The Truth About Razaq Okoya Net Worth: A Self-Made Success Story
Razaq Okoya's story reads like the business equivalent of lightning in a bottle. His current net worth of $1.5 billion in 2025 places him among Nigeria's most formidable industrialists—yet his journey began with just £20 scraped together from mending clothes in his father's cramped Lagos tailoring shop.
The numbers alone tell a remarkable tale of wealth creation. From $900 million in 2022 to $1.3 billion in 2024, Okoya's fortune has grown steadily even as global markets faced unprecedented turbulence. His Eleganza Group now employs over five thousand people across more than six factories nationwide, creating an industrial footprint that rivals multinational corporations.
What makes Okoya's success particularly striking isn't just the scale—it's the foundation. His formal education stopped at Ansar-un-deen Primary School in Lagos Island, yet his business instincts have built an empire spanning manufacturing, real estate, and oil exploration.
Today, while private jets, Bentleys, and Rolls Royces sit in his garage, the principles that drove his first venture at age 19 remain unchanged.
Classical Yoruba songs have celebrated his achievements since the 1970s—a testament to how his rise from tailor's son to billionaire industrialist has captured Nigeria's imagination. But behind the folklore lies a methodical approach to business building that offers lessons for anyone seeking to understand wealth creation in emerging markets.
The real question isn't whether Okoya is wealthy. It's how he's managed to sustain and grow that wealth across decades of economic uncertainty.
Pinning Down Okoya's True Net Worth: Why the Numbers Don't Add Up
Measuring Razaq Okoya's exact wealth isn't as straightforward as it might seem. Current estimates swing wildly from ₦180-200 billion (USD 150-165 million) to as high as USD 1.3 billion—a gap that reveals more about the challenges of wealth measurement than it does about Okoya himself.
The 2024 wealth picture
Financial analysts place Okoya's 2024 fortune at around USD 1.3 billion, with his automobile assembly plant anchoring much of that valuation. Other assessments point to the Okoya family's collective worth approaching USD 1 billion, driven primarily by Eleganza Group's operations and their sprawling investment portfolio.
More conservative voices in the analysis community suggest his personal wealth sits between ₦180-200 billion (USD 150-165 million). These figures account for his diversified holdings across manufacturing, real estate development, and strategic investments built over decades of calculated risk-taking.
The variance isn't just academic—it reflects genuine uncertainty about how to value a business empire built outside traditional financial structures.
Why verification proves nearly impossible
Okoya's wealth defies easy calculation for one fundamental reason: opacity. His business empire operates entirely through privately-held companies, creating what financial experts describe as an assessment nightmare. "His net worth cannot be confirmed since his companies are not listed on the Stock Exchange", making traditional valuation methods essentially useless.
His diversification strategy across manufacturing, real estate, oil and gas, and construction further complicates matters. Each sector follows different valuation standards, and without public financial disclosures, analysts must rely on incomplete information and industry estimates.
Consider his vast real estate portfolio through RAO Property Investment Company. While these properties generate substantial rental income and appreciate over time, accurate assessment requires insider knowledge of occupancy rates, actual revenue figures, and market conditions—information that remains closely guarded.
The Forbes gap: International versus local perspectives
Here's where things get interesting. Forbes hasn't consistently included Okoya in their billionaire rankings, while Nigerian sources routinely cite him as worth USD 1 billion. This isn't just a difference of opinion—it's a clash of measurement philosophies.
Local estimates factor in Eleganza Group's reported contribution of "nearly 13% of GDP to the Nigerian economy"—a staggering economic footprint that suggests massive underlying value. Nigerian business publications emphasize his tangible assets: "the largest shopping mall in Nigeria, an automobile assembly plant, an oil exploration company, and various real estate developments".
International wealth trackers typically apply more conservative methodologies, particularly when dealing with privately-held companies in developing economies. They might discount valuations that local analysts see as realistic, creating a gap that reflects different approaches to risk assessment and market valuation rather than actual wealth differences.
This disparity highlights a broader challenge: How do you accurately value business empires with significant influence in developing economies where market conditions differ substantially from Western financial standards?
The £20 gamble that built a billion-dollar empire
Okoya's wealth creation story didn't start in boardrooms or business schools. It began with a 19-year-old watching his father's customers, learning what they needed, and figuring out how to give it to them more efficiently.
When formal education ends, real education begins
Born in 1940 to a modest Lagos family, Okoya's classroom was his father's tailoring shop. His formal schooling stopped at Ansar-un-deen Primary School in Lagos Island, but his business education was just getting started.
While his contemporaries pursued higher education, Okoya chose a different path. He spent countless hours observing customers, understanding their needs, and recognizing patterns in demand. These weren't theoretical case studies—they were real people with real problems that needed solving.
The tailoring shop taught him something no textbook could: the fundamentals of supply and demand, customer service, and quality control. More importantly, it showed him that successful businesses start with understanding what people actually want, not what you think they should want.
The £20 that changed everything
At 19, Okoya made his first calculated risk. Armed with £20 saved from repairing shirts and trousers, he launched what would become his business empire. That £20 represented every penny he owned—and his entire bet on himself.
His strategy was simple but effective. Instead of trying to reinvent the wheel, he identified products that were essential but poorly served: buttons, threads, and zippers. Local tailors needed these supplies constantly, but availability was inconsistent and prices fluctuated wildly.
Okoya positioned himself as the reliable supplier Lagos tailors could count on. Consistent stock, fair pricing, and dependable service. Nothing glamorous, but everything his customers needed.
The approach worked because it solved a real problem. While competitors chased higher margins on luxury items, Okoya built his foundation on products people couldn't do without.
The Japan connection that eliminated the middleman
Success with basic supplies revealed a bigger opportunity. Most tailoring materials in Nigeria were imported, creating layers of middlemen who drove up costs and reduced reliability. Okoya saw a chance to cut out the intermediaries entirely.
His solution was bold for the early 1960s: travel directly to Japan and establish relationships with manufacturers. While few Nigerian entrepreneurs ventured overseas for business, Okoya recognized that direct sourcing would give him better prices, higher quality, and more control over his supply chain.
The Japan strategy transformed his business model. Instead of being another local retailer competing on margins, he became an importer with exclusive access to international markets. Better products at better prices—a competitive advantage his rivals couldn't match.
This pivot from retailer to importer established the core principles that would guide his later success: identify market inefficiencies, eliminate unnecessary intermediaries, and provide quality at accessible prices.
The teenage entrepreneur who started with £20 had discovered something powerful: the path to wealth wasn't just about working harder—it was about working smarter.
Building the Eleganza Empire: From Jewelry Frustration to Manufacturing Dominance
The Eleganza Group represents more than just Okoya's primary revenue source—it's the physical manifestation of how market frustration can spark industrial innovation. As one of Nigeria's largest conglomerates, this manufacturing powerhouse employs approximately 5,000 people nationwide and serves as the foundation for understanding how wealth scales beyond individual success.
Jewelry jealousy becomes business opportunity
Okoya launched Eleganza in 1978, but the idea sparked years earlier during a moment of personal frustration. His first wife's preference for expensive imported jewelry presented him with a choice: continue paying premium prices or solve the problem systematically. He chose disruption over acceptance.
The market analysis was straightforward. Raw materials for jewelry production were abundant in Nigeria at significantly lower costs than finished imports. Instead of complaining about pricing, Okoya traveled abroad to purchase manufacturing equipment and brought in experts to train local workers.
Eleganza jewelry quickly gained market traction due to its combination of affordability and quality—demand consistently outpaced supply.
This success provided capital and confidence for his next expansion. When footwear manufacturing beckoned, Okoya initially contracted overseas factories to produce shoes for Nigerian import. An Italian factory's misuse of his payment could have ended the venture.
Instead, it accelerated his commitment to local production. He imported shoe manufacturing equipment and experts, establishing another vertical within his growing industrial complex.
Strategic expansion into household essentials
Product diversification at Eleganza wasn't random—it followed consumer behavior patterns and manufacturing synergies.
The company systematically expanded beyond jewelry and footwear into household necessities that Nigerian families purchased regularly:
- Furniture (plastic chairs, tables, school furniture)
- Coolers and food warmers
- Luggage in various designs
- Baby diapers and ladies' sanitary products
- Plastic shoes and slippers
- Hair vinyl thread
- Pet caps and preform bottles
The strategy culminated in Eleganza Industrial City Limited—a 35-hectare manufacturing complex in Ibeju-Lekki, Lagos. This integrated facility houses all production operations, eliminating transportation costs between facilities while maximizing operational efficiency. The scale demonstrates Okoya's long-term vision for industrial consolidation.
Shade Okoya's operational leadership transforms daily execution
Twenty years of learning the business has positioned Folashade Okoya as more than a successor—she's become the operational engine driving Eleganza's current performance. As Managing Director of Eleganza Industrial City Ltd, her typical 12-hour workdays (7 am to 7 pm) reflect the hands-on leadership style that built the original company.
Her impact shows in the numbers. Under Shade's management, Eleganza has produced over 300,000 cartons of flagship products in single months and exceeded monthly production targets by over 100% for five consecutive years. These aren't just efficiency gains—they represent systematic operational improvements that compound over time.
Market expansion opportunities have emerged from her initiative. "Right now, I'm proud that our chair manufacturing line is the biggest product in the group. This was my idea and baby", she explains. This product line success has positioned Eleganza to explore export markets, creating new revenue streams that extend beyond Nigeria's borders.
Razaq Okoya's succession planning reflects confidence in this operational transition: "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".
The combination of his strategic vision and her operational execution has created a manufacturing operation positioned for sustained growth across West Africa.
Real estate: The strategic pillar of Okoya's wealth machine
Property investment wasn't an afterthought for Okoya—it was a calculated business move that saved his empire during Nigeria's manufacturing downturn. When industrial challenges threatened his workforce, he made a decisive pivot that would prove as lucrative as his original manufacturing success.
RAO Property Investment Company
"At one period in Nigeria, industrialization was becoming very frustrating; so, we diversified into property investment on large scale just to keep all the staff in employment". This strategic pivot through RAO Property Investment Company demonstrates Okoya's ability to identify opportunity amid crisis.
The timing was brilliant. While competitors struggled with manufacturing constraints, Okoya built a property investment firm that generated consistent returns regardless of industrial volatility. This diversification move protected his workforce while creating an entirely new revenue stream that now contributes substantially to his overall wealth.
From Surulere to Lekki: Building a property empire
Okoya's real estate strategy shows the methodical approach of someone who understands asset accumulation. By age 21, he already owned four houses in Surulere—a smart move that positioned him in Lagos's growing middle-class neighborhood.
The progression tells the story: at 34, he secured four hectares of prime Ikoyi land, and by 40, he'd developed two high-rise buildings.
His crown jewel remains the "Oluwa ni shola" estate on Lekki/Ajah Expressway. This isn't just luxury for luxury's sake—it's a statement property that signals serious wealth. Uninterrupted power and water supply, marble floors, central air-conditioning, sauna, gardens, billiard room, tennis court, swimming pools, and expensive sculptures create what residents describe as an "expatriates estate".
Passive income that works while he sleeps
Smart money doesn't just buy properties—it buys income-generating assets. Okoya's portfolio includes "rental properties and dividend-paying stocks", creating multiple streams of passive income that flow regardless of his active business involvement.
This approach exemplifies strategic wealth building. While his manufacturing businesses require active management, his real estate holdings generate consistent rental revenue across Lagos. Combined with his oil exploration and automobile assembly operations, these properties form a diversified asset base designed for both growth and stability.
The result? A wealth machine that operates across multiple sectors, protecting against downturns while capitalizing on Nigeria's property appreciation.
Okoya's wealth preservation playbook: Three principles that built lasting fortune
Building a billion-dollar empire is one challenge. Protecting it is another entirely. Okoya's approach to wealth preservation reveals a systematic methodology that goes beyond typical business diversification—it's a philosophy rooted in pragmatic decision-making and disciplined capital allocation.
The portfolio approach: Spreading strategic bets
Okoya's investment philosophy rests on a fundamental principle: never let a single industry determine your fate. When manufacturing pressures mounted, he made a calculated pivot. "At one period in Nigeria, industrialization was becoming very frustrating; so, we diversified into property investment on large scale just to keep all the staff in employment".
This wasn't panic—it was strategic reallocation. The move accomplished dual objectives: preserving jobs while building a secondary revenue stream that would prove equally lucrative.
His successful return to manufacturing "back bigger and better" with the new Eleganza Industrial City demonstrated the power of temporary pivots when market conditions shift.
Today, his asset portfolio spans manufacturing, real estate, oil exploration, and construction. Each sector operates independently, yet collectively they create a defensive moat against economic volatility. When one industry faces headwinds, others maintain momentum.
Capital discipline: The reinvestment advantage
Okoya's wealth protection hinges on a deceptively simple principle: spend on assets, not luxuries. Throughout his career, he has "guarded resources jealously" as an industrialist, operating under the conviction that "once you are determined to put the money back into that business and you don't waste it, you will see the result".
This disciplined approach creates a compounding effect. Rather than extracting profits for personal consumption, he consistently channels earnings back into business expansion. The strategy has enabled him to weather multiple economic downturns while competitors struggled with cash flow challenges.
The reinvestment model also provides operational flexibility. When opportunities arise—whether acquiring distressed assets or expanding into new markets—he has the capital reserves to move quickly without external financing.
Political neutrality: Staying focused on fundamentals
While many wealthy Nigerians seek political influence, Okoya deliberately maintains distance from government involvement. "I am a good industrialist. God has helped me thus far… I am too busy with my factory to think about dabbling into politics. It has never crossed my mind," he stated emphatically.
This focus serves as both risk mitigation and competitive advantage. Political entanglements can create unpredictable liabilities—regulatory backlash, policy shifts, or association with controversial figures. Staying clear of political machinery allows him to concentrate resources on what he knows best: building and operating businesses.
The approach also preserves management bandwidth. Political activities demand significant time and attention that Okoya directs toward operational excellence and strategic planning. This singular focus has enabled him to spot market opportunities that politically distracted competitors might miss.
What Okoya's success means for wealth builders
Razaq Okoya's $1.5 billion fortune isn't just another wealth story—it's a blueprint for understanding how business empires get built and sustained in emerging markets. While estimates of his exact net worth vary dramatically, from conservative figures around $150 million to the full $1.5 billion, the consistency of his wealth-building approach remains undisputed.
The Eleganza Group stands as more than just a manufacturing success. It represents what happens when an entrepreneur identifies market gaps, eliminates intermediaries, and builds systematic approaches to business growth.
Under Shade Okoya's leadership, the company continues expanding into export markets, ensuring the enterprise outlasts its founder's direct involvement.
What sets Okoya apart isn't just his ability to create wealth—it's his discipline in protecting it. His diversification across manufacturing, real estate, and oil exploration has shielded his fortune from sector-specific downturns.
More importantly, his decision to avoid political entanglements has allowed him to focus entirely on business fundamentals while his contemporaries got distracted by power plays.
The man who started with £20 from his father's tailoring shop now owns the magnificent "Oluwa ni shola" estate, complete with private jets and luxury cars. Yet his greatest achievement lies in creating an industrial ecosystem that employs thousands and contributes meaningfully to Nigeria's economy.
For aspiring entrepreneurs, Okoya's journey offers practical lessons: start with clear market needs, reinvest profits systematically, diversify methodically, and maintain unwavering focus on business fundamentals. His story proves that formal education, while valuable, isn't a prerequisite for extraordinary business success.
The tailor's son who became a billionaire industrialist continues to inspire not through folklore, but through the enduring principles that built his empire. Those principles remain as relevant today as they were when he first identified the gap in Nigeria's tailoring supply chain five decades ago.
FAQs
Q1. How did Razaq Okoya build his business empire?
Razaq Okoya started with just £20 saved from repairing clothes in his father's shop. He began by selling tailoring materials, then expanded into importing from Japan.
He founded Eleganza Group in 1978, starting with jewelry and footwear production before diversifying into various household goods and manufacturing. He also invested heavily in real estate, creating multiple income streams.
Q2. What is the estimated net worth of Razaq Okoya?
Estimates of Razaq Okoya's net worth vary widely. Some sources place his fortune at around $1.3 billion in 2024, while others suggest a more conservative estimate between $150-165 million. The exact figure is difficult to verify due to his businesses being privately held.
Q3. How many people does Eleganza Group employ?
The Eleganza Group, Okoya's primary business venture, employs approximately 5,000 people across Nigeria. This significant workforce contributes to the company's status as one of the largest indigenous manufacturers of household products in the country.
Q4. What role does Shade Okoya play in the Eleganza Group?
Shade Okoya, Razaq's youngest wife, serves as the Managing Director of Eleganza Industrial City Ltd. She effectively runs the day-to-day operations of the company, working long hours and implementing significant innovations. Under her leadership, the company has achieved remarkable production milestones and explored new market opportunities.
Q5. How has Razaq Okoya protected and grown his wealth over time?
Okoya has employed several strategies to protect and grow his wealth. These include diversifying across multiple industries such as manufacturing, real estate, and oil exploration; maintaining a conservative financial approach by reinvesting profits into his businesses; and deliberately avoiding involvement in politics to focus solely on his business ventures.