In Lagos, there is money, and then there is old money. The Okoyas are one of the wealthiest families in the centre of excellence with old money. They are famously known as the House of Gold. The Okoya family dynasty owns the world-famous Eleganza Group of Companies, boasting a net worth running into hundreds of millions of dollars. This kind of wealth never finishes but multiplies from generation to generation. It’s no surprise that the Okoyas, headed by the family patriarch Chief Razak Okoya and his youngest wife, Dr Shade Okoya, are famous for ruling the Lagos social and economic scene with their superior business acumen and flair for fashion, style, extravaganza, and of course, ELEGANZA.
In recent years, the Okoyas, who have lived a luxurious lifestyle among the elite and Lagos High Society, have been catching attention on social media. They flaunt their lavish mansion, world-class industrial estates, expensive fashion taste, fine dining, and luxurious trips abroad, leaving us captivated. However, nothing compares to the growing fascination with the family matriarch, Shade Okoya. In her late forties, she looks like a Barbie doll and is always impeccably dressed. Rumour has it that Shade is the ultimate Nigerian influencer who also popularized the “Rich Aunty Vibes,” with others learning from her.
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Billionaire industrialist Chief Razak Okoya, also known as the Aare of Lagos, is the founder and chairman of Eleganza Group of Companies and the RAO Investment Property Company. With a market spanning across Nigeria and Western Africa, the companies are among the most successful in Nigeria. Okoya reportedly boasts a net worth of 650 million dollars.
Unlike many billionaires in Nigeria, the 84-year-old tycoon is the definition of building wealth from the ground up. In fact, Chief Okoya was born without a silver spoon into the Tiamiyu Ayinde Okoya family of Lagos Island (Isale Eko). In his formative years, the industrialist attended Ansar-Un-Deen primary school in Oke Popo, which was his only formal schooling, as he dropped out following his graduation.
“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. It was easy for me to choose business life,” he told Ventures Africa in 2014.
As a primary school dropout, the Aare of Lagos worked in his father’s tailoring business and then started his own business after a while, after which he was able to save 20 pounds. With an additional 50 pounds from his mother and his father’s blessing, the billionaire started an importation business, which was largely successful. But it wasn’t until he started a jewellery business that he saw what real wealth looks like. According to the business tycoon, his first wife, Kuburat Okoya, was obsessed with jewellery that she sourced outside the country for outrageous prices. After learning that Nigeria was rich in iron ore, which is readily available, the businessman kickstarted a jewellery business that marked the birth of the national conglomerate known today as Eleganza Group.
Under Chief Okoya’s leadership, the company has expanded into plastic manufacturing, producing a wide range of goods, including cutlery, collieries, chairs, food warmers, ice chests, electric fans, cosmetics, diapers, and ballpoint pens. Its products are household names in Nigeria and in neighbouring African markets. Eleganza boasts factory locations in Oregun-Ikeja, Isolo, Alaba, and Iganmu, and it directly employs over five thousand Nigerians and non-Nigerians. In addition, Okoya’s Eleganza group boasts investment in real estate through the RAO Property Investment Company.
Unlike many businessmen who built their companies with government contracts and courted politicians who helped them cut corners, Razak Okoya is one of the few people who has successfully run a business independent of politics for decades. “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 do not expose myself to intrigues and politics,” he told Ventures Africa, explaining why he barely has any political scandal.
But you all know that Nigerian saying, “Something must Kill a man”. For Chief Razak Okoya, women are a hill he is ready to die on. During his youth, he was a famous, chronic womaniser; hence, it’s no surprise he has married no less than six wives in his lifetime. However, only two of his wives are popular. The first is Kuburat Okoya, his first wife, who had seven children with him. The second is Shade Okoya, his youngest wife, who is not just popular but now world-famous.
Shade Okoya, born Folashade Adeleye on April 25 1977, is from Ijebu Ode, Ogun State but was raised in Ojuelegba, Lagos State. Shade obtained her National Diploma in Banking and Finance from Lagos State Polytechnic before proceeding to the University of Lagos, where she obtained a Bachelor’s degree in Sociology. As you may have guessed, Shade didn’t come from a rich background. Rumour has it that during her days at Unilag, she looked for glucose guardians to keep up with her bills, which is how she met Razak Okoya, famous for sleeping with women of easy virtue. In 1999, the business tycoon, who was 59 years old at the time, promoted 21-year-old Shade from a side chic to his 6th wife.
Following the marriage, many thought the university graduate would be reduced to another housewife and that, in a matter of time, Chief Okoya would marry a much younger woman. Interestingly, the Barbie Doll beauty didn’t just become his last bus stop; she also became his favourite wife and co-business partner. According to the Aare of Lagos, Shade attained this status because she has proven to be loyal and hardworking.
Beyond the beauty’s looks and flair for fashion, Folashade is the secret behind the continuous advancement of her husband’s company. Due to Chief Razak Okoya’s old age, the company suffered a setback some years back. But by a stroke of genius, the business made a massive rebound, with Shade running Eleganza Industrial City Limited as the Managing Director and Chief Executive Officer. The company currently sits on a 35-hectare land at Km 68 Lekki- Epe Expressway, Ibeju Lekki, Lagos, and has expanded their product portfolio under her leadership. Of course, there has been a power tussle within the family between the wives, the patriarch’s siblings, and his one-time favourite daughter, Biola, but it looks like the Shade is the better chess player and has come out on top. This Day Newspaper was particular about the fact that the philanthropist is now the heartbeat of Razaq Okoya’s Dynasty.
Chief Razak Okoya and Shade Okoya, named Nigeria’s Manufacturing Power couple by Forbes Africa in 2019, are blessed with four children: Olamide Raheeda Okoya, Oyinlola Okoya, Subomi Okoya, and Wahab Okoya. According to Wahab, the last born and arguably the most handsome of his siblings, they are all involved in running the company, so they can be prepared to take over in the future.
In April 2024, 84-year-old Razak Okoya and 47-year-old Shade Okoya celebrated their 25th marriage anniversary. And best believe that the power couple are ageing gracefully. In this viral video of them participating in a viral challenge, the businesswoman described her man as her Ride or Die.
The magnificent and outlandish “Oluwa ni Shola” (The Lord creates wealth) Estate along the Lekki/Ajah Expressway is the primary residence of the Okoyas. Those who were opportune to gain entry and view the estate beyond its high walls and gate described it as the garden of Eden. Others call it the expatriate’s garden, given the high number of expatriates and wealthy foreigners who live within the estates. At a time when Nigeria hadn’t experienced much urbanisation, Oluwanishola was one of the few estates that had an uninterrupted power supply. It is a one-of-a-kind estate, and the Okoyas’ residence is within it.
The stately mansion, also known as the House of Gold, has over 30 bedrooms and is famous for its authentic gold interior decor. It boasts marble floors, central air-conditioning, a sauna, lush gardens, a billiard room, a tennis court, swimming pools, and expensive sculptures.
According to Bellanaija, the music video for DbanJ’s 2009 hit song, ‘Suddenly,’ was shot at Chief Razak Okoya’s Oluwa Ni shola Estate, which at the time was a hot location for shooting videos about wealth.
Sometime in August 2024, Wahab Okoya, the youngest son of Shade Okoya, gave his TikTok fans a peek into the family estate, showcasing an elevator that runs through all parts of their house, a bowling room, and an exquisite formal dinner and ballroom for parties and get-togethers.
But if you think you have seen it all, the interior of Shade Okoya’s bathroom will shock you. In April 2020, in the middle of the pandemic, the successful businesswoman showed off the interior of her bathroom, which looked as big as a 3-bedroom apartment in Lagos. It is indeed spectacular.
In addition to the palatial mansion in the heart of Lagos, the Okoyas own another home in London. Although not quite as big, it’s no less exquisite than their Lagos residence, featuring similar gold interior decor, several housekeepers, and a garage packed with luxurious cars.
You may have heard that no one lives a luxurious lifestyle better than the Okoya. Of course, before Shade joined the family, they were what we would call subtle. But as a beauty in her prime who had just come into wealth, the businesswoman wouldn’t be quiet about the luxury she could afford. The mother-of-4 plunged into high society, showcasing class and luxury with outlandish and fashionable jewellery and style. Initially, the Lagos elite refused to welcome her into the fold because she didn’t belong. To them, Shade was just an Omoghetto who had no business interacting with the one per cent of the one per cent. The Unilag graduate was also who we would call the Regina Daniels of her time, going by the 37-year age gap between her and her husband. Tongues were wagging, and people talked like they had when Gina married Ned Nwoko.
It was not too long before the Eleganza Group ceo began to attract media attention for her elegance and style, gracing the front cover of Ovation Magazine, Encomium, City People, Hintsagazina and many more. The media began to court trendy and sophisticated Shade, who started throwing the best parties in Lagos. In no time, everyone wanted to be associated with the Okoya, who commands attention with only her presence. Oh yes! Shade Okoya is the real definition of class and leader of all the baddies in Nigeria — Always maintaining beauty even at 47.
Beyond her stylish persona, Shade Okoya also won the hearts of many for her business acumen and big heart, which she has displayed in her philanthropic works. This has earned her several honourary degrees and titles, including the Bewaji of Lagos, Otun Aare Iyalaje of Ajiranland, Yeye Oge of Epe Land and Ajisewa of Oke Ona Egba.
Besides throwing lavish parties in Nigeria, the Okoyas also get to sit, wine, and dine with royals worldwide. In May of 2019, Chief Razak Okoya and Shade Okoya casually joined several world-renowned celebrities to dine and hang out with Queen Elizabeth II of England, during the Royal Garden Party at Buckingham Palace. More recently, in May of 2024, the couple were seen casually hanging out with the Duke and Duchess of Sussex, Prince Harry and Meghan Markle, at the DelBorough Hotel in Victoria Island Lagos during their visit to Nigeria.
Wahab Okoya, who has been giving his growing 140k thousand followers on TikTok the cost of his lifestyle, is fond of showing off the other ways the family spend their money. In December of 2022, the family flew to Las Vegas to celebrate the season.
In July of 2023, the family’s youngest son shared videos from Prom Night with his classmates at the Oriental Hotel. Wahab, who won best dressed at the event, was graduating from Children’s International School at Lekki Phase One — one of the most expensive schools in Lagos, with a British curriculum and 3.5 Million Naira tuition. Wahab, currently studying at a University in the US, recently showed off his mother’s impressive walk-in closet filled with hundreds of designer bags, shoes, glasses, jewellery, purses, and perfumes.
Still on his lifestyle cost, Wahab has also shown off the expensive cars in the family residence with number plates customised for individual family members. It features a range of vintage luxury cars and more modern, sophisticated automobiles. As you may have guessed, the Okoyas rarely get to drive any of these cars as they are chauffeured everywhere. The family residence boasts several housekeepers at their beck and call. Regardless, the sophisticated Shade Okoya likes to cook for her husband by herself.
Just when we thought the Okoyas were showing off too much on social media, Subomi Okoya, the eldest son of Shade Okoya, has been showing more than a lot lately. In this viral video, Subomi, who graduated from Lancaster University in July 2024, bragged that he only eats at fancy restaurants, takes a limo everywhere, and wears Burberry designer fashion.
Of course, many have been reacting to Okoya’s recent online presence and ostentation of generational wealth. Some have said they are doing it to promote their multi-billion Naira business, but according to some people, they just want to be as popular as the Otedolas, Adelekes, and others.
Reacting a TikTok user wrote, “Life is vanity but still I want this kind of vanity.”
Also reacting a user prayed fervently, “Hmmm I don’t even know what to say but I don’t want to die poor oh lord .”
Referring to Shade Okoya, a user wrote, “She’s on nobody’s level. From the good old ovation days till this day. Shade reigns supreme.”
Another user added, “This whole closet is someone else’s dream boutique!! There levels for every person in this world so never compare your life with others!! But true true I no go buy these things even if I have the money!! .”
One wrote, “There’s this reservation that Okoya is conservative. It’s not true. They’ve been covering the front pages of magazines and TV shows since I was little. The wealth has always been on display. The kids have just taken another dimension with TikTok and new social media.”
Tell us, guys, what do you think about the Okoya’s Wealth and luxurious lifestyle?
Do you agree they have the kind of generational wealth that does not finish but multiplies?
What do you think of Shade Okoya and her children’s outlandish and lavish lifestyle? Finally, do you think they are the wealthiest family in Lagos?
