We take a look at the once-famous Nigerian businessman and confidante of President Bola Tinubu who has been thrust into the limelight again by his flashy sons.
At 85, Razaq Okoya is a household name in Lagos, Nigeria. He has been praised in many classical Yoruba songs dating back to the 1970s due to his exploits in the manufacturing sector which has brought him immense wealth.
However, he was only recently introduced to a new generation of Nigerians by his sons who are social media influencers and aspiring artists.
Addressing a gathering of supporters ahead of the 2023 presidential election, candidate Bola Tinubu stressed the need to raise enough funds to execute the election. He, however, said that he felt safe because anytime he had money challenges, he could always count on Okoya.
“Yes, I have my ambition and when I need money, if I am broke, I go to Okoya and he gives me, and that is the best value for money,” he said with a shrug.
Although Tinubu is extremely wealthy himself, those close to him tell The Africa Report that Okoya has indeed been one of his supporters, providing him with campaign donations on several occasions. Okoya is also one of the president’s confidantes.
Flamboyant sons
While Okoya is a household name, he was largely unknown by the younger generation of Nigerians. However, his sons have brought him back into the limelight.
Recently, Okoya’s flamboyant sons, Siraheem and Wahab, were seen in viral videos with their police orderly – a policeman on escort or bodyguard duty – flaunting wads of naira and throwing it around. Such conduct contravenes Nigerian law which prohibits the mistreatment of the local currency.
Many Nigerians on social media warned the authorities that if they failed to arrest Siraheem and Wahab, it would amount to double standards since others had been humiliated and jailed for committing the same act. Okoya’s closeness to the president meant it was unlikely that anything would be done to them.
But rather than Okoya’s sons, police authorities only detained the police orderly who was seen in the viral video helping the boys hold their cash. This infuriated many Nigerians.
The anti-corruption watchdog, the Economic and Financial Crimes Commission (EFCC), eventually bowed to pressure by inviting Okoya’s sons for questioning. Investigators, however, tell The Africa Report that the two boys failed to show up on 13 January.
“They instead sent their lawyer to speak with investigators. Their lawyer promised to produce them at a future date. If they fail to show up, we will be forced to get an arrest warrant,” an investigator says.
Plastic fantastic
Although the elder Okoya is extremely wealthy today with private jets, Bentleys, Rolls Royce and every luxury item at his disposal, this was not always the case.
Okoya came from poverty and only attended primary school. His father, Tiamiyu, was a simple tailor and had trained the young Okoya in tailoring as well but fate had other plans.
While working in his own tailoring business, Okoya relied on imported buttons and ornaments. However, in a bid to save money, he got a loan to import machines to produce ornaments.
With help from his wife, Kuburat, he embarked on a massive marketing campaign. Soon, he became the sole local supplier of such items, and his wealth expanded.
He subsequently diversified to manufacturing plastics and other household items like chairs, buckets, pens, fabrics and coolers. This has been the core of his prosperity.
With his wealth, his influence in Lagos widened as he was eventually conferred with a chieftaincy title by the traditional ruler of Lagos.
As he became affluent, he married more wives and fathered many children. However, the most notable and youngest of his wives is Sade whom he married back in 1999 when she was 21 and he was 59.
A socialite herself, Sade is a permanent feature on cover pages of magazines and is his favourite wife as she is the only one who accompanies him to major events.
When Okoya was invited to Buckingham Palace by the late Queen Elizabeth II, it was Sade who accompanied him.
Sade now leads his Eleganza manufacturing business while his other children hold strategic positions in the company which boasts about 5,000 employees. In more recent years, this business has expanded to real estate.
Oluwa Ni Nsola
Okoya resides in an expansive estate he christened Oluwa Ni Nsola, Yoruba for ‘God is the giver of wealth’. The imposing estate located along the Lekki-Epe Expressway in Lagos has several mansions and buildings within it.
It is also inside the estate that he hosts many parties including his recent 85th birthday, which was attended by many dignitaries including Africa’s wealthiest businessman, Aliko Dangote.
At the entrance of the estate is a statue of a man carrying the globe. It represents the massive wealth of Okoya.
A part of the estate is rented out to expatriates.
(The Africa Report)
