Chief (Mrs.) Folashade 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 has been honored and recognized both at the academic front and national level.
As the Managing Director of Eleganza Industries Limited, she has used her magic wand to turn the fortunes of the famous conglomerate around. She turned 47th on April 25th and also celebrated her 25th wedding anniversary with her husband, Alhaji Rasaki Okoya. Her residence, Oluwanishola Estate , Lekki/Epe Expressway was opened to all dignitaries from all walks of life in a lavish combined celebrations hosted by her loving husband.
The glamorous business woman takes us into her world as an astute entrepreneur, wife and lots more.
You are no doubt a society matriarch and a head turner, how have you been able to juggle life as a business woman and wife to a business mogul?
I dedicate myself to the factory six days a week, from 9:30 am to 6:00 pm. My time is divided between the factory, my four children, my husband and occasional social events on weekends.
Elegance is one of the acronyms to describe your personality, what would you say has been your driving force and motivation to being an A-list business woman?
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, it gladdens my heart that we are making an impact in households across the continent. Not limited to household items, we cater for babies.
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.
Take for instance the plastic chairs, we are 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.
How have you been able to succeed in business in this harsh economy, knowing fully well the exchange rate in Nigeria is unpredictable?
To be honest, it has not been easy. But with hard work, determination and the grace of God, we were able to scale through. The sector has been beset by many challenges in the last few years. Our biggest challenge is electricity because we strictly operate on generator which makes life difficult for us as manufacturers. Also, the industries have been asked to embrace backward integration to reduce FX exposure. On some products like our plastic products, almost 90% are local materials, due to local petrol-chemicals.
For your business acumen, you have been credited for a lot of the transformation efforts this business has undergone in the last decade, could you share your views on this?
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 learned under my husband, 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 on Lekki-Epe Expressway. My husband’s interest in industry is very high, it’s all his life and to enjoy my marriage, I have to join force with him.
A lot of youths are moving in droves abroad for greener pastures, what’s your take on this on-going Japa in Nigeria?
I join my husband in prayers that we should industrialize Nigeria and teach our youths on how to make good money. Cottage industry in all the states for the youths will be the answer to curbing their moving abroad, with private finance and trade by barter with some countries to bring their machines in and teach our youths. Costs will be brought down, life will be normal and crime will reduce. That is my daily prayer. 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.
Yes, there is hope for Nigeria, and those who Japa would come back home by God’s grace because things would fall in place in Nigeria.
Tell us a bit about the transition of your business and how it has kept Eleganza relevant?
I’ll 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 days. 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 event 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.
The Laurel
