The Tycoon Clocks 70   

Published on January 25, 2010 by fari   ·   No Comments

Razaq Akanni Okoya, famous industrialist and doyen of jaw-dropping parties, turns 70. By KEMI AKINYEMI

He owns one of Nigeria’s biggest business empires, a hefty property portfolio, a dishy-looking wife young enough to be his daughter, a string of failed marriages and a legendary appetite for lavish parties. Life, to a great extent, has been kind to Razaq Akanni Okoya, the beady-eyed businessman.

Last week, Okoya, who is the Chairman, Eleganza Group of Companies, showed how kindly life has treated him when he donated some gifts to the Lagos State Government. The package comprised of nine patrol vehicles donated to the state Police Command, two ambulances and 11 brand new incubators to the Lagos State University Teaching Hospital. He also gave numerous gifts to some orphanages and hones for the physically challenged.

It was the first time that Okoya, at least in public, showed his philanthropic side.

The occasion was his 70th birthday, for which a week-long celebration was held. He turned 70 on 12 January. The celebration, which took in a ceremony for the conferment of a chieftaincy title on him by Oba Rilwan Akiolu, the traditional ruler of Lagos, climaxed with a grand party.

Okoya’s life has been fruitful and colourful. His story is eminently romantic.

His childhood dream was to become a lawyer. That dream, however, was killed by his father’s decision to bring him into his tailoring business as an apprentice. While assisting his father, Okoya set up his own business, turning trousers into knickers, long sleeve shirts into short sleeve to sell. That way, he earned enough to save for the future.

At the beginning, he combined apprenticeship at his father’s shop with schooling. Soon though, Okoya would quit schooling. What convinced him to quit was the sharp difference in the way teachers and businessmen dressed. “In school, I could see my teacher in worn and often shabby clothes and at the same time, I could see the well-dressed businessmen of Dosunmu Street, the heart of business in Lagos then. It was easy for me to choose business life,” he said in an interview.

At 14, he made up his mind to become a businessman. And he did not have to think hard to arrive at the line of business he wanted to do. His father sold sewing materials and the young Okoya wanted to know the makers of those materials. “I spent sleepless nights writing letters all over the world, making enquiries about the manufacturers of buttons and zippers,” he said. Soon, he started importing the products with orders of between £20 to £50. When the goods arrived and he could not raise the £70 he required to clear them, his mother came to his aid.

In no time, he began importing ornamented buttons. The reaction of the market surprised him. He followed it up with the importation of earrings and other jewellery items, which sold out fast. “What we sold was what the masses could afford to buy. In business, you have to ensure that the masses are able to afford the cost of your products,” he lectured.

Next up was the business of shoemaking. That marked the start of Eleganza shoes, Eleganza slippers and bags. Okoya adopted the same low-pricing strategy, aiming for volume rather than high profit margin. The success recorded in bags and slippers gave him the confidence to try other things. Okoya came up with the idea of producing food warmers and drink coolers. The fact that Nigerians are party-loving people ensured that it was an instant success. He added small food flasks for those who want food on the go. The products were also well received around the West African sub-region.

Okoya developed the property arm of his business as an insurance against fluctuations his other businesses may experience. He built his first house at the age of 21. Many more would follow. Notable among these are the shopping plazas in Ikeja, Apapa and Alaba in Lagos. There is also the vast Oluwa Ni Sola Estate in Lekki.

Despite his success in business, Okoya is not everybody’s cup of tea. His party-loving nature has infuriated more than a few. In January 2002, Okoya hosted three elaborate parties to celebrate his birthday, that of his daughter, Biola, and the wedding of his son, Tunde.

Six months later, Okoya’s Eleganza Industries was one of the companies picketed by the Nigerian Labour Congress, NLC, which was fighting the casualisation of workers. Though he stopped the NLC in court, the incident created for him the image of an insensitive employer.

Three years later, Okoya would reinforce the perception that he was insensitive, when he threw a wedding party for his niece at the expansive Oluwa Ni Sola Estate along Lekki/ Epe Expressway. The size of the crowd the party drew ensured that the expressway was horribly clogged and sentenced commuters to hours on the road. This resulted in a huge public outcry for which Okoya had to publicly tender an apology via a newspaper advertorial.

Shortly after, this was followed by reports that his business empire was about to crumble. He was reported to be owing salaries and even had to suspend the production of flasks, coolers and warmers.

Ten years ago, Okoya’s marriage to Sade, then a 22-year-old Sociology undergraduate at the University of Lagos, also raised sneers and charges of cradle snatching in some quarters. Currently, Okoya is married to Sade and Kuburat Olayinka, whom he married 45 years ago.

On attaining the age of 70, Okoya said: “God has been very kind to me. He has blessed me with a good and happy life. It is one thing to work hard, but it is the blessing of God that adds value to the work of your hand. At 70, I have no reason not to be grateful to God for what he has done for me.”