Portrait of a Resilient Africa Industrialist: Rasaq Akanni Okoya

Venturing into business demands proficiency, intelligence, creativity and recognising opportunities when they arise. The combinations of all these business strategies have been noted in the Nigeria foremost industrialist, Chief Rasaq Akanni Okoya, the erstwhile owner of the once famed Eleganza Group of Companies.

Born into the family of Tiamiyu Ayinde and Idiatu Okoya, Akanni Okoya does not have a formal education to boot like other famous entrepreneurs; rather he had most of his education at his father’s tailoring workshop where his dad sow people’s cloth while selling buttons and zippers. The only formal education he had was at the elementary level.

However, what urged him on was the kind of environment he found himself. Once, while he was reflecting on what compelled him into business, Okoya said “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.”

The business mogul draws a lot of inspiration from his industrious and enterprising father who he said, was a very good tailor and a trader selling tailoring materials. “We didn’t wait for people to bring materials; we were making clothes and sewing everything to sell. From shirts to trousers to bicycle seats.” One of his father’s clients was the father of the Biafran warlord, Chief Emeka Odumegwu Ojukwu.   

The 72 year old industrialist began his lone journey into the Nigeria market when he started keeping money on the sideline for petty jobs he does in mending clothes at his father’s workshop. He would amend shirts and trousers for a fee, turning long sleeves to short sleeves or trousers to shorts. This exploit earned him twenty pounds - his first start up seed in creating his own business.

However, the twenty pounds wasn’t enough for him to start his dream business of importing tailoring materials from the overseas.

After making series of enquires on how to go about the business of importing such goods which was not that popular in Nigeria at that time; Okoya found out that he needed seventy pounds to be able to order and ship imported goods into Lagos. He later approached his mum to get the remaining fifty pounds for the project but his mum asked him to seek his father’s blessing, which he did. His mum later gave him the money he needed.

When the goods arrived, he discovered that the products where not only of better quality; they are also available at a cheaper rate than the amount it is sold at the local market. This enhanced the sale of the goods and from then onward, he started importing clothing materials from abroad.

As his business grew, Okoya ventured into manufacturing. His journey into manufacturing was kindled after he learnt a new trick from Igbo traders that the ornamented buttons can indeed, be converted into earrings. He envisaged that women love to wear jewelleries and the amount of money spent in buying them are “ridiculous.” He believed that such jewellery can be bought for cheaper rates in Nigeria since metals are available in Nigeria.  This challenged him to import the machines needed for making jewellery and he employed experts to help train his workers. The company also provided the avenue for people to wash their jewellery when it gets dirty.

That gave birth to the production of Eleganza jewellery and buttons which became instant best sellers on entering the Nigerian market then.  During that time, he also began to import shoes into the market before he later began shoe production after he was disappointed by the Italian company that helped him manufacture the shoes he sold.

At that time, his extensive trip to several countries where he imported his wares from had afforded him the opportunity of seeing how different things were manufactured.

The astute industrialist later ventured into making coolers, which he became most popular with.

Although Eleganza Industries have become one of the numerous victims of the gradual collapse of some entrepreneurial endeavours in Nigeria; the 72 years old Okoya has found pleasure in property development in his retirement age.

Through RAO Property Investment Company, Okoya, has invested in properties in different parts of Lagos. His magnificent estate, Oluwanisola (The Lord creates wealth) Estate at Lekki/Ajah Expressway, Eleganza Gardens and Shopping Mall also in Ajah are part of his property investments.

The Oluwanisola Estate, which is also described as an expatriates Estate because of the high number of expatriates living there, is well equipped with uninterrupted power and water supply, marble floors, central air-conditioning, sauna, lush gardens, billiard room, tennis court, swimming pools and lots more, Eleganza Estate is fully serviced luxury living.

It was once reported that  a one-bedroom apartment at the Oluwaninsola  Estate, goes for N1.8 million per annum with N800,000 service charge, while a three-bedroom flat goes for N3.5 million per annum with a N2 million service charge, and the four-bedroom duplex goes for N4.5 million per annum with a N2 million service charge.

Okoya’s business success is rooted in a very simple strategy of low pricing to beat competition. “You do not do business for the ego value. You go for what the people can afford. In business, you have to ensure that the masses are able to afford the cost of your products. That is one of my secrets,” he says.

“My main motivation was that I wanted to be rich and I knew I had to work very hard to get there.”

On what maintains his business stability, Okoya once said in an interview with Vanguard Allure, “ I keep to  myself. I do not look at other people. I am content with myself. I do not look for cheap money. I am not interested in contracts and I do not expose myself to intrigues and politics.”

He reinstated that “I always look for opportunities. Nigeria is a very big country and we have a lot of business opportunities. There is a huge market. You need to be focus in what you want. And more importantly, you have to work really hard to realize your dream.”

With all his principle and stated achievements, Okoya is today one of the most successful businessman, philanthropist in Nigeria with his stupendous monumental wealth.

Although some may want to ascribe investment success to good education, the case of Okoya, chairman and chief executive of Eleganza Group, has proved all that wrong, considering his low academic background.

In his word, “I have nothing against education. But at times, education gives people false confidence. It makes people relax, trusting in the power of their certificates rather than in working hard.”

 Posted from Ventures Africa