Chief Rasaki Akanni Okoya @ 84: My Hope Is For Tinubu Administration To Make Industrialisation Of Nigeria Cardinal Goal
BORN on January 12, 1940, Alhaji Razaq Akanni Okoya is a billionaire industrialist with a Midas touch. The Aare of Lagos is the owner and founder of Eleganza group of companies and RAO Investment Properties whose tentacles have spread across Nigeria and the West African countries.
His magnificent estate, ‘ Oluwa ni Shola’ ( The Lord creates wealth) Estate on Lekki/ Ajah Expressway is described as an ‘ Expatriates Estate’ because of the high number of expatriates living there. It is well equipped with uninterrupted power and water supply, marble floors, central air- conditioning, sauna, lush gardens, billiard room, tennis court, swimming pools, expensive sculptures and lots more.
With his experience as an industrial magnate spanning over six decades, he knows it all and he has seen it all.
Chief Okoya’s journey from humble beginnings to becoming a billionaire is a testament to his unwavering vision, strategic insight, relentless and perseverance. As he turns 84, Okoya talks about the secret of his success, and how government can make the youth productive using industrialisation.
BORN to the family of Tiamiyu Ayinde Okoya, in Lagos, the then capital of Nigeria, Razaq attended Ansar- Ud- Deen Primary School in Oke Popo, his only formal schooling.
From an early age, he was determined to be a successful person, even with a little formal education. “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,” he is noted to have said in previous interview.
“My main motivation was that I wanted to be rich and I knew I had to work very hard to get there.”
He worked in his father’s tailoring business, which also included the sale of tailoring accessories. The experience he got gave him the confidence to start tailoring activities on his own. He saved every penny he made until he had 20 pounds. His mother gave him the extra 50 pounds, and with the blessing of his father, he started importing and trading goods from Japan.
Why Eleganza is still standing six decades after?
“We believe in Nigeria and we have promoted Made in Nigeria Products over the years. The Eleganza Industrial City Limited is a testament to our vision as an established company. It is place where you find various products under one roof. Under the new industry, the company produces luggage/ bag that can be branded for companies, pilgrimage, government parastatals and family trip.”
He believes “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.”
According to him, “it also manufactures over 68 different designs of standard chairs for churches, parties, eateries, hotels etc. It also has sets of coolers and food warmers in different shapes and design. This attests to the fact that consistency, not compromise on standard and quality, has been the guiding principles that have kept the company going in the past four decades.”
With modesty, Eleganza is one of the biggest employers of labour by giving employment to thousands of Nigerians. He adds: “At Eleganza, we try to work within our means particularly by working with the local market. It has helped the business to grow this far.”
According to him, he has decided to use this opportunity to propose a recurring vision that has plagued him.
Life lesson at 84 and secret of his success?
He says, “consistency, perseverance, commitment, passion and integrity are the only vehicles that can drive you to success and not by cutting corners.”
He continues, “it is by being true to oneself in what one is doing. I am passionate about my business. I am committed to it and I have been consistent over the years by getting involved all the way by not playing the boss.”
From working and monitoring the manufacturing industry for over 60 years, he says, “my hope is that the current administration makes the industrialisation of Nigeria a cardinal goal: utilising our youths and empowering increased incorporation of manufacturing through the establishment of many cottage industries and factories during their term,” he says.
He asks, “did you know, a significant percentage of the country’s GDP is derived from MSMES and it can be approximated that majority of these enterprises are youthowned?”
On making the youth productive via industrialisation, “our youth have potential and can be stronger with greater empowerment. If you open the eyes of a blind man, he will never want to go back to the darkness. I think to myself regularly on how do we utilise our dominant working population.
Okoya’s Eleganza Group is one of the biggest homegrown conglomerates in Nigeria today, with over six factories, and its products are household names in Nigeria and in neighbouring African markets.
Today, under his Chairmanship, the Eleganza Industries produces a wide range of household goods and utensils including cutlery, collieries, food warmers, ice chests, electric fans, cosmetics and ballpoint pens.
His factory locations include, Oregun- Ikeja, Isolo, Alaba and Iganmu, the company now directly employs over five thousand Nigerians and non- Nigerians including those working in his RAO Property Investment Company.
“Bringing this into realisation could be initiated through investment in incubation centres, in each state ( dispersed based on the requirements and geographical advantages of the state). Preparing one- unit warehouses of approximately 5,000 sq m per cluster, having 10,000 of each unit/ micro industry in each state including the federal capital territory, Abuja,” Okoya reveals.
Similarly, provision can be made to private estate developers to create infrastructural extensions in areas with existing low- income housing to include warehouses. “This will enhance the appeal of opportunities in our rural states, transforming them into vibrant economic zones and serving as significant industrial infrastructure for each state.”
He says, “in addition to the above, Nigerian government can invite specialists and international machine manufacturers ( e. g. China/ India etc.) to train our graduates in vocational skills and provide crucial technology transfer through the sale of machinery, and equipment for daily need products in exchange for local minerals via the use of a barter trading system.”
The business mogul believes the picture in his mind places all 36 states and the federal capital territory as industrial hubs, varying in speciality where the average Nigerian citizen should be able to live, work, shop, have access to healthcare and other conveniences ( e. g., recreational, worship facilities etc.); all without leaving their state of origin, within their industrial hubs.
To him, “by opting to further facilitate local manufacturing of products, the government can consider onward sales of the above mentioned machines to the youth on a long- term basis.”
Okoya adds, “the government should protect our industries by imposing strict prohibitions of imports and policing the markets to enforce the ban on importation. With these, I believe we can conserve our precious foreign exchange, increase GDP, and strengthen our local markets/ producers.”
He also believes that by making electricity available will turn the economy around, the youth and existing industries.
According to him, “power supply should be made available to our youths and other existing industries. If small- scale factories could work without generators, it would solve majority of the country’s crippling problems.”
For him, requiring each unit to adhere to contemporary demands of sustainability, preservation of natural capital and utilisation of renewable energy “will ensure longevity and create backups to the national grid power supply. Incorporating training to pre- empt and prevent environmental degradation, learning from the case of China.”
He reveals, “this will provide practical experience that would give our youth a strong sense of belonging, and a promise of hope. It is our duty as Nigerian seniors, to help our youth the truth to know.”
A widely travelled man, he knows how things work in societies with standards. He is convinced that Nigeria could match whatever quality provided outside if not better.
He believes that wealth could be created and rural- urban migration stemmed by government making concerted efforts to promote urbanisation in the rural areas of the country, and stemming rural- to- urban migration by wealth creation in rural communities.
His words, “this will prevent overcrowding in urban areas; keeping our youths off the streets, by encouraging them to get a house and job opportunities. We need to instil a sense of pride and dignity through respectable labour in our youth.”
To the business mogul, the creation of varied and sustainable industrial cities will be pivotal in the national stimulation of progress. “All this could be financed in the government budget with the aid of private sector investment schemes and the youth could be required to pay back within 10 to 25 years, and/ or enjoy grants to support them. This will unleash and enable patient capital required to catalyse economic growth, jobs and entrepreneurship for our youths,” he says.
He says it is better to light the candle than cause darkness. “Give light and the darkness will disappear of itself. This vision enacted would enable us to manufacture a better Nigeria. To ensure the success of this proposed economic remedy, Nigeria, the economic powerhouse of Africa should entirely and unitedly embrace a propensity of population utilisation, to supercharge the entire African continent. I believe more technical details and possibilities have to be discussed on the above ideas,” he says.
On the current administration? He has this to say: “Asiwaju Bola Ahmed Tinubu is a visionary leader who is passionate about Nigeria. I am sure this administration will promote commerce and industry. I pray for the President and Vice President, with the aid of Allah ( SWT), to consider this and include it in their good programme as a blueprint for the rebirth of our great nation”
On his humanitarian gesture?
He smiles: “Many of my activities revolve around religion and service to humanity through various philanthropy.”
His humanitarian gestures cut across the various sectors of the society. At various times, he had supported medical establishments and hospital homes by donating lifesaving equipment. Several undergraduate students have benefited from his Alhaji Akanni Okoya Scholarship Awards.
“I also believe in quality education and the foundation under my name in recent years has thrown its weight in support of the Nigerian educational sector,” he says.
His advice for the youth, as said in previous interviews, “it took me 60 years to build the Eleganza conglomerate through dint of hard work. Nigerian youths are hard working and resilient, if they can embrace hard work more and more, they will be successful because they have what it takes with enabling environment.”