Okoya Net Worth 2025: The Real Story Behind His Billion Dollar Empire

Razaq Okoya's net worth ranges from ₦180 billion to ₦200 billion (approximately $150-165 million USD) in 2025. His rise represents a quintessential Nigerian success story that inspires entrepreneurs throughout Africa.

The Eleganza Group of Companies founder has created one of West Africa's largest manufacturing empires. His business provides affordable quality products to millions of Nigerians and employs over 5,000 people in factories across the region. Okoya's net worth trends demonstrate his business expertise and consistent growth over the years.

His wealth extends beyond mere numbers into substantial assets. Okoya's portfolio features some of the world's finest vehicles and a magnificent ₦10 billion estate in Lekki, Lagos. This piece explores the compelling story behind this business titan's path to billions.

Okoya Net Worth in 2025: The Official Estimate

Razaq Okoya's financial status has captured the attention of both business analysts and entrepreneurs. His estimated net worth in 2025 shows some interesting variations across different financial reports.

Breakdown in Naira and USD

The 2025 estimates of Okoya's wealth paint an intriguing picture. A reliable source values his fortune at USD 1.50 billion, placing him among Nigeria's top industrialists. Another report suggests a lower figure between ₦180 billion to ₦200 billion (USD 150.00 million to USD 165.00 million). A third assessment puts his worth at USD 1.00 billion.

The Okoya family controls assets worth USD 800.00 million (about ₦1 trillion). This impressive figure secures their position among Nigeria's top 10 wealthiest families.

How his wealth is calculated

Two major business interests form the core of Okoya's billion-dollar empire. The Eleganza Group of Companies, his manufacturing conglomerate, produces household items and consumer goods. This business contributes 13% to Nigeria's GDP, which shows its massive economic impact.

RAO Property Investment Company manages his extensive real estate portfolio and represents the second pillar of his wealth. The family has built strategic collaborations through luxury properties in Lagos and other major Nigerian cities.

His wealth calculation also takes into account his vast land holdings and other investments that help maintain the family's strong financial position. The scale of his business operations, with over five thousand direct employees across industries, serves as the foundation of his wealth.

Comparison with previous years (e.g., Razaq Okoya net worth 2024)

Let's take a closer look at Okoya's wealth growth over recent years:

Year	Estimated Net Worth
2025	USD 1.50 billion
2024	USD 1.30 billion
2023	USD 1.10 billion
2022	USD 1.00 billion
2021	USD 900.00 million

His net worth has grown substantially since 2015, when it stood at USD 650.00 million. This financial expansion reflects his business expertise and strategic vision in developing Eleganza Industrial City and making smart investments in real estate and other sectors.

The Man Behind the Billions: Razaq Okoya’s Early Life

Razaq Okoya's impressive net worth today stems from a remarkable trip that started decades ago in Lagos, Nigeria. His billion-dollar empire grew from simple roots that molded his business vision and work ethic.

Humble beginnings in Lagos

Razaq Okoya was born in 1940 to a middle-class family in Lagos. His early years taught him resourcefulness rather than luxury. The bustling streets of Lagos showed him the stark difference between imported goods and local products. This observation would later shape his business philosophy.

Early exposure to business through tailoring

His business education started at age 12 when he worked with his father, a traditional tailor. These years helped him develop craftsmanship and business management skills. The apprenticeship taught him the value of quality production and customer satisfaction. These lessons became the life-blood of his future business empire.

Okoya chose hands-on business training over formal education beyond elementary school. This bold choice showed his natural business sense and ended up defining his unique business viewpoint.

First ventures into jewelry and trade

Okoya launched his first business at just 17 years old with £20 (approximately ₦9) as capital. He started by making and selling buttons, necklaces, and jewelry items that had limited local supply but high demand.

He spotted a crucial gap in Nigeria's market – the dependence on costly imported goods. His solution was simple yet groundbreaking: create quality, affordable alternatives locally. This insight became the foundation for his manufacturing enterprises, which contributed to his substantial net worth we see in 2024 and 2025.

His modest start grew into the powerful Eleganza Group through persistence and smart reinvestment of profits.

Inside the Eleganza Empire

Razaq Okoya's massive wealth comes from the Eleganza Group, a manufacturing powerhouse that turned him from a small entrepreneur into one of Nigeria's industrial titans.

Overview of Eleganza Group

The Eleganza Group started as a small trading business in Lagos back in 1968. It has grown into one of Nigeria's largest conglomerates. Chief Okoya built this enterprise through "dint of hard work" over the past six decades.

The company makes household essentials that Nigerian homes can't do without – from plastic chairs to luggage, coolers to cosmetics. Many Nigerians see Eleganza as their go-to brand for affordable, quality products that they use every day.

Key subsidiaries and industries

Eleganza's product range covers about 50 different items, including:

• Household plastics and consumer goods
• Over 68 designs of chairs for various settings
• Luggage and bags for corporate branding
• Coolers and food warmers in multiple designs
• Cosmetics and personal care items

Manufacturing operations began in Oregun, Ikeja with coolers in 1978. The company later expanded its product range. This growth led to new production facilities across Nigeria.

Employment and economic impact

This industrial giant now employs over 5,000 Nigerians directly. It also supports more than 25,000 people's livelihoods through product distribution and sales. The company stands proud as "one of the biggest employers of labor" in Nigeria.

Expansion into real estate and industrial estates

Eleganza's crown jewel is the 35-hectare Eleganza Industrial City in Nigeria's free trade zone. This huge complex shows Okoya's vision for Nigerian manufacturing. It houses various production units under one roof.

Okoya also created RAO Property Investment Company. This company manages his real estate holdings and develops landmark properties along the 80-kilometer Lekki-Epe Expressway. These smart expansions have made Okoya both an industrial leader and a real estate mogul.

Luxury, Lifestyle, and Legacy

Razaq Okoya's billion-dollar wealth shows through his extravagant lifestyle. His substantial net worth reflects in luxury assets and meaningful legacy initiatives.

Okoya's car collection and their value

The industrialist's garage boasts some of the world's most prestigious vehicles.

His collection has a Rolls Royce Phantom valued at approximately ₦230 million, a Bentley Continental GT worth ₦120 million, a Mercedes Benz S-Class estimated at ₦85 million, and a Range Rover Autobiography priced at ₦70 million. He also owns private jets and many more vintage cars with customized plate numbers.

The Lekki mansion and other properties

Okoya's iconic Oluwa Ni Nsola Estate ("God is the giver of wealth") sits along the Lekki-Epe Expressway. This ₦10 billion property boasts multiple mansions and luxury amenities.

The estate features uninterrupted power supply, marble floors, central air conditioning, swimming pools, a ballroom, private cinema, tennis court, and expensive sculptures. A distinctive statue of a man carrying the globe stands at the entrance, symbolizing his massive wealth.

Philanthropy and community development

Okoya believes strongly in giving back to society despite his luxurious lifestyle. His charitable work spans across education and healthcare. He has built schools, funded healthcare facilities, and donated an entire Faculty of Business Administration building to Ekiti State University.

His commitment extends to creating scholarship schemes for underprivileged students. Each year, he sponsors at least 12 Islamic devotees for pilgrimages to Mecca.

Family involvement and succession planning

Okoya has prepared his family to carry forward his legacy. Shade, his youngest wife, serves as Eleganza's Managing Director. His other children hold key positions throughout the company. Shade demonstrates Okoya's work ethic by working from 7am to 7pm daily. She brings modern approaches while maintaining the brand's core values.

Conclusion

Chief Razaq Okoya's net worth tells one of Nigeria's most remarkable success stories, reaching ₦180-200 billion ($150-165 million) in 2025. This piece shows how he turned £20 capital into a manufacturing empire that employs thousands and makes a huge difference to Nigeria's economy.

His path from a tailor's apprentice to an industrial giant shows what vision and determination can achieve. Unlike other wealthy people, Okoya didn't build his fortune through oil or tech. He proved that meeting everyday consumer needs could create massive wealth in Africa.

His business grew even bigger with RAO Property Investment Company, which developed vital infrastructure along the Lekki-Epe Expressway. The 35-hectare Eleganza Industrial City is proof of his dedication to Nigerian manufacturing excellence.

You can see Okoya's wealth through his luxurious ₦10 billion Lekki estate and collection of high-end vehicles. All the same, his charitable work reveals someone who knows wealth brings responsibility. His generosity helps schools, healthcare facilities, and religious pilgrimages, making a positive difference beyond just business success.

The future looks bright as family members now hold key leadership positions. His wife Shade's role as Managing Director will help the Eleganza Group thrive for generations to come.

Looking at wealth creation in Africa, Razaq Okoya's story is unique. He focused on making essential goods that millions of Nigerians use every day. His billion-dollar empire isn't just about getting rich – it's about creating value, jobs, and economic freedom for Nigeria. His influence goes way beyond the reach and influence of net worth figures and has altered the map of West Africa's industrial future.

FAQs

Q1. What is Razaq Okoya's estimated net worth in 2025?

Razaq Okoya's estimated net worth in 2025 is between ₦180-200 billion (approximately $150-165 million USD), though some sources estimate it as high as $1.5 billion.

Q2. How did Razaq Okoya start his business empire?

Okoya started his business at age 17 with just £20 capital, initially manufacturing and selling buttons, necklaces, and jewelry items before expanding into household goods manufacturing.

Q3. What is the Eleganza Group known for?

The Eleganza Group is known for producing a wide range of affordable, quality household items and consumer goods, including plastic chairs, luggage, coolers, and cosmetics.

Q4. How many people does Eleganza Group employ?

Eleganza Group directly employs over 5,000 Nigerians and supports the livelihoods of more than 25,000 others who distribute and sell their products.

Q5. How is Razaq Okoya planning for the future of his business?

Okoya is involving his family members in leadership positions, with his wife Shade serving as Managing Director of Eleganza, ensuring the company's continued success for future generations.