Chief (Mrs) Folashad⁹e Okoya, MON, stands out as a leading figure in the manufacturing sector. She has continued to shatter the glass ceiling in the male dominated terrain. Smart, beautiful and intelligent, the Bewaji of Lagos, who has been honoured and recognised both on the academic front and the national level, knows her onions. Since the mantle of leadership fell on her as the Managing Director of Eleganza Industries Limited, she has used her magic wands to turn the famous conglomerate around. She turns 47th on the 25th April 2024 that is today, being the same day she also celebrates her 25th wedding anniversary as wife of the business giant, Razaki Okoya. Meet Mrs. Okoya, the industrial genius and workaholic entrepreneur, whose unmatched enterprising acumen continues to dazzle in the manufacturing parlance, as the world of achievements stands still for her dual celebrations today.
Alhaji Rasaki Okoya and, wife, Folashade Okoya.
It has been over 25 years since her path crossed with the industrial giant of the famous Eleganza industry, Chief Rasaki Akanni Okoya, but this amazing and talented diva has continued to shine like diamonds in the sky as a wife and mother both at home and as an outstanding entrepreneur.
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Her early years with the Aare of Lagos and Landlord of Oluwanishola Estate saw her raising four wonderful children and, one with child bearing, the Ijebu-Ode, Ogun State-born beauty then plunged herself into the act of manufacturing.
Having learned through the ropes under the tutelage of an established husband combined with determination and interest, she soared.
Today, Folashade Okoya has held her head high and commands respect as one of the outstanding business magnates in Nigeria.
With over 60 years of experience, Eleganza Industries has invested heavily in machines and molds. Now at the helm of Eleganza Industries Limited, she oversees operations on a vast 35-acre site near the Pan-Atlantic University on the Ibeju-Epe Expressway.
The facility in the factory is state-of-the-art, producing a wide array of goods that meet both high-quality standards and international benchmarks.
Mrs Okoya is proud of Eleganza’s exploit in the manufacturing. “Take for instance the plastic chairs, their robustness, elegance, and durability are second to none. With over 200 diverse designs, it’s hard to believe these chairs are crafted in Nigeria— they rival global standards. Some feature upholstered seats, adding to their appeal,” she said during an encounter with journalists.
Continuing she said, “We’re setting sights on exporting these chairs globally, confident that their distinctive designs and marketability will resonate worldwide. Their affordability is another plus, thanks to locally sourced materials from our petrochemical industry. Available in various colours and shapes, they’re perfect for any event, making venues both presentable and inviting.”
Speaking further, she said they also cater for schools. “In addition to our renowned chairs, we offer Tables and Desks that surpass traditional wood in durability and elegance. They’re cost-effective too, thanks to our use of local petrochemical materials, making them accessible for any school. Schools highly favour them for enhancing classroom aesthetics and student comfort.”
Reeling out what has made Eleganza stands out over the years, she added, “Our cooling boxes and food warmers set us apart as West Africa’s pioneers. Despite growing competition, our standards remain unmatched. Our coolers are known for their superior durability and cooling efficiency, a testament to our unrivaled experience.
“Our Casserole Sets collection boasts over 150 patterns, combining durability with style, available in various colours. We lead in quality and durability, making us the top choice with no compromise on quality and affordability.”
Not limited to household items, Elegance, she said, also caters for babies. “For the little ones, our baby diapers are designed for extended wear without discomfort or rashes, ensuring durability and the utmost care for baby’s skin.”
Managing an industry of this size is no easy fit for anyone. Asked, therefore, how she has been able to succeed in steering its affairs in a male-dominated warld, successfully, 45-year-old Folashade Okoya explained saying, “To be honest it has not been easy but with hard work, determination and the Grace of God, we were able to scale through.”
For her, the sector in which she operates has been beset by many challenges in the last few years (foreign exchange, input costs, energy costs etc). How then is she navigating these challenges to stay afloat, she said, “Our biggest challenge is electricity because we strictly operate on generator which makes life not easy for us. Among all these challenges, the cost of power generation and the unstable Foreign Exchange Rates are among our biggest nightmares.
“We predominantly run on diesel generators and thus have had to come up with creative strategies, amongst which is reducing our profit margins in order to remain in business.”
On how much of her needed materials are locally sourced as industries in the country were urged to embrace backwards integration to reduce foreign exchange exposure, she said, “On some products like our plastic products, almost 90 percent are local materials, due to local petrol-chemicals. For us at Eleganza Industries, we indulge in backward integration by producing our packaging materials which has helped us to control our costs significantly amidst all the instability.”
For her magic wand and business acumen, she has been credited for a lot of the transformation efforts this business has undergone in the last decade the Eleganza has remained relevant.
Speaking to this she said, “Well, I am humbled and at the same time give God the glory. The company has been in existence for almost 60 years. And having leaned under him I decided to take the bull by the horns to team up collectively and bring it to life. I persuaded him to bring everything back alive that is why we are in our present new Iocation in Lekki -Epe Express Way.
“I will begin by acknowledging that nothing we have achieved at Eleganza Industrial City would be possible without the guidance and support of our Chairman, Chief Razak Okoya. He laid the foundation by building a strong brand name for the Eleganza Group.
“Eleganza was mostly known for its cooling boxes and biros back in the day. I embarked on market research to determine new routes for expansion and came up with several product lines that had not been produced before.
“To the Glory of God, we produce most of the party and events chairs in Nigeria right now. The events industry is a major market for us, likewise, stadium seats, luggage, school furniture, diapers, sanitary wear and of course, the flagship Eleganza coolers have now been remodeled with more contemporary designs in line with international standards.
“Right now, I’m proud that our chair manufacturing line is the biggest product in the group. This was my idea and baby.”
Her driving force? “My husband’s interest in industry is very high, it is all his life and, to enjoy my marriage, I have to join force with him. Having an industrialist as a husband has greatly inspired me to also become not just a diligent wife, but a good businesswoman focused on making positive impact in the society .
“When I see people using our products like diapers, chairs, or luggage etc., it gladdens my heart that we are making an impact in households across the continent. That is a key motivation for me to keep on going so that the Eleganza legacy will be kept alive from one generation to another.”
On whether, looking at the current realities, she could say production costs and cost of goods would see any reprieve soon, she said, “Yes there is a big hope for Nigeria. I join prayers with my husband that we should industrialize Nigeria especially our youths. We must teach the youths how to make good money. Cottage industry in all the states for these youths will be the answer with private finance and trade by barter with some countries to bring their machines in and teach our youths. By this, a lot of costs will be down and life will be normal, better and there will be less crime.
“Yes, there is hope for Nigeria and our prayer is that the current policies the government is putting in place will have a positive effect on the wider economy and manufacturers like us. The exchange rate is coming down gradually, we just pray it remains so for the long term.”
She bore her mind on how best Nigeria improve on industrialization, with manufacturing as the bedrock of any economy saying, “By encouraging our youth which are in the majority as I have explained, there will be more millionaires in the country and majority will be happy, cost will be automatically forced down and crime will be a word of the past.”
On what she would do or advice can be done to revamp the manufacturing sector for proper optimization and growth, if given the opportunity, Mrs Okoya said, “Cottage industry is a minor procedure which does not require major capital or attention and yet it will give a lot of relief to our daily lives.”
As a major player in the plastics industry, she also spoke on how she is encouraging sustainability and recycling processes.
“Our products are all reusable and not created for single use. We don’t even produce disposable products because of its harmful nature to our environment. We are presently studying various recycling models and in due course we will decide on the best practice for us as a business.
“Recycling will be a lot of help and it makes cost cheaper and easier and it will be this part of cottage industry for the youth which will make life easier which is my daily prayer. Our products stand out for their excellence, with soaps that are unique, pleasantly perfumed, and produced on state-of-the-art German machines and re-usable plastic cups and plates that are elegant, durable, and available in over 100 shapes, and a range of quality cosmetics for beauty, elegance and comfort,” she said.
On things she will do to ensure continuity of her six decades old industry, Folashade Okoya said, “We will keep researching, innovating into current markets needs and using cutting-edge technology to produce quality, proudly made in Nigeria products at affordable prices for our people. Also, all stakeholders will work together to retain its existence and maintain the enviable brand name which our mentor, Chief Rasaq Okoya, CON had created.”
Today, Thursday 25th April, the business magnate turns 47 and also marks 25 years of marital bliss with her soulmate, Alhaji Rasaki Okoya.
The Oluwanishola Estate was opens to all dignitaries from all walks of life in lavish and combined celebrations to be hosted by her loving husband.
Mrs Okoya no doubt is a society matriarch and a head turner with stunning styles. But beyond this, she dedicates herself to the factory six days a week, from 9:30am to 6:00pm.
Her time is divided between the factory, her four children, her husband, and occasional social events on weekends. This University of Lagos trained graduate’s dedication, commitment to duty and style are truly inspiring.
