The Truth About Rasaq Okoya Net Worth: From Factory Worker to Nigerian Billionaire

Chief Rasaq Okoya's net worth stands at approximately ₦180 billion – ₦200 billion Naira (roughly $150 million – $165 million USD) as of 2025. Nigerian success stories don't get much better than Chief Rasaq Okoya's rise as a shining example of homegrown entrepreneurial excellence.

The sort of thing I love about Rasaq Okoya's experience is how he changed a small manufacturing venture into the Eleganza Group, which now ranks among West Africa's largest manufacturing empires. The industrial powerhouse operates from an impressive 35-hectare facility at Kilometer 68 Ley Expressway in Lagos. Chief Rasaq Okoya's leadership has driven tremendous company expansion that now provides employment to over 5,000 Nigerians across multiple factories.

His business expertise has created remarkable diversification, and the Eleganza Group manufactures everything from cutlery and chairs to cosmetics, diapers, and ballpoint pens.

Let's take a closer look at how Rasaq Akanni Okoya built his fortune, his asset values including his magnificent ₦10 billion Lekki estate, and the reasons his 2024 net worth captivates both Nigerian and international business observers.

Rasaq Okoya Net Worth in 2025: The Real Numbers

Chief Rasaq Akanni Okoya's financial standing in 2025 shows some interesting variations in different financial assessments. Reliable financial sources put his net worth between ₦180 billion – ₦200 billion Naira (about $150 million – $165 million USD). Some industry analysts estimate his wealth much higher, reaching up to $1 billion.

Estimated net worth in Naira and Dollars

Financial analysts don't quite agree on the true size of Chief Okoya's empire. The most conservative estimates show his wealth at around ₦200 billion Naira. Other sources place him among Nigeria's USD billionaires. This big difference comes from the various ways experts calculate his business holdings.

His wealth in both currencies looks like this:

Currency	Estimated Range (2025)
Naira (₦)	₦180 billion – ₦200 billion
US Dollars ($)	$150 million – $1 billion[7]

These numbers make him one of Nigeria's wealthiest industrialists, whatever estimate you think is right.

How his wealth is calculated

Getting Chief Okoya's exact net worth isn't easy since his business empire isn't on the stock market. Financial analysts note that "his net worth cannot be confirmed since his companies are not listed on the Stock Exchange". Financial experts base their calculations on his key assets and ventures.

His wealth comes from:

• The expansive Eleganza Group of Companies (manufacturing)
• Substantial real estate holdings across Nigeria
• Multiple factories and production facilities
• Personal luxury assets (vehicles, art, collectibles)
• Investment portfolios and stakes in other businesses

The Eleganza Group makes a big economic impact. Reports suggest the manufacturing industry under Okoya's leadership "contributed nearly 13% of GDP to the Nigerian economy". These numbers show just how big his business operations are.

Comparison with previous years

Chief Okoya's wealth has grown steadily over time. Year-by-year comparisons aren't easy to make because his holdings are private. He's managed to keep his spot among Nigeria's wealthiest people for decades by expanding and diversifying his businesses.

His fortune has grown and lasted because of several key factors:

1. Early start and profit reinvestment – He started his business young and kept putting earnings back into expansion
2. Market gap identification – He saw what Nigeria needed and made it locally instead of importing
3. Diversification strategy – He grew beyond manufacturing into real estate and watched operations closely
4. Brand building and customer trust – He made Eleganza a household name across West Africa

The Okoya family's collective wealth puts them among Nigeria's top ten richest families. Some experts value their family fortune at around $900 million. This shows how Chief Okoya turned his success into lasting family wealth.

Chief Okoya built his career on "hard work, resilience, and prudent financial management". Without doubt, these principles helped him rise from modest beginnings to become one of Nigeria's leading industrialists.

Early Life and Humble Beginnings

Chief Rasaq Okoya's trip from humble beginnings to immense wealth started on January 12, 1940, in Lagos Island's Epetedo area, Nigeria. His parents were Tiamiyu Ayinde Okoya and Alhaja Idiatu Okoya. No one could have predicted the massive fortune this Yoruba man from southwestern Nigeria would build.

Childhood in Lagos

Simple values and traditions shaped Rasaq's early years. His education was brief – just primary schooling at Ansar-Un-Deen Primary School in Oke Popo, Lagos Island. The young Okoya grew up learning hard work, discipline, and entrepreneurial thinking from his family.

His short time in school sparked big dreams. Later interviews revealed how society's contrasts caught his attention. He saw his teachers dressed modestly while wealthy businessmen strolled down Dosunmu Street, Lagos's bustling commercial center. This sight changed his life's direction.

Financial success became Okoya's clear goal. Law and teaching crossed his mind briefly as career options. The successful businessmen's lifestyle he saw left a lasting mark on him. This sharp focus at such a young age became his business trademark.

Working in his father's tailoring shop

Tiamiyu Okoya's tailoring business became young Rasaq's real school. The shop sold accessories like buttons and zippers alongside its tailoring services. Young Rasaq spent his after-school hours in this practical business setting. He ran errands, got supplies, and helped fix clothes.

His father's guidance taught him skills no classroom could match. Okoya became an excellent tailor before finishing primary school. Customer service, inventory management, and basic business operations became second nature to him.

The family business did well enough for his father to own "a brand new Chrysler car, five houses and a lot of apprentices." These achievements stood out in Lagos back then. Young Rasaq visited wealthy clients in Ikoyi with his father, including Chief Louis Odumegwu Ojukwu (Chief Emeka Odumegwu-Ojukwu's father). These visits showed him Nigeria's elite business world up close.

First entrepreneurial ventures

Okoya started his business career at just 14. He used £70 capital – £20 from his clothes-mending savings and £50 borrowed from his mother with his father's blessing. This money went into importing tailoring materials like ribbons, zippers, and buttons from Japan. He called his business "Okoya Buttons Stores."

Innovation set Okoya apart from other traders. He skipped the middlemen and ordered directly from Japanese manufacturers through their product catalog. His imported goods quickly became popular because they were better than what the market offered.

The business took off fast, letting Okoya expand quickly. He built his first house in Surulere, Lagos at 19. By 21, he owned four more properties. Few young people achieved such success so early.

Age	Achievement
14	Started Okoya Buttons Stores with £70 capital
19	Built first house in Surulere, Lagos
21	Owned five houses in total

This early success in property laid the groundwork for one of Nigeria's most impressive business empires. His strategy was clear – spot market gaps, work directly with manufacturers, deliver quality products, and invest profits wisely.

These early years shaped Okoya's business approach and set him up for bigger ventures that built his impressive net worth. His story shows how hands-on experience, sharp observation, and bold business moves can outweigh years of formal education.

The Rise of Eleganza Group

The life-blood of Chief Rasaq Okoya's wealth comes from the Eleganza Group, a manufacturing powerhouse that makes quality household products for West Africa. His estimated net worth stands at ₦180-200 billion, built through decades of smart business growth and manufacturing excellence.

Founding of Eleganza Industries

Chief Rasaq Okoya launched Eleganza Industries in 1978 with his first factory in Oregun, Ikeja, Lagos State. The original facility made coolers. Nigeria needed locally produced household items at the time, which made this the perfect moment to start.

The name "Eleganza" became a symbol of quality and trust in Nigeria. The business has grown and changed over 40 years while staying true to Okoya's original dream. As he puts it, "Just like an old wine, which tastes better with age, Eleganza, as a company, keeps evolving, moving with the vision of its founder".

Eleganza stood out because Okoya believed in local manufacturing. After an Italian shoe manufacturer failed to deliver an order, he bought machines and trained local workers. This push for self-reliance shaped his entire business approach.

Key product lines and factories

Eleganza's product range has grown far beyond its early days. The company now makes many household and consumer items:

Product Categories	Specific Products
Furniture & Storage	Plastic chairs, tables, school furniture, iron beds
Kitchen & Food Storage	Coolers, food warmers, reusable cups and plates
Personal Care	Baby diapers, lady sanitary products, hair vinyl thread
Travel & Storage	Luggage boxes of different sizes and designs
Footwear	Ladies shoes and men's slippers

The company keeps growing its manufacturing line to include casserole sets, hair attachments, aluminum roofing sheets, shaving sticks, and various cosmetics products.

From one factory, Eleganza has grown to include more than six factories across Nigeria. The crown jewel is Eleganza Industrial City Limited, a modern facility that covers 30-35 hectares in Ibeju-Lekki, Lagos. This facility combines production of all Eleganza products under one roof, which makes operations run smoother.

Eleganza's effect on the economy goes beyond making products. The company gives jobs to 2,000-5,000 workers in its facilities[124]. Chief Okoya says with pride, "We believe in Nigeria and we have promoted made in Nigeria products over the years".

Expansion into West Africa

Eleganza has grown from Lagos to markets all over West Africa. The company makes products that match international standards, helping it compete with imports across the region. This growth shows how well the company sticks to high manufacturing standards.

The company's vision states its aim clearly: "To be the foremost producer of various household items in Nigeria within the next years". They've already achieved this goal, and Eleganza products are now "household names in Nigeria and neighboring African markets".

Chief Okoya credits this success to basic principles: "Consistency, not compromising on standard and quality has been the guiding principles that have kept the company going in the past four decades". These values helped turn Eleganza from a local Nigerian manufacturer into a regional industrial leader.

Smart growth, diverse products, and quality standards are the foundations of Chief Rasaq Okoya's success through Eleganza Group. His dream of building a Nigerian manufacturing giant that could compete worldwide has come true through years of hard work and business sense.

Breakdown of Chief Rasaq Okoya’s Business Empire

Chief Rasaq Okoya's estimated ₦180-200 billion fortune stems from his diverse business interests. He started with a small button-selling venture and grew it into a vast business empire. Each division of his business empire plays a unique role in building his overall net worth.

Eleganza Plastic Products

Eleganza Plastic Products stands out as one of the most successful parts of Chief Okoya's business group. This division makes household plastic items that you'll find everywhere in West Africa. Their products range from chairs and tables to storage containers, hangers, food warmers, and kitchenware that people use daily.

The company runs its operations from a modern facility in Eleganza Industrial City, Ibeju-Lekki. This manufacturing center keeps 800 workers busy making plastic products. The plastic division brings in more than ₦40 billion yearly, which makes it a big contributor to Okoya's wealth.

The division has grown beyond simple plastic items. Their advanced injection molding technology creates complex designs that match imported products in quality. Their success comes from making affordable, long-lasting products that meet local market needs.

Eleganza Metal Industries

The metal division, much like its plastic counterpart, focuses on metalwork products. They make aluminum roofing sheets, galvanized pipes, flat steel plates, and nails. Their production has grown impressively, and they now process more than 25,000 metric tons of metal each year.

Their product line includes:

• Aluminum cookware and kitchen utensils
• Steel furniture frames and beds
• Metal storage solutions
• Construction materials

The metal division adds about ₦35-45 billion to the group's yearly revenue. They've become a trusted supplier to Nigeria's construction and housing sectors, creating steady income for the Okoya empire.

Eleganza Real Estate

Chief Okoya's impressive real estate portfolio adds significantly to his wealth. Oluwanisola Estate in Ajah, Lagos stands as his crown jewel – a high-end residential community that covers several acres of valuable land.

Okoya's real estate portfolio includes:

Property Type	Estimated Value	Location
Residential Estates	₦35+ billion	Lagos
Commercial Properties	₦25+ billion	Lagos, Abuja
Industrial Parks	₦50+ billion	Multiple locations

His real estate ventures work hand in hand with his other businesses. Eleganza Industrial City shows this perfectly – it serves as both a manufacturing hub and a valuable real estate asset on the Lekki-Epe corridor, where land values keep rising.

Other investments and holdings

Chief Okoya's wealth extends beyond his main business divisions. RAO Investment Property Company manages his extensive property portfolio and looks for new opportunities.

He has invested in hotels and leisure facilities too. His investment approach focuses on spotting promising opportunities in Nigeria's growing economy.

His wealth includes substantial liquid assets and investments in financial instruments. Sources in banking reveal his significant holdings in Nigerian and international banks, with fixed deposits and investment portfolios worth billions of Naira.

His wealth also includes valuable luxury items. He owns vintage cars and art pieces that have grown more valuable over time. These collections aren't just for show – they're assets that keep appreciating, adding more to Rasaq Okoya's impressive net worth.

Inside the Okoya Lifestyle: Cars, Fashion, and More

Chief Rasaq Okoya's wealth shows up most clearly in his family's luxurious way of life. Their taste for the finer things shines through everything from their cars to their fashion choices. His estimated net worth of ₦180-200 billion lets them enjoy luxuries few Nigerians can afford. This has shaped their public image that combines business success with high-end living.

Rolls Royce Phantom and other luxury cars

The Okoya's garage tells a story of refined taste and financial success. Their prized possession is the iconic Rolls Royce Phantom, worth about ₦230 million. This ultra-luxury car has become a status symbol among Nigeria's elite. Sources call it "the world's super-luxury car" that "raises the profile of every owner".

The family owns several prestigious vehicles:

Vehicle	Estimated Value
Rolls Royce Phantom	₦230 million [222]
Bentley Continental GT	₦120 million
Mercedes Benz S-Class	₦85 million
Range Rover Autobiography	₦70 million

Their love for fine automobiles runs deep. Back in 2015, the Rolls Royce Phantom cost between USD 319,025 to USD 407,400 based on custom features. Chief Okoya once surprised his wife with a new Rolls Royce worth about 200 million Naira on her birthday. This shows how luxury cars serve as both personal indulgences and expressions of love in the family.

Fashion and public appearances

Shade Okoya, the Chief's wife, has grown into a fashion icon in Nigerian society. She turns heads at exclusive events with her designer collection that fashion lovers can't stop talking about. Media outlets note that Shade "has become a style icon and a key figure in Lagos Society known for her elegance and flair for fashion".

Shade's closet would make any fashion enthusiast dream. Her carefully selected designer bags, shoes, and jewelry speak volumes about her taste and social standing. Her son Wahab helped showcase this impressive collection by filming her massive walk-in closet, revealing "rare fashion pieces worth millions of dollars".

The Okoyas throw parties that have become legendary for their grandeur and "attracting the elite of Nigerian society". These gatherings help them showcase their refined taste and maintain their position among Nigeria's upper class.

Social media presence of the family

The Okoya children have turned to social media to share glimpses of their privileged life. Wahab caught everyone's attention after he let a content creator film their father's spectacular Lagos mansion. The videos showed off their luxury lifestyle, including "several luxurious cars parked in the compound including vintage Rolls Royces".

Subomi (also known as Siraheem), another of Chief's sons, has built quite a following online. He made waves by offering a red Rolls-Royce to whoever won a challenge linked to his upcoming song 'Bad Bitch Syndrome'. His TikTok presence keeps growing, with his music snippet getting "over 14,000 posts" on the platform.

People can't get enough of their home tours that show off features rarely found in Nigerian homes, like "the pool, elevator, bowling alley and more in the Eleganza mansion". The family's social posts often highlight their "expensive cars" and "extravagant vacations". Public reactions swing between admiration for their success and criticism about showing off too much.

The Okoya Mansion and Real Estate Holdings

Chief Rasaq Okoya's impressive ₦180-200 billion net worth shines brightest through his magnificent real estate portfolio. His stunning mansion, valued at over ₦10 billion, stands as proof of his financial success and makes up much of his wealth.

Lekki estate features and value

Okoya's crown jewel property is his sprawling estate named "Oluwa ni shola" (meaning "God is the creator of wealth"). The estate sits along the Lekki-Epe Expressway in Lagos. This grand residence covers multiple acres with several independent buildings on its grounds.

The estate now has:

• Uninterrupted power and water supply
• Marble floors throughout
• Central air-conditioning systems
• Multiple swimming pools
• Tennis courts and billiard rooms
• Sauna facilities and lush gardens

A striking statue of a man carrying the globe greets visitors at the entrance, symbolizing Chief Okoya's vast wealth. Many expatriates rent parts of this massive estate, leading locals to nickname it the "expatriates estate".

Other properties in Nigeria and abroad

Chief Okoya's real estate investments stretch far beyond his main residence. His property portfolio includes:

Property Type	Details
Multiple villas	For family members and guests
Commercial spaces	Throughout Lagos
High-rise buildings	Two acquired by age 40
Additional Lagos properties	Managed by RAO Property Investment Company

His real estate journey began when he noticed successful business people owned property. He proved himself a serious property investor by age 34, buying four hectares of land on Ikoyi Crescent.

Unique architectural elements

European elegance blends naturally with traditional African elements in Okoya's mansion design. Expensive sculptures and artistic pieces throughout the estate showcase the billionaire's refined taste.

The mansion boasts remarkable features like:

• 44-foot high ceilings in classical design
• Magnificent chandeliers with thousands of hand-cut Swarovski crystals
• Elevators connecting different parts of the estate
• A full-size bowling area within the residence
• A private cinema with plush velvet seats
• Ballroom to host elaborate gatherings

This property remains a Lagos landmark after more than a decade. It still ranks among Nigeria's most impressive private homes.

Philanthropy and Social Impact

Chief Rasaq Okoya's wealth stands at ₦180-200 billion, but his real legacy lies in how he helps Nigerian communities through his extensive charitable work. His generosity touches many lives through education, healthcare, and religious causes that have changed thousands of Nigerian lives over the years.

Scholarships and education support

Education remains the life-blood of Chief Okoya's charitable vision. His foundation, the Alhaji Akanni Okoya Scholarship Awards, helps over 40 bright undergraduates each year at four Lagos State tertiary institutions.

His dedication to higher education shines through his personal funding of Ekiti State University's (formerly University of Ado-Ekiti) entire Business Administration Faculty building. The university awarded him an Honorary Doctorate degree that recognized his business success and generous spirit.

Healthcare and community development

Chief Okoya gives vital lifesaving equipment to medical facilities and hospital homes regularly. He cares deeply about community welfare and feeds thousands of people in need every week. Rather than just providing temporary help, he sets up businesses for people who need support, which gives them a long-term path to success.

Religious and cultural contributions

His charitable work reflects his strong Muslim faith. The large mosque he built in his Oluwanisola Estate compound welcomes hundreds of Muslim faithful from all over Lagos for Friday prayers. He also helps many Muslims fulfill their dream of going to Mecca for annual pilgrimages. After weekly services, everyone at his mosque receives food and gifts, showing how his kindness extends beyond spiritual matters.

President Bola Tinubu praised Okoya's work saying: "I am particularly delighted that your life-long civic engagement has been centered on promoting the education and spiritual life of Nigerians. Your generosity in offering scholarships has transformed the lives of many individuals". These words highlight how Chief Rasaq Okoya's charitable work continues to shape Nigerian society.

Family, Legacy, and the Role of Shade Okoya

Chief Rasaq Akanni Okoya's massive business empire rests on a strong family foundation that will carry his legacy forward. The 85-year-old billionaire industrialist has placed his family members strategically across business operations. His youngest wife, Shade Okoya, plays a pivotal role in managing daily operations.

Shade Okoya's leadership in Eleganza

Sade Okoya leads the Eleganza Group as Managing Director/Chief Executive Officer while Chief Okoya serves as Chairman. Her commitment shows in her daily routine – she works 12-hour days at the factory from 7:00 am to 7:00 pm. Her business prowess and leadership have earned her more than 18 awards, including a Doctor of Science in Business Management and the Most Valuable Business Executive award in 2014.

The Federal Government of Nigeria recognized Shade's contributions with the national honor of Member of the Order of Niger (MON) in October 2022. She married Chief Okoya in 1999 at age 21 while he was 59, and she is now 46 years old (as of 2023).

Children's involvement in the business

The company's structure reflects a family-centered leadership approach, with Chief Okoya's children holding key positions. Together, the couple has four children – Olamide, Subomi, Oyinlola and Wahab. This family involvement helps maintain the organization's vision and values, which now supports roughly 5,000 workers.

Succession planning and generational wealth

Chief Okoya considers succession planning carefully. "My prayer is to enjoy good health, long life, and leave the legacy of my industry behind. I want Eleganza to outlive me and continue with my philosophy of philanthropy," he reflects. He shares his thoughts on retirement: "In a few years, I may slow down. Luckily, I have a younger wife, Shade, who shares my vision and commitment".

Shade credits her husband's guidance for her success: "Being honored would not have been possible without the inspiration I received from my husband for whom I have the deepest respect. My husband saw the passion and potentials in me when I could not see it myself".

Conclusion

Chief Rasaq Okoya's impressive ₦180-200 billion net worth means much more than numbers on paper. His rise from a young button seller to a manufacturing titan shows what vision, determination, and business smarts can achieve. His story inspires entrepreneurs in Africa and beyond.

The Eleganza Group stands as the cornerstone of Okoya's financial empire. This manufacturing powerhouse spans over 35 hectares and employs thousands, showing his steadfast dedication to Nigerian manufacturing excellence. All the same, his success reaches way beyond manufacturing. He has strengthened his financial portfolio through strategic collaborations in real estate and other sectors.

Okoya's story shines because he spotted market opportunities early. He saw gaps in Nigeria's manufacturing sector and built solutions from scratch. His company now creates products that millions of West Africans use every day. His business philosophy focuses on quality, affordability, and local needs – a strategy that has worked well throughout his career.

Without doubt, Okoya's success shows in his luxurious lifestyle. His magnificent ₦10 billion Lekki estate and collection of Rolls Royces stand as proof. Yet his wealth hasn't disconnected him from social duties. He pours resources into education, healthcare, and religious initiatives that help countless Nigerians.

Okoya has prepared for the future by involving his family in his business empire. His wife Shade's leadership as Managing Director will help the Eleganza Group keep its founding vision alive. Their children's active roles in the business cement this family's legacy for future generations.

Okoya's path from modest beginnings to billionaire status ended up showing more than personal success. His story proves what determined entrepreneurship can achieve even in tough economic times. His work has created thousands of jobs and reshaped the scene in Nigeria's manufacturing sector. The Rasaq Okoya story proves that extraordinary success remains possible whatever your starting point, as long as you have vision, persistence, and strategic thinking.

FAQs

Q1. How did Rasaq Okoya build his fortune?

Rasaq Okoya built his fortune primarily through manufacturing. He founded the Eleganza Group, which produces a wide range of household products. He also invested in real estate and other business ventures, growing his small trading company into one of Nigeria's largest conglomerates.

Q2. What is Rasaq Okoya's estimated net worth?

Rasaq Okoya's estimated net worth is between ₦180 billion to ₦200 billion (approximately $150 million to $165 million USD) as of 2025. However, some estimates place his wealth even higher, up to $1 billion.

Q3. What are some of Rasaq Okoya's major business interests?

Okoya's major business interests include the Eleganza Group (manufacturing household products), Eleganza Real Estate, and RAO Investment Property Company. He also has investments in hospitality and maintains substantial holdings in financial institutions.

Q4. How is Rasaq Okoya's family involved in his business empire?

Okoya's family is deeply involved in his business empire. His wife, Shade Okoya, serves as the Managing Director/CEO of the Eleganza Group. His children also hold strategic positions throughout the company, ensuring continuity of vision and values across the organization.

Q5. What philanthropic activities is Rasaq Okoya known for?

Rasaq Okoya is known for his philanthropic activities in education, healthcare, and religious causes. He provides scholarships to undergraduates, donates medical equipment to hospitals, feeds thousands of underprivileged people weekly, and supports annual pilgrimages to Mecca for Muslims.