— Nigerian billionaire industrialist Razaq Okoya has unveiled plans to transfer control of his vast business empire to his younger children, citing a desire to safeguard their future and avoid repeating past mistakes.

 

The founder of the Eleganza Group disclosed that the succession strategy is already in motion, with deliberate efforts underway to groom the younger generation for leadership roles within the company. According to him, the approach is designed to guarantee continuity and long-term stability across his business interests.

 

“I want to pass everything to my younger children because I don’t want them to fail like the senior ones,” Okoya said, reflecting on lessons learned from earlier succession experiences.

 

The industrialist emphasized that leadership goes beyond inheritance, noting that experience remains a critical factor in sustaining success. He highlighted focus, honesty, determination, and punctuality as essential qualities he expects his successors to embody.

 

To prepare them adequately, Okoya revealed that his children are being exposed to the inner workings of the business. From boardroom discussions to factory floor inspections, they are gaining firsthand insight into daily operations and the discipline required to build and maintain a thriving enterprise.

 

Okoya, who shares his younger children with his wife, Shade Okoya, explained that the succession plan is carefully structured to ensure a seamless transition when the time comes.

 

He added that while some heirs may inherit established systems, his children must understand the hard work, resilience, and strategic thinking required to build and sustain a business empire from the ground up.

 

Industry observers say the move reflects a growing trend among African business magnates to formalize succession plans early, ensuring that family-owned enterprises remain resilient across generations.