Chief Razaq Okoya, CON, born on January 12, 1940, in Lagos, Nigeria, is a renowned billionaire industrialist and the Aare of Lagos, a prestigious Yoruba chieftaincy title. As the founder of the Eleganza Group of Companies, a leading manufacturing conglomerate in Nigeria, Okoya has built a formidable business empire from humble beginnings.
His journey from a tailor’s apprentice to one of Nigeria’s wealthiest individuals exemplifies resilience, entrepreneurial vision, and strategic innovation.
As of now, Chief Razaq Okoya has an estimated net worth of $1.5 billion, ranking him among the richest industrialists in Nigeria.
Profile
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Category |
Details |
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Full Name |
Razaq Akanni Okoya, CON |
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Date of Birth |
January 12, 1940 |
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Place of Birth |
Lagos, Nigeria |
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Education |
Ansar-Ud-Deen Primary School, Oke Popo, Lagos |
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Occupation |
Industrialist, Businessman, Founder of Eleganza Group, Aare of Lagos |
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Net Worth |
$1.5 billion |
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Business Ventures |
Eleganza Group (manufacturing plastics, furniture, cosmetics, etc.), RAO Property Investment Company (real estate), oil and gas, construction |
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Key Achievements |
Built Eleganza Industrial City, employs over 5,000 Nigerians, received Commander of the Order of the Niger (CON), Lifetime Achievement Award (ThisDay Newspapers), Golden Award for Quality (Nigerian Institute of Standards) |
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Marital Status |
Polygamist; married to Alhaja Kuburat Okoya, Dr. Folashade Okoya, and others |
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Children |
Includes Olamide, Subomi, Oyinlola, Wahab, Olori Moji Tejuosho, and others |
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Residence |
Oluwa Ni Shola Estate, Lekki-Ajah Expressway, Lagos |
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Lifestyle |
Luxurious; owns Rolls-Royce, Bentley, Mercedes-Benz; active in Lagos social clubs (Metropolitan Club, Yoruba Tennis Club, The Island Club) |
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Philanthropy |
Supports education and healthcare initiatives |
Razaq Okoya Biography
Razaq Okoya was born into a modest Yoruba family in Lagos, Nigeria, to Tiamiyu Ayinde Okoya, a tailor, and Alhaja Idiatu Okoya, a trader. His early exposure to business came through his father’s tailoring shop, where he learned the trade and commerce of tailoring accessories. Okoya’s formal education was limited to Ansar-Ud-Deen Primary School in Oke Popo, Lagos, which marked the extent of his academic journey. Despite this, his practical business acumen and determination propelled him to extraordinary success. At a young age, he displayed a keen entrepreneurial spirit, choosing business over other professions after observing the prosperity of traders compared to his teachers’ modest circumstances.
Okoya began his entrepreneurial journey at 17, saving £20 from mending clothes in his father’s shop. With an additional £50 loan from his mother, he started importing tailoring accessories from Japan, capitalizing on direct access to manufacturers. This venture laid the foundation for the Eleganza Group, which he founded in the 1970s. His ability to identify market gaps, such as producing affordable jewelry and household goods, transformed Eleganza into a household name across Nigeria and West Africa.
Razaq Okoya Career
Razaq Okoya’s career is defined by his establishment of the Eleganza Group, a conglomerate that manufactures a wide range of consumer goods, including plastics, furniture, cosmetics, jewelry, coolers, cutlery, and fans. The company’s success stems from Okoya’s commitment to local production and self-reliance, reducing Nigeria’s dependence on imports. His innovative approach began with the jewelry manufacturing arm, inspired by his first wife Kuburat’s love for expensive imported jewelry. By importing machinery and producing jewelry locally, he met high demand with affordable, quality products, marking a significant breakthrough.
Okoya expanded into shoe manufacturing after a failed deal in Italy, importing machines and training workers to produce shoes locally. The Eleganza Industrial City, a 35-hectare complex along the Lekki-Epe Expressway, is a testament to his vision for large-scale industrialization. The conglomerate employs over 5,000 Nigerians and supports the livelihoods of more than 25,000 others through its distribution network. Beyond manufacturing, Okoya’s RAO Property Investment Company has made significant investments in real estate, including luxury residential and commercial properties. His business ventures also extend to oil and gas and construction, further diversifying his portfolio.
Okoya’s contributions have earned him numerous accolades, including the Commander of the Order of the Niger (CON), the Lifetime Achievement Award from ThisDay Newspapers (presented by former U.S. President Bill Clinton), and the Golden Award for Quality from the Nigerian Institute of Standards. His advocacy for industrial zones across Nigeria’s 36 states reflects his commitment to economic development and job creation.
Razaq Okoya Earnings and Net Worth
As of now, Razaq Okoya’s net worth is estimated at $1.5 billion, making him one of Nigeria’s wealthiest industrialists. His wealth primarily derives from the Eleganza Group, which generates significant revenue through its manufacturing operations across West Africa. Additional income streams include RAO Property Investment Company, which manages high-value real estate assets, and investments in oil and gas and construction. In 2015, his net worth was reported at $650 million, indicating substantial growth over the decade due to strategic reinvestments and business expansion. As his companies are privately held, precise figures remain estimates, but his diversified portfolio ensures sustained financial success.
Razaq Okoya Personal Life
Razaq Okoya, a devout Muslim of Yoruba descent, is deeply rooted in traditional values while embracing modernity. He is a polygamist, a common practice in Nigerian culture, and has been married to several wives, including Alhaja Kuburat Olayinka Okoya, his senior wife of over 50 years, who mothered seven of his children, and Dr. Folashade (Shade) Okoya, his youngest wife and the CEO of Eleganza Group. Married to Shade in 1999, when she was 21 and he was 59, their 25-year marriage has produced four children: Olamide, Subomi, Oyinlola, and Wahab. Other wives include Ajoke, Yetunde, Jennifer, and Zainab Okoya. His children, including Olori Moji Tejuosho, are involved in various family businesses, ensuring the Okoya legacy endures.
Okoya is an active socialite, holding memberships in prestigious Lagos clubs such as the Metropolitan Club, Yoruba Tennis Club, and The Island Club, where he has made significant contributions. His philanthropy focuses on education and healthcare, with initiatives like establishing schools and healthcare facilities to uplift communities.
Razaq Okoya Lifestyle and Assets
Razaq Okoya’s lifestyle reflects a blend of opulence and tradition. His primary residence, the Oluwa Ni Shola Estate along the Lekki-Ajah Expressway, is a luxurious masterpiece featuring uninterrupted power and water supply, marble floors, central air-conditioning, a sauna, lush gardens, a billiard room, a tennis court, swimming pools, and expensive sculptures. Often described as an “expatriates estate” due to its high number of foreign residents, it symbolizes his wealth and vision for grandeur. Okoya’s car collection includes luxury brands like Rolls-Royce, Bentley, and Mercedes-Benz, reflecting his taste for elegance.
His 85th birthday celebration in January 2025 was a lavish event attended by dignitaries like Aliko Dangote, former President Olusegun Obasanjo, Tony Elumelu, and Lagos State Governor Babajide Sanwo-Olu, highlighting his societal influence. Despite his wealth, Okoya remains grounded, emphasizing hard work and humility, values instilled from his early days in his father’s tailoring shop.
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FAQs
What is Razaq Okoya’s net worth in 2025?
Razaq Okoya’s net worth is estimated at $1.5 billion as of 2025, primarily from his Eleganza Group and real estate ventures.
What was Razaq Okoya’s net worth in 2024?
In 2024, his net worth was estimated at approximately $1.3 billion.
What was Razaq Okoya’s net worth in 2023?
In 2023, his estimated net worth was around $1.1 billion.
What was Razaq Okoya’s net worth in 2022?
In 2022, his net worth was valued at roughly $1 billion.
What was Razaq Okoya’s net worth in 2021?
In 2021, he had an estimated net worth of about $900 million.
What businesses does Razaq Okoya own?
He is the founder of the Eleganza Group, a manufacturing conglomerate producing household goods, and RAO Property Investment Company, focusing on real estate. He also has interests in oil and gas and construction.
Who are Razaq Okoya’s wives and children?
Okoya is married to multiple wives, including Alhaja Kuburat Okoya (over 50 years) and Dr. Shade Okoya (since 1999). He has many children, including Olamide, Subomi, Oyinlola, Wahab, and Olori Moji Tejuosho.
Where does Razaq Okoya live?
He resides in the Oluwa Ni Shola Estate, a luxurious property along the Lekki-Ajah Expressway in Lagos, known for its high-end amenities.
What awards has Razaq Okoya received?
He has received the Commander of the Order of the Niger (CON), the Lifetime Achievement Award from ThisDay Newspapers, and the Golden Award for Quality from the Nigerian Institute of Standards.
