The Okoya family is one of the wealthiest and most influential families in Nigeria. Their wealth stems from the industrial empire built by Razaq Okoya, the founder of the Eleganza Group. Known for their luxurious lifestyle, vast real estate holdings, and extensive business empire, the Okoya family has a net worth that places them among Nigeria’s elite. In this article, we will explore their financial empire, assets, family life, and key achievements while analyzing the Okoya Family Net Worth in depth.
Who Are the Okoyas?
The Okoya family is led by Chief Razaq Akanni Okoya, a billionaire businessman and the founder of the Eleganza Group. Born in 1940, Razaq Okoya, now in his mid-80s, built his fortune from humble beginnings, turning a small trading business into a multi-million-dollar empire. His companies specialize in the production of plastic goods, furniture, luggage, and household items, making him one of the most successful entrepreneurs in Nigeria.
Okoya Family’s Business Empire
The wealth of the Okoya family primarily comes from the Eleganza Group, a leading manufacturer in Nigeria. The company produces a wide range of consumer goods, including:
- Plastic chairs and tables
- Coolers and food flasks
- Luggage and travel accessories
- Packaging materials
- Beauty and personal care products
Apart from Eleganza, the family has major real estate investments, a sector that presents both opportunities and challenges in Nigeria. The country’s business environment is marked by fluctuating economic policies, infrastructural deficits, and currency volatility, all of which impact real estate growth. However, Lagos remains a prime investment hub, and the Okoya family has leveraged this by acquiring properties in high-value locations, ensuring long-term wealth sustainability.
Biography Table: Quick Facts
| Category | Details |
| Full Name | Razaq Akanni Okoya |
| Date of Birth | January 12, 1940 |
| Age | 85 years (as of 2025) |
| Nationality | Nigerian |
| Occupation | Industrialist, Business Magnate |
| Company | Eleganza Group |
| Net Worth | Estimated at over $1 billion |
| Spouse(s) | Kuburat Okoya, Shade Okoya |
| Children | Multiple, including Olamide Okoya |
| Height | 5 feet 9 inches |
| Weight | Approx. 75 kg |
| Houses | Eleganza Mansion, Banana Island properties, Victoria Island Estate, Ikoyi Luxury Home |
| Cars | Rolls Royce, Bentley, Mercedes Benz, Range Rover |
How Much Is the Okoya Family Worth?
The Okoya family, led by Chief Razaq Akanni Okoya, is among Nigeria’s wealthiest and most influential families. Chief Okoya, born on January 12, 1940, is the founder of the Eleganza Group, a conglomerate known for manufacturing a wide range of household and industrial products. As of 2025, estimates of Chief Okoya’s net worth vary, with figures ranging from $650 million to $1.3 billion (charge9ja.com, gistflare.com.ng).
This substantial wealth is primarily derived from the success of the Eleganza Group and strategic investments in real estate and other sectors. The Okoya family’s financial standing underscores their significant impact on Nigeria’s industrial and economic landscape.
Note: The net worth estimates presented are based on publicly available information and are subject to change. Actual figures may vary.
Early Life and Rise to Success
Razaq Okoya was born into a modest family on January 12, 1940. His father was a tailor, and young Razaq quickly learned the value of hard work. Instead of following in his father’s footsteps, he had an eye for business. He started small, saving up money to invest in materials for resale. This keen business sense led him to establish Eleganza Industries, which would later become one of Nigeria’s most successful manufacturing companies.
The Birth of the Eleganza Empire
In the early days, Eleganza produced small consumer goods like plastic chairs, jewelry cases, and household items. With persistence and smart decision-making, Okoya expanded the business, making Eleganza a household name. His ability to identify market trends and produce high-demand products was key to growing the Okoya Family Net Worth.
Business Expansion and Investments
The Okoya family’s net worth is estimated at over $1 billion, thanks to diversified investments in manufacturing, real estate, and luxury goods. The Okoya Family Net Worth continues to grow through strategic acquisitions and business expansion.
Manufacturing Dominance
Eleganza Group remains a leader in consumer goods, manufacturing everything from luggage to plastic furniture. The company supplies products across Nigeria and beyond, maintaining a steady cash flow that fuels the Okoya family’s wealth.
Real Estate Holdings
The family has made significant investments in real estate, owning some of the most prestigious properties in Nigeria. These luxury properties contribute significantly to the Okoya Family Net Worth and include:
- Eleganza Mansion: A sprawling estate in Lagos, known for its grandeur and opulence, complete with lavish gardens and state-of-the-art facilities.
- Banana Island Residence: A waterfront home in one of the most exclusive neighborhoods in Lagos, valued at millions of dollars.
- Victoria Island Estate: A high-end property in the heart of Lagos, offering privacy, security, and top-tier amenities.
- Ikoyi Luxury Home: A contemporary masterpiece featuring modern architecture, a swimming pool, and a private cinema.
These real estate investments not only provide luxury living but also serve as appreciating assets, further securing the Okoya Family Net Worth.
Luxury Cars Collection
The Okoya family is known for their taste in high-end automobiles. Some of the luxurious vehicles in their collection include:
- Rolls Royce Phantom – A symbol of elegance and wealth.
- Bentley Continental GT – A favorite among business tycoons.
- Mercedes-Benz G-Wagon – Known for its luxury and durability.
- Range Rover Autobiography – A statement of prestige and power.
These high-end automobiles reflect the family’s wealth and contribute to their elite status in Nigerian society.
Family Life and Legacy
Razaq Okoya is not just a business mogul but also a devoted family man. He is married to Shade Okoya, a businesswoman who plays a crucial role in managing Eleganza Group. Together, they have raised children who are actively involved in the family business, ensuring that the Okoya Family Net Worth remains strong for future generations.
A Family-Oriented Business Empire
The Okoya family places a high value on business succession. Many of Razaq’s children have followed in his footsteps, contributing to the expansion of Eleganza Group and other family ventures. This commitment to family-led business management ensures that their wealth continues to grow over time.
Lifestyle and Philanthropy
Despite their immense wealth, Chief Okoya and his family, particularly his wife Shade Okoya, play a significant role in managing and expanding their business empire. Shade Okoya serves as the Managing Director of Eleganza Industrial City, where she oversees operations, product innovation, and business development. Under her leadership, the company has modernized its production processes, expanded product lines, and strengthened its market position in Nigeria’s competitive manufacturing sector.
Lessons from the Okoya Family’s Success
- Entrepreneurial Vision – Starting small and expanding through strategic investments is key.
- Diversification is Essential – The Okoya family didn’t rely on just one industry but expanded into real estate and manufacturing.
- Branding and Luxury – Establishing a strong brand has helped sustain their business empire.
- Family Involvement – Grooming the next generation to take over business operations ensures long-term financial success.
Conclusion
The Okoya Family Net Worth is a testament to hard work, smart investments, and a commitment to building a lasting legacy. From a small trading business to a billion-dollar empire, Razaq Okoya and his family have created a financial dynasty that continues to thrive. With a diverse portfolio of companies, luxury assets, and prime real estate holdings, their wealth is set to endure for generations to come.
Here is a youtube video showing more of Luxurious Razak Okoya lifestyle:
FAQs About the Okoya Family’s Net Worth
1. What is the current net worth of the Okoya family?
The Okoya family’s net worth is estimated to be over $1 billion, primarily derived from the Eleganza Group, real estate investments, and other business ventures.
2. How did Razaq Okoya build his fortune?
Razaq Okoya built his fortune through Eleganza Group, a manufacturing empire that produces consumer goods such as plastic products, furniture, and luxury accessories. He also made significant investments in real estate, securing high-value properties in Nigeria’s most affluent areas.
3. What does the Okoya family own the major real estate properties?
The Okoya family owns several prestigious properties, including:
Eleganza Mansion in Lagos
Banana Island Residence
Victoria Island Estate
Ikoyi Luxury Home
4. Who is Shade Okoya, and what is her role in the family business?
Shade Okoya is the wife of Razaq Okoya and a key figure in managing Eleganza Group. She has played a significant role in modernizing and expanding the company’s operations.
5. How does the Okoya family maintain its wealth?
The family’s wealth is sustained through business diversification, strategic investments, and a strong family-led business model, ensuring that future generations continue to grow their financial empire.
6. What luxury cars does the Okoya family own?
The Okoya family owns an impressive collection of luxury cars, including Rolls Royce, Bentley Continental GT, Mercedes-Benz G-Wagon, and Range Rover Autobiography.
7. What lessons can entrepreneurs learn from the Okoya family’s success?
Entrepreneurs can learn the importance of hard work, strategic investment, brand building, diversification, and family business succession from the Okoya family’s legacy.
Founder | Career & Business Writer
I’m Babatunde Oladepo, the creator of Lifelog, where I share inspiring biographies and career stories. Passionate about personal growth, I aim to provide valuable insights that motivate and guide your professional journey. Explore success stories and career advice to help you unlock your potential and navigate your own path to success.
