Shade Okoya: Shattering Glass Ceiling in Male Dominated Sector

Mrs. Folashade Okoya, (MON) stands out as a leading figure in the manufacturing sector. She has continued to shatter the glass ceiling in a male dominated terrain.  Smart, beautiful and intelligent. The Bewaji of Lagos, who has been honoured and recognised both at the academic front and national level, knows her onions. Since the mantle of leadership fell on her as the Managing Director of Eleganza Industries Limited, she has used her magic wand to turn the famous conglomerate around. She turned 47 on April 25th and also celebrated her 25th wedding anniversary. Meet Mrs. Okoya, the industrial genius and workaholic entrepreneur whose unmatched enterprising acumen continues to dazzle in the manufacturing sector.  Bennett Oghifo writes

It has been over 25 years since her path crossed with that of the giant of the famous Eleganza industry, Chief Rasaki Akanni Okoya, but this amazing and talented diva has continued to shine like diamonds in the sky, as a wife and mother at home and as an outstanding entrepreneur. Her early years with the Aare of Lagos and Landlord of Oluwanishola Estate saw her raising four wonderful children. Done with child bearing, the Ogun State ljebu Ode-born beauty plunged herself into the act of manufacturing.

She learned the ropes under the tutelage of an established husband, combined this with determination, and interest, and soared. Today, she has held her head high and commanded respect as one of the outstanding business magnates in Nigeria.

With over 60 years of experience, Eleganza Industries has invested heavily in machines and molds. Now at the helm of Eleganza Industries Limited, she oversees operations on a vast 35-acre site near the Pan Atlantic University on the Ibeju-Epe Expressway. 

The facility in the factory is state-of-the-art, producing a wide array of goods that meet both high-quality standards and international benchmarks. 

She is proud of the Eleganza exploit in the Manufacturing. “Take for instance the plastic chairs; their robustness, elegance, and durability are second to none. With over 200 diverse designs, it’s hard to believe these chairs are crafted in Nigeria—they rival global standards. Some feature upholstered seats, adding to their appeal,” she said during an encounter with journalists.

She said, “We’re 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 colours and shapes, they’re perfect for any event, making venues both presentable and inviting.

According to her, they also cater to schools. “In addition to our renowned chairs, we offer tables and desks that surpass traditional wood in durability and elegance. They’re cost-effective too, thanks to our use of local petrochemical materials, making them accessible for any school. Schools highly favour them for enhancing classroom aesthetics and student comfort.”

Reeling out what has made Eleganza stand out over the years, she added; “Our cooling boxes and food warmers set us apart as West Africa’s pioneers. Despite growing competition, our standards remain unmatched. Our coolers are known for their superior durability and cooling efficiency, a testament to our unrivaled experience.

“Our Casserole Sets collection boasts over 150 patterns, combining durability with style, available in various colours. We lead in quality and durability, making us the top choice with no compromise on quality and affordability.”

Not limited to household items, it caters for babies: “For the little ones, our baby diapers are designed for extended wear without discomfort or rashes, ensuring durability and the utmost care for baby’s skin.”

Managing an industry of this size is no easy feat for anyone, how have you as a woman been able to succeed in steering its affairs in a male-dominated world, successfully?

“Thank you very much. It’s indeed a very interesting experience.  To be honest it has not been easy but I just get on with work and deal with the challenges that come with it. The problems of Forex, Power, and Customers’ Satisfaction cannot be solved with gender preference. So, my focus is always on maximizing our available resources to deliver first-class quality products, made in Nigeria, at the most affordable prices to meet the demands of our customers.”

The sector you operate in- manufacturing- has been beset by many challenges in the last few years (FX, input costs, energy costs etc); how are you navigating these challenges to stay afloat?

“Among all these challenges, the cost of power generation and the unstable Foreign Exchange Rates are among our biggest nightmares. 

“We predominantly run on diesel generators and thus have had to come up with creative strategies, amongst which is reducing our profit margins in order to remain in business.” 

Industries have been urged to embrace backward integration to reduce FX exposure, how much has this helped you and how much of your needed materials are locally sourced?

“For us at Eleganza Industries, we indulge into backward integration by producing our packaging materials which has helped us to control our costs significantly amidst all the instability.”

You have been credited for a lot of the transformation efforts this business has undergone in the last decade, tell us a bit about them and how they have 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 day. 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 events 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. 

“Right now, I’m proud that our chair manufacturing line is the biggest product in the group. This was my idea and baby.”

What would you say has been your driving force and motivation?

“Having an industrialist as a husband has greatly inspired me to also become not just a diligent wife, but a good businesswoman that is focused on making  positive impact in the society .

“When I see people using our products like diapers, chairs, or luggage etc., it gladdens my heart that we are making an impact in households across the continent. 

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.”

Looking at current realities, would you say production costs and, in turn, the cost of goods, would see any reprieve soon?

“Yes, there is hope for Nigeria, our prayer is that the current policies the government is putting in place will have a positive effect on the wider economy and manufacturers like us. 

“The exchange rate is coming down gradually, we just pray it remains so for the long term.”

Manufacturing is the bedrock of any economy; how best can Nigeria improve on industrialization?

“Provide power for industries first. Once industries have stable and cost-effective power, then we can talk about being the bedrock of the economy.”

If given the opportunity, what would you do or advise should be done to revamp this sector for proper optimization and growth?

“Again, Power is very critical for manufacturing, a stable exchange rate is also essential amongst other things. The authorities know all the burdens of manufacturers, we have shared this with them on many occasions, they need to bring lasting solutions to our power and FX issues.”

As a major player in the plastics industry, how are you encouraging sustainability and recycling processes?

“Oh, very well. Our products are all reusable and not created for single use. We don’t even produce disposable products because of its harmful nature to our environment. We are presently studying various recycling models and in due course we will decide on the best practice for us as a business.”

Your business has been in existence for six decades, what are you doing to ensure its continuity for many more years?

“We will keep researching, innovating into current markets needs and using cutting-edge technology to produce quality, proudly made in Nigeria products at affordable prices for our people.  Also, all stakeholders will work together to retain its existence and maintain the enviable brand name which our mentor, Chief Rasaq Okoya, CON had created.”

On Thursday April 25th, the business Magnate turned 47 and also marked 25 years of marital bliss with her soulmate, Alhaji Rasaki Okoya.

The Oluwanishola Estate was opened to all dignitaries from all walks of life in lavish combined celebrations hosted by her loving husband.

Mrs. Okoya no doubt is a society matriarch and a head turner with stunning styles. But beyond this, she dedicates herself to the factory six days a week, from 9:30 am to 6:00 pm. 

Her time is divided between the factory, her four children, her husband, and occasional social events on weekends. This University of Lagos trained graduate’s dedication, commitment to duty and style are truly inspiring.