Okoya at 85: A legacy of business, religion, philanthropy

One man that has traversed the Nigerian business landscape is Chief (Dr.) Rasaki Akanni Okoya. The founder of Eleganza conglomerate is one of those few men that can be truly said to be larger than life figures. Whether the focus is on the field of enterprise, religion, education or philanthropy, Okoya, who will be 85 on Sunday, January 12, has come full circle. JOSEPHINE AMAOLE captures the life of this quintessential Nigerian.

If the name sounds strange to you, it means you aren’t familiar with the economic landscape of Nigeria, where he has been a major player for over six decades. Alhaji Rasaki Akanni Okoya, the face behind the Eleganza conglomerate looms larger than life in the field of business. Though age has slowed him down, the Oluwaninsola landlord’s business acumen has continued to dominate among the business titan in Nigeria and beyond.

“Honesty, focus, determination, self-belief, and passion for what you do are key ingredients to being successful and wealthy,” he says, brimming with style.
A man with a Midas touch whose breakthrough in business came at the age of 19, he built a house in Surulere and by the age of 21, he could boast of four houses in Surulere. And at 34, he had acquired a property on Ikoyi Crescent; four hectares of land in the heart of Ikoyi. By the time he clocked 40, two high-rise buildings had been added to his name.

“When I started out, I guarded my resources jealously because I believed as an industrialist, the money might come in volume and once you are determined to put the money back into that business and you don’t waste it, you will see the result,” Okoya confesses. “I have been busy all my life with business, construction, trading to the extent that I didn’t have time for social life at the initial stage. And to have sustained all this over the last six decades is by commitment, hard work and the grace of God. I believe success isn’t elusive to those who dare.”

Just like an old wine, which tastes better with age, Eleganza, as a company, keeps evolving, moving with the vision of its founder. His Eleganza Group is one of the biggest homegrown conglomerates in Nigeria, today, with over six factories. He started manufacturing coolers in 1978 at a factory in Oregun, Ikeja, Lagos State. From then he has moved on to building other factories in Lagos; his latest being the icing on the cake is the sprawling production plant, Eleganza Industrial City Limited, which is situated on a 30-hectare land at Ibeju-Lekki.

This industrial complex is a fulfilment to the vision of a man whose passion for enterprise has continued to grow. In the newly-built plant, all household items are produced under the same roof. Some of these products such as coolers, chairs and tables, hair threads, diapers, lady sanitary, pet preform and cap, re-useable cups and plastic shoes, luggage boxes etc, have become household names in Nigeria and neighboring African markets. The standard and quality of these products are not compromised.

The poster boy of entrepreneurship in Nigeria, Okoya’s enterprising spirit could well crown him the king of entrepreneurs and industrialists in Nigeria. He has patiently followed a beaten path. For those who know, the Eleganza Empire is like a utopia many Nigerians who want to live in the moment. Okoya has lived in that real-world he created decades back.

Beyond being an industrialist, the business mogul is also into property development. His legacy on the real estate sector is conspicuous, as many of the landmark buildings on both sides of the 80-kilometre Lekki-Epe Expressway are adorned with Eleganza Properties, providing choice property and accommodation for the middle and higher classes of the Nigerian society while also providing employment opportunities for artisans, engineers, architects and others skilled and unskilled workers across the estates: No doubts, the crowning efforts in his foray into property development is the jaw dropping Oluwanisola Estate.

Born on January 12, 1940 to Tiamiyu Ayinde and Alhaja Idiatu Okoya, in Lagos, the billionaire industrialist, who founded the Eleganza Group of Companies, which has a market share that extends across the West African sub-region, attended Ansar-Ud-Deen Primary School, Oke Popo, Lagos.

From such humble beginning in the heart of Lagos Island (Epetedo area), he soon made it clear that his heart was set on becoming a businessman. His story, today, is one that will never be forgotten in a hurry in this part of the world. Having displayed sharp business acumen and drive to achieve great success, the young Okoya had started his own business at age 14.

His story has been told several times of how he started his conglomerate with 70 pounds, which his mother granted him and his decision to invest in importation of tailoring materials such as ribbons, zip fasteners and buttons under the trade name, Okoya Buttons Stores, paid off. By the time, he was 17 years old; he had become a source of inspiration even to those who were older than him and has not looked back since.

Speaking on what it means to be 85, Okoya says, “all my life, at 85 years, has been spent in the industries I built. I derive my happiness on production lines, which I have found to be very interesting, it keeps me busy and fulfilled all the time, and I continuously pray for Nigeria every minute to be an industrialised country.”

He continues, “my prayer is to enjoy good health, long life and leave the legacy of my industry behind as I want Eleganza to outlive me and continue with my philosophy of philanthropy.”

At 85, he may have slowed down, he is still on top of his game in business as Eleganza products have continued to dominate and resonate among the past, present and the future generations. Thanks to the vision of a man who remains committed to his calling.

He is further strengthened by his youngest wife, Shade. “In a few years time, I may quit or slow down. Luckily, I have a younger wife, Shade, who is interested and committed to this dream as well. She is always in the factory from 7:00am to 7:00pm. I have worked throughout my life. It’s time to relax,” he confesses.

An enigma, the Aare of Lagos inhabits a world that shimmers in style as an industrialist and a philanthropist. With him, the world of business is the ultimate. Politics is no-no to him. He has kept it at bay following what has become divine for him.

“As I always say, a good carpenter cannot sew clothes. I am a good industrialist. God has helped me thus far. Although some politicians are my good friends, I don’t know much about politics,” he admits, adding: “I am doing God’s will where he has positioned me. I am too busy with my factory to think about dabbling into politics. It has never crossed my mind.”

For the industrialist, who looks at issues from entrepreneurial and industrial perspective, he canvasses holistic policies that will empower the young ones.
Dwelling on his personal view during visits to other climes, the 85-year-old magnate stated that government should provide small scale equipment and machinery for small scale production lines and sell it to the youths who have acquired the skills and graduated from the training school of their specialised area on the basis of loans with low-interest rates.

“I have always preached and prayed that every state of all 36 states including FCT in Nigeria would have an industrial zone in the outskirt of the cities with residential accommodation to ameliorate the life of citizens. This would stop the movements of our youths migrating from rural areas to urban cities,” he says.

In the world of philanthropy, Alhaji Razak Okoya is an uncommon philanthropist. Among moves that exemplify this more than anything is his move to single–handedly endow the Ekiti State University (formerly University of Ado–Ekiti, UNAD) with the building that accommodates the entire Faculty of Business Administration on the campus. In recognition of his business acumen and his large-heartedness, he was conferred with the Honorary Doctorate degree of the institution.

He also sponsored the building of the Library inside the Island Club premises along with scholarship schemes for indigent students in various institutions of higher learning across Nigeria.

Okoya is equally a religious man per excellence. His devotion to his religion is further gingered by ensuring that no fewer than 12 Islamic devotees (staff, relations), are sent to Makkah on the yearly pilgrimage.

The committed religious man was honoured with the title of Otun-Aare Adinni by the Lagos Central Mosque. He has also built a large mosque in his private residential compound at the Oluwanisola Estate where hundreds of the Muslim faithful from all over Lagos come together to worship Allah every Friday and he shares food and gifts after the service each week.

Okoya, a man who has adopted excellence as his hallmark throughout his life, was conferred with the Nigeria National Award of Commander of the Order of Niger, CON. He was bestowed with the Life Time Achievement Awards by Sun Newspaper in 2016 and Daily Independent Newspapers in 2017 respectively.

As an astute business man, he is also a committed family man. You can say he is a homely man. Despite his wealth, you’ll find him attending to his wives, children and grand-children discussing vital issues pertaining to the good and development of Eleganza Group of Companies as well as family matters. The foremost industrialist is Aare of Lagos, Bobajiro of Oke–Ona Egbaland and Aare Babalaje of Ajiran land.