Who Is Razaq Okoya? The Tailor’s Son Who Became a Billionaire
Early Life and Humble Beginnings
Razaq Okoya was born on the 12th of January 1940 in Lagos, South-West Nigeria. Tiamiyu Ayinde and Alhaja Idiatu Okoya are his parents. His primary education was at Ansar-Ud-Deen Primary School, Oke-Popo, Lagos.
Okoya described the observation that changed his life as the turning point in it. Reflecting on his early years, Okoya said:
“While in school, I noticed my teacher often dressed in worn-out, shabby clothes, while businessmen on Dosunmu Street, the commercial hub of Lagos at the time, were always well-dressed. It made it easy for me to choose the business path.”
Okoya’s first business was started with a combination of the capital his entrepreneurial spirit and his mother’s money. He mended shirts and trousers to save money, and when he had £20, he was introduced to the business of importing goods from Japan.
The Birth of a Business Empire
The products sold out almost immediately upon arrival, and the rapid turnover provided Okoya with the capital to expand.
By age 19, he had built his first house in Surulere. By 21, he owned four houses in the same district.
At 34, he made a bold move, acquiring four hectares of prime land in Ikoyi, one of Nigeria’s most exclusive neighbourhoods.
By 40, he had developed two high-rise buildings, cementing his reputation as a real estate mogul
Okoya’s Net Worth in 2026: The Estimates
The $1 Billion Estimate
The most commonly cited figure for Razaq Okoya’s net worth is $1 billion. This places him firmly among Nigeria’s elite billionaires and reflects the immense value of the Eleganza Group and his extensive real estate portfolio.
According to Intel Region, Okoya is worth $1 billion as of 2025. This figure has been widely reported across multiple Nigerian media outlets and remains the most referenced estimate for his wealth.
Summary Table: Okoya’s Net Worth Estimates
| Source | Net Worth (USD) | Net Worth (₦ at ₦1,390/$) |
| Intel Region (2025) | $1 billion | ₦1.39 trillion |
| Various Media Sources | $1 billion | ₦1.39 trillion |
Naira conversions are based on the August 2026 exchange rate of approximately ₦1,390 to 1 US Dollar.
Is Okoya a Billionaire?
Yes. All credible sources confirm that Razaq Okoya is a billionaire in dollar terms. At $1 billion, his net worth in naira is approximately ₦1.39 trillion at 2026 exchange rates, making him one of Nigeria’s wealthiest individuals.
The Eleganza Group: The Engine of Okoya’s Wealth
Manufacturing Empire
The Eleganza Group is the cornerstone of Okoya’s fortune. The conglomerate manufactures a wide range of household products, including:
- Plastics
- Jewelry
- Coolers
- Cutlery
- Electric fans
The group’s manufacturing operations are primarily based in Lagos, with facilities located across the state
RAO Property Investment Company
Beyond manufacturing, Okoya has built a significant real estate portfolio through RAO Property Investment Company. The firm has invested in prime properties across Lagos, including the stunning Oluwa Ni Sola Estate in Lekki, Lagos State.
Employment and Economic Impact
Okoya’s business empire is a major employer in Nigeria. His companies directly employ approximately 5,000 people nationwide and support the livelihoods of more than 25,000 others who sell Eleganza products.
Political Influence
Even Nigeria’s president, Bola Tinubu, has publicly acknowledged seeking Okoya’s financial support, a nod to his influence and success
Assets and Lifestyle
Mansions and Properties
Okoya owns multiple mansions across Lagos, including properties in the exclusive Lekki and Ikoyi areas. His Oluwa Ni Sola Estate in Lekki is one of the most prestigious residential developments in Lagos.
The Shade Okoya Closet Controversy
In 2025, a video tour of Okoya’s wife Shade’s closet went viral, reportedly worth “trillions of naira”.
The video showcased luxurious bags, shoes, perfumes, rings, necklaces, and watches. Shade Okoya serves as the Managing Director/CEO of the Eleganza Group
Social Clubs
Okoya is an active member of several prestigious social clubs in Lagos, including:
- The Metropolitan Club
- Yoruba Tennis Club
- The Island Club
His significant contributions to these clubs have been recognized with plaques erected in his honour within their premises.
Family
Okoya has 26 children with 9 women, according to a revelation made by his son Raheem Okoya in 2026. He married his current wife, Shade Okoya, in May 1999, when she was 21 and he was 59. Together, they have four children
Okoya’s Journey: Key Milestones
| Year | Age | Milestone |
| 1940 | – | Born in Lagos |
| 1959 | 19 | Built first house in Surulere |
| 1961 | 21 | Owned four houses in Surulere |
| 1974 | 34 | Acquired four hectares in Ikoyi |
| 1980 | 40 | Developed two high-rise buildings in Ikoyi |
| 1999 | 59 | Married Shade Okoya |
| 2026 | 86 | Estimated net worth: $1 billion |
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