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Venturing into business demands proficiency, intelligence, creativity and recognising opportunities when they arise. In other words, one has to pray and watch out for opportunities. The combination these successful business strategies are evident in one of Nigeria’s foremost industrialists, Chief Rasaq Akanni Okoya, erstwhile owner of the famed Eleganza Group of Companies.
Born in 1940, the business mogul draws a lot of inspiration from his industrious and enterprising father who he said, was a very good tailor and trader who sold tailoring materials. Interestingly, one of his father’s clients was the father of the Biafran warlord, Chief Emeka Odumegwu Ojukwu.
Okoya began his journey into the Nigeria market when he started saving money for petty jobs he did; mending clothes at his father’s workshop. He would mend shirts and trousers for a fee, turning long sleeves to short sleeves or trousers to shorts. This exploit earned him twenty pounds-his first start up seed in creating his own business.
After making series of enquires on how to go about the business of importing such goods which was not that popular in Nigeria at that time, Okoya found out that he needed seventy pounds to be able to order and ship imported goods into Lagos. His mum later gave him the money he needed.
When the goods arrived, he discovered that the products were not only of better quality, but were at a cheaper rate than the amount it sold at the local market. This enhanced the sale of the goods and from then onward, he started importing clothing materials from abroad.
As his business grew, Okoya ventured into manufacturing. His journey into manufacturing was kindled after he learnt a new trick from Igbo traders about how ornamented buttons can indeed, be converted into earrings. He envisaged that women love to wear jewellery and the ridiculous amount of money spent in buying them. He believed that such jewellery could be bought at a cheaper rate since metals are available in Nigeria. This challenged him to import the machines required to make such jewellery and employ experts to help train his workers. The company also provided the avenue for people to wash their jewellery when it gets dirty.
The move birthed the production of Eleganza jewellery and buttons, which became instant hit in the Nigerian market. Chief Okoya also began to import shoes into the market before he began shoe production after he was disappointed by the Italian company that helped manufacture the shoes he sold.
Okoya’s extensive trips to several countries, where he imported his wares from, afforded him the opportunity of experiencing how different products were manufactured. The astute industrialist later ventured into making coolers, which he became most popular with.
His business success is rooted in a very simple strategy of low pricing to beat competition. On what maintains his business stable, Okoya once said, “I always look for opportunities. Nigeria is a very big country and we have a lot of business opportunities. There is a huge market. You need to be focus in what you want. And more importantly, you have to work really hard to realize your dream.”
With all his principles and stated achievements, Okoya is today one of the most successful businessman, philanthropists in Nigeria with his astounding wealth.
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