Chief Razaq Akanni Okoya's remarkable journey to wealth started with just £20 in savings. Born January 12, 1940, he transformed himself from a simple tailor into a billionaire industrialist who now serves as the Aare of Lagos. His entrepreneurial story began with money he saved by fixing shirts and trousers in his father's shop, despite having only a primary school education.
Life wasn't easy for Razaq Okoya in his early days of poverty. His fortunes changed when he became the only local supplier of various items. His business empire now includes real estate ventures and provides jobs to about 5,000 people.
His growing influence in Lagos earned him a prestigious chieftaincy title. The family's wealth continues to expand through successful ventures like Eleganza Industrial City.
This sprawling complex houses manufacturing units that produce plastic chairs, coolers, and household items. This piece reveals how a primary school graduate built an impressive fortune worthy of Forbes mentions and created a lasting legacy in Nigerian business.
Okoya Net Worth in 2025: The Numbers and What They Mean
Chief Razaq Okoya's financial standing in 2025 shows some interesting differences in wealth estimates. The numbers paint a picture of exceptional business skills that have made him one of Nigeria's top industrialists.
Estimated net worth and sources of wealth
Chief Okoya's net worth in 2025 varies depending on who you ask. Reliable reports show he's reached billionaire status with USD 1.00 billion. Some other estimates put his wealth between ₦180 billion – ₦200 billion (around USD 150.00 million – USD 165.00 million).
These different numbers show how hard it is to get the full picture of private business empires, especially since "his net worth cannot be confirmed as his companies are not listed on the Stock Exchange". His wealth comes from Eleganza Group's manufacturing and his big real estate portfolio under RAO Property Investment Company.
Breakdown: Eleganza Okoya net worth vs RAO Property
We don't have exact numbers showing how his wealth splits between his businesses. The Eleganza Group remains the life-blood of Okoya's fortune. This manufacturing giant adds nearly 13% to Nigeria's GDP, which shows its huge economic effect.
His RAO Property Investment Company owns many luxury properties, mostly in Lagos, making up another big chunk of his assets.
How Okoya's net worth compares to other Nigerian billionaires
Okoya's wealth is nowhere near that of Nigeria's richest man, Aliko Dangote, who's worth USD 23.90 billion in 2025. He also ranks below Femi Otedola with USD 1.50 billion. All the same, the Okoya family stays among Nigeria's ten wealthiest families, with about USD 800.00 million.
Mentions in Forbes and other wealth rankings
The 2025 Forbes Africa Billionaires list doesn't feature Okoya, though it lists 22 African billionaires worth over USD 105.00 billion together. He shows up in other wealth rankings though.
His wealth grew from USD 650.00 million in 2015 to today's estimates, showing steady growth in his business empire. Right now, South Africa and Nigeria lead Africa's billionaire count with seven and four billionaires respectively.
From Tailor’s Apprentice to Entrepreneur
Chief Razaq Akanni Okoya's trip to building his impressive net worth started in the modest surroundings of Lagos, Nigeria. Born on January 12, 1940, Okoya showed his entrepreneurial spirit early, long before anyone could picture the future Eleganza empire.
Early life and family background
A modest family raised Okoya, who completed only primary education before economic realities pushed him to learn a trade. His path to success didn't come from advanced degrees or family connections like many wealthy peers. Instead, practical experience and determination shaped his business sense.
Learning the trade in his father's shop
Young Okoya started as an apprentice in his father's tailoring business. His early exposure to craftsmanship became a great way to get experience. He quickly became skilled at repairing shirts and trousers and built a reputation for quality and reliability.
The experience taught him about customer needs and business operations—lessons that would later propel his entrepreneurial vision.
First business venture with £20 savings
Okoya's net worth empire had remarkably small beginnings. Hard work and simple living helped him save £20 from his father's shop earnings. This small amount became seed money for his first independent business. He invested in trading small items that customers needed but couldn't find locally, spotting a significant market gap.
Support from his mother and first import from Japan
Okoya's mother became his biggest supporter when he looked beyond local trading. Her encouragement helped him take a bold step to import goods from Japan—a country that manufactured affordable consumer products.
This strategic move changed his business direction completely. Direct imports of previously unavailable or expensive items in Nigeria made him a valuable supplier in the local market.
The Rise of Eleganza Group and Business Empire
Chief Okoya built his wealth from a single factory in 1978. His business empire has grown into one of Africa's most successful indigenous manufacturing groups over the decades.
Founding and growth of Eleganza Industries
Eleganza Industries began with a small factory that made coolers in Oregun, Ikeja, Lagos. Chief Okoya's manufacturing dream quickly caught on, and the company grew to include more than six factories across Nigeria. The brand earned people's trust by delivering quality products that met local needs.
Expansion into plastics, furniture, and household goods
Eleganza developed its manufacturing capabilities and now makes products of all types:
- Household essentials: Coolers, chairs, tables, and food warmers
- Personal items: Hair threads, diapers, sanitary products
- Home goods: Plastic shoes, luggage boxes, reusable cups
This mix of products helped build Eleganza Okoya's net worth. The company's new home, Eleganza Industrial City Limited, sits on over 30 hectares in Ibeju-Lekki, Lagos. Having all production under one roof has made operations more efficient.
RAO Property and real estate investments
Chief Okoya's business interests go beyond manufacturing. His RAO Property Investment Company owns many prime properties along the 80-kilometer Lekki-Epe Expressway. This real estate venture offers premium homes to middle and upper-class Nigerians, creating another major income stream.
Role of Dr. Shade Okoya in the business
Dr. Folashade Okoya leads the Eleganza Group as Managing Director/CEO. The company has reached new heights under her watch, producing over 300,000 cartons of flagship products each month. Her management style has cut production waste from 2.5% to less than 0.5%.
Employment impact and industrial city vision
Eleganza provides jobs to 3,000-5,000 Nigerians today. Chief Okoya plans to build industrial zones in all 36 Nigerian states. This expansion would create jobs and help reduce the flow of people from rural areas to cities.
Family, Lifestyle, and Public Image
The Okoya family demonstrates their billionaire status through their lavish lifestyle and public presence, which extends well beyond their business empire.
Overview of Okoya family net worth
The Okoyas remain one of Nigeria's ten wealthiest families. Chief Razaq Okoya has distributed key responsibilities among family members. His youngest wife Sade leads the Eleganza manufacturing business, while his children manage various parts of the company empire.
Oluwa Ni Shola estate and luxury lifestyle
The family's magnificent home "Oluwa ni shola" (The Lord creates wealth) stands proudly in Lekki, Lagos. This spectacular estate features uninterrupted power and water supply, marble floors, and central air-conditioning.
Luxury amenities include a sauna, lush gardens, a billiard room, tennis court, and multiple swimming pools. The family generates additional income by renting part of this vast property to expatriates.
Public controversies with his sons
Nationwide outrage erupted in January 2025 when videos went viral showing Okoya's sons Subomi (Siraheem) and Wahab spraying naira notes while a police officer held cash bundles.
The EFCC called both sons to answer questions about naira abuse violations. The family dined with President Bola Tinubu at Aso Rock during this controversy.
Social media influence and generational transformation
The Okoya lifestyle has captured public attention through social media. Raheem gained viral fame by showcasing Burberry designer items and yacht experiences. Wahab gave interviews that displayed their father's vintage Rolls Royces, the mansion's elevator, bowling alley, and his mother's multi-million dollar walk-in closet.
Conclusion
Chief Razaq Akanni Okoya started with just £20 in savings as a humble tailor and became a Nigerian billionaire. His incredible rise shows what vision, persistence, and business sense can achieve. The Eleganza Group, which is the life-blood of his wealth, has boosted Nigeria's economy and created jobs for thousands nationwide.
Okoya saw big opportunities in the market despite his basic education. He started by importing goods, then moved into local manufacturing. This helped him build a business empire that serves consumer needs throughout Nigeria.
His smart move into real estate through RAO Property made his financial position even stronger. This created multiple income streams that help during tough economic times.
The Okoya family plays a key role in running the business. His wife, Dr. Shade Okoya, leads as CEO and has brought modern changes that improved how things work. Other family members hold important positions across the business group.
Their success shows in their luxurious "Oluwa ni shola" estate lifestyle. Yet recent issues about his sons on social media prove how hard it can be to keep a good public image.
Okoya might not be as wealthy as Aliko Dangote or Femi Otedola. But his story teaches us something more valuable – your start in life doesn't limit how far you can go.
This primary school graduate learned to fix shirts in his father's shop and went on to create thousands of jobs and a manufacturing empire. Chief Okoya's true legacy goes beyond money. It includes what he did for Nigerian industry and shows what local entrepreneurs can achieve.
FAQs
Q1. Who is currently considered the wealthiest family in Nigeria?
As of 2025, the Dangote family, led by Aliko Dangote, is widely regarded as the wealthiest family in Nigeria. Their conglomerate, Dangote Group, is the largest in West Africa with extensive operations across the continent.
Q2. How many wives does Chief Razaq Okoya have?
Chief Razaq Okoya has multiple wives. His senior wife, Alhaja Kuburat Olayinka Okoya, has been married to him for over 50 years. His youngest wife is Dr. Shade Okoya, who also serves as the CEO of Eleganza Group.
Q3. What is Chief Razaq Okoya's estimated net worth?
Estimates of Chief Okoya's net worth vary. Some sources place it at around USD 1 billion, while others estimate it between ₦180 billion to ₦200 billion (approximately USD 150-165 million). The exact figure is difficult to confirm as his companies are not publicly listed.
Q4. How did Chief Okoya start his business empire?
Chief Okoya began his entrepreneurial journey with just £20 in savings from working in his father's tailoring shop. He started by importing goods from Japan and gradually built his business, eventually founding Eleganza Industries in 1978.
Q5. What are the main sources of Chief Okoya's wealth?
Chief Okoya's wealth primarily comes from two main sources: the Eleganza Group, a manufacturing conglomerate producing various household and personal items, and RAO Property Investment Company, which manages a substantial portfolio of luxury real estate properties, particularly in Lagos.
