower per-unit profits.

Luxury, Legacy, and Lifestyle

Razaq Okoya's estimated ₦180-200 billion fortune has enabled him to live an extraordinarily luxurious lifestyle while building a lasting legacy through his philanthropic work.

Okoya's Lekki mansion and other properties

The crown jewel of Okoya's property portfolio stands as his magnificent "Oluwa ni shola" (The Lord creates wealth) estate along the Lekki Expressway. This stunning residence boasts uninterrupted power and water supply, marble floors, central air-conditioning, and a sauna.

Lush gardens surround the property, which features a billiard room, tennis court, and multiple swimming pools decorated with expensive sculptures. Many people know this landmark as the "House of Gold," and it has become so iconic that music videos have been filmed there.

His luxury car collection

The automotive enthusiast in Okoya shines through his remarkable collection of high-end vehicles, each sporting customized plate numbers. These luxury cars reflect not just his wealth but his deep appreciation for fine craftsmanship.

Family involvement in business

Shade, Okoya's younger wife, has become a vital part of the company's operations and works dedicated hours from 7 am to 7 pm. The couple actively prepares their children to take over the family empire, which will help preserve the Eleganza legacy for generations to come.

Philanthropy and community impact

Okoya's charitable work has touched many lives through education and healthcare initiatives. His contributions include funding an entire faculty building for Business Administration at Ekiti State University. The businessman runs scholarship programs that help underprivileged students pursue their education at Nigerian universities.

Conclusion

Razaq Okoya's experience from a tailor's son to a manufacturing titan with a ₦180-200 billion fortune shows what vision, reinvestment, and market adaptation can do. His 60-year old career shows exceptional business sense. He spotted gaps in the Nigerian market and created local solutions that worked.

His revolutionary approach to vertical integration changed everything. He took control of the entire process – from raw materials to distribution channels. His focus stayed on making affordable products for regular people. This strategy built his wealth and created thousands of jobs. It also reduced Nigeria's need to import goods.

On top of that, he saw real estate's potential early on. His smart land purchases along the Lekki-Epe corridor grew in value by a lot over time. This showed his keen eye for preserving wealth.

Okoya became skilled at vital business principles that even MBA graduates find hard to use, despite his limited schooling. He chose to put profits back into the business instead of spending on luxury in his early years. This choice built strong foundations for steady growth.

Then, the Okoya legacy grew way beyond personal wealth. His business empire now adds nearly 13% to Nigeria's GDP. His charitable work changes lives through education and healthcare projects. His family's active role in the Eleganza Group will give this positive effect lasting power for generations.

Without doubt, Razaq Okoya is more than just another rich businessman – he's evidence of what local entrepreneurship can achieve in Nigeria. His life shows that with determination, market knowledge, and careful execution, anyone can reach great heights even with modest starts and limited resources. He ended up building his wealth by doing something simple yet powerful – delivering good, affordable products that everyday Nigerians need.

FAQs

Q1. What is Razaq Okoya's estimated net worth in 2025?

According to recent financial assessments, Razaq Okoya's net worth is estimated to be between ₦180 billion and ₦200 billion (approximately $150-165 million USD) as of 2025.

Q2. How did Razaq Okoya build his fortune?

Okoya built his fortune through strategic business moves, including reinvesting profits, targeting underserved markets, building a vertically integrated supply chain, making strategic land acquisitions, and implementing a low-cost, high-volume product strategy.

Q3. What are the main sources of Okoya's income?

Okoya's main income sources are his manufacturing conglomerate, the Eleganza Group, which produces a wide range of household goods, and his real estate ventures under RAO Property Investment Company.

Q4. How many employees does Okoya's business empire have?

Okoya's business empire employs approximately 5,000 people across Nigeria in various industries, including manufacturing and real estate.

Q5. What is unique about Okoya's business approach?

Okoya's unique approach involves identifying gaps in the Nigerian market, creating local manufacturing capabilities to produce affordable quality goods, and maintaining a vertically integrated supply chain to maximize efficiency and profits.