Billionaire Razaq Okoya Details Succession Plan for Eleganza Empire
Nigerian industrialist and billionaire Razaq Okoya has publicly disclosed his intention to hand over his Eleganza manufacturing empire to his younger children, a decision that has ignited widespread reactions and discussions across social media platforms. The 79-year-old businessman, founder of the renowned Eleganza brand, explained his rationale during a recent interview, emphasizing the importance of practical training and early exposure to business operations.
Reasons Behind the Succession Decision
Okoya stated that he is actively training his younger children to ensure they are well-prepared to take over the family business. He highlighted that this approach is intended to prevent them from repeating mistakes he believes some of their older siblings made. "They must learn things the way we are doing it. They hold the future. 79 years old, I have to pass it on to them. I don’t want them to fail like their senior ones," Okoya remarked during the interview.
He outlined two critical lessons he is imparting to his younger offspring: experience and discipline. According to Okoya, acquiring hands-on experience is paramount, followed by cultivating qualities such as focus, honesty, determination, and punctuality. "Number one is the experience. Number two, they have to learn how to be focused, honest, determined, and punctual," he added.
Family Dynamics and Public Reaction
Okoya's comments come shortly after his son, Raheem Okoya, also known as Siraheem, spoke about growing up in a large family. Raheem revealed that his father has 26 children from nine different women and that he is the 23rd child. Despite his billionaire father's wealth, Raheem emphasized that he earns his own income through his executive role at Eleganza, music investments, and salary.
The billionaire's succession plan has triggered a flurry of reactions online, with many Nigerians expressing concerns about potential family conflicts and fairness. Social media users have speculated that the decision could lead to disputes among the children after Okoya's death. One user commented, "This man is just setting his family up for chaos after his death because the other children will definitely react. I just hope there won't be bloodshed cause that always the norms."
Others questioned the influence of Okoya's last wife, Chief Mrs Shade Okoya, on the decision. A netizen wrote, "The last wife has a very strong influence on this man. From his statement the last wife has already caused a strain between him and his older children. Without a detailed will, his empire would likely crumble after his demise. The family is already divided."
Training and Preparation for the Future
Okoya further explained that he ensures his children, including one daughter living in Europe, regularly visit the factory to gain firsthand knowledge of the business operations. He believes that the essential skills and understanding required to run Eleganza successfully are best acquired through direct involvement and observation at the company's facilities.
This focus on practical training underscores Okoya's commitment to preparing the next generation for leadership roles within the empire. He stressed that the future of Eleganza depends on the younger children's ability to uphold the values and work ethic that built the company over the years.
Broader Implications and Ongoing Debates
The announcement has also reignited discussions about wealth, inheritance, and family dynamics in polygamous settings. Some critics pointed out that parental responsibilities might have been neglected in the past, contributing to the perceived failures of older children. A social media user reacted, "Polygamous men be forgetting that their failed children might be as a result of their parental deficiency. The time they were supposed to raise them properly, they were busy raising the skirts of their age mates. Awon baba ofo."
Additionally, Raheem Okoya recently sparked controversy by stating that poverty is largely a mindset issue, urging young Nigerians to rethink their approach to life. This comment added another layer to the public discourse surrounding the Okoya family, highlighting the diverse opinions and debates that continue to emerge.
As Razaq Okoya moves forward with his succession plans, the business community and the public will be watching closely to see how this decision unfolds and impacts the future of the Eleganza empire.
