She stands tall among her peers, particularly in the manufacturing sector. Chief (Mrs.) Folashade Okoya, MON, is a gold fish that has no hiding place. She is a woman of grace, intelligence and diligence which have given her the courage and determination to dominate a sector hitherto reserved for men.
Smart, beautiful and intelligent, the Bewaji of Lagos has proved that she’s a worthy symbolism of the expression: brain and beauty with the way she had positively turned around the fortunes of Eleganza Industries Limited since the mantle of leadership of the company fell on her as the Managing Director of the company.
Thus, her efforts have been crowned with lots of honour both in academic and business sectors.
Thursday, 25 April, 2024, was a special day for the young business woman. She turned 47 that day, and also celebrated 25th wedding anniversary same day.
Since she met and later married the industrial giant of the famous Eleganza Industry, Chief Rasaki Akanni Okoya 25 years ago, this amazing and talented diva has continued to shine like diamonds in the sky not only as a wife and mother at the home front but also as an outstanding entrepreneur who has been able to impact positively on the Eleganza Industries, the flagship of her husband’s conglomerates.
Her early years with the Aare of Lagos and Landlord of Oluwanishola Estate saw her raised four wonderful children. Done with child bearing, the ljebu Ode, Ogun state-born beauty plunged herself into the act of manufacturing.
And having learned the ropes under the tutelage of an established husband, her strong determination, desire and interest to succeed have come in handy for her as she continue to soar.
Today, she held her head high and command 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.
She is proud of Eleganza exploits in the manufacturing sector. “Take for instance the plastic chairs, their robust nature, 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 explained during a recent encounter with a journalist.
“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 colors and shapes, they’re perfect for any event, making venues both presentable and inviting.
“ln 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,” she said.
On other range of Eleganza products, she has this to say, “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”.
And not limited to household items, according to Razaq Okoya’s heartthrob, Eleganza 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 feat for anyone, how has she been able to successfully steered its affairs in a male-dominated world?
“Thank you very much. It’s indeed a very interesting experience. To be honest it has not been easy but I just get on with work and deal with the challenges that come with it. The problems of forex, power, and customers’ satisfaction cannot be solved with gender preference. So, my focus is always on maximizing our available resources to deliver first-class quality products, made in Nigeria, at the most affordable prices to meet the demands of our customers.
“Yes it has not been easy but with hard work, determination and the grace of God, we have been able to scale through,” she responded.
It has not been all smooth-sailing, there have been challenges like issues of forex, input costs and energy among others. How has Eleganza coped?
“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 but we are working hard to resolve this issue. We hope to overcome this hurdle very soon,” she said.
Industries have been urged to embrace backwards integration to reduce FX exposure, how much has this helped Eleganza and how much of the company’s needed materials are locally sourced?
“For us at Eleganza Industries, we go into backward integration by producing our packaging materials which has helped us to control our costs significantly amidst all the instability,” she answered.
You have been credited for a lot of the transformation efforts this business has undergone in the last decade, tell us a bit about them and how they have kept Eleganza relevant?
Mrs Okoya ascribed her success largely to the support and mentoring by her husband, Chief Razak Okoya, whom she acknowledged for not only laying the foundation for a strong company but also going ahead to build a strong brand name.
Then she delved into her personal efforts through researches which brought about new ideas which have been yielding positive results when implemented.
“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,” she said.
Her driving force and motivation:
“Having an industrialist as a husband has greatly inspired me to also become not just a diligent wife, but also a good businesswoman focused on making positive impact in the society.
“When I see people using our products like diapers, chairs, and luggage among others, 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,” the Bewaji of Lagos explained with a deep look of satisfaction in her eyes.
Looking at current realities, would she says production costs and in turn, the cost of goods, would see any reprieve soon?
She was quick but measured with her answer: “Yes, there is hope for Nigeria, 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”.
On how to improve on industrialization in Nigeria, Mrs Sade Okoya said: by providing power for industries first. Once industries have stable and cost-effective power, then we can talk about being the bedrock of the economy”.
If given the opportunity, what would she do/advise can be done to revamp this sector for proper optimization and growth?
“Again, power is very critical for manufacturing, a stable exchange rate is also essential amongst other things. The authorities know all the burdens of manufacturers, we have shared these with them on many occasions, they need to bring lasting solutions to our power and FX issues,” Mrs Okoya said.
On how, she, as a major player in the plastics industry, is encouraging sustainability and recycling processes?
She said: 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”.
When asked what she’s doing to make the company sustain its relevance even after 60 years of being in operation, Mrs 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 Razak Akanni Okoya, CON, has created”.
On Thursday, 25 April, 2024, the business magnate turned 47 and also marked 25 years of marital bliss with her soulmate, Alhaji Razak Okoya.
The Oluwanishola Estate was opened to all dignitaries from all walks of life in lavish combined celebrations 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 9:30 am to 6:00 pm.
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.
