Chief (Mrs.) Folashade Okoya, MON, stands out as a leading figure in the manufacturing sector. Smart, beautiful and intelligent, the Bewaji of Lagos, who has been honoured 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 25, this year, which coincided with her 25th wedding anniversary. Her early years with the Aare of Lagos and Landlord of Oluwanishola Estate saw her raising four children. Done with childbearing, she plunged herself into the manufacturing business. And having learned the ropes under the tutelage of an established husband, combined with her determination and interest, she soars. Today, she holds her head high and commands respect as one of the outstanding business magnates in Nigeria.
With over 60 years of existence, Eleganza Industries has invested heavily in machines and molds. With state-of-the-art facilities, the firm produces a wide array of goods that meet international benchmarks at its vast 35-acre site near the Pan Atlantic University on Ibeju-Epe Expressway, Lagos.  Okoya spoke with OPEYEMI BABALOLA on a number of issues about the company.

What is the immediate and future plan of the business?
We are setting sights on exporting 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 are perfect for any event, making venues both presentable and inviting.
In addition to our renowned chairs, we offer tables and desks that surpass traditional wood in durability and elegance. They are 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.

What has made Eleganza stand out over the years?
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.
For the little ones, our baby diapers are designed for extended wear without discomfort or rashes, ensuring durability and the utmost care for the baby’s skin.

Looking at current realities, do you see any reprieve soon with regard to production costs and cost of goods?
Yes, there is a big hope for Nigeria. I  pray with my husband that we should industrialise Nigeria, especially for our youths. We must teach them how to make good money. Cottage industries in all the states for these youths will be the answer. With private finance and trade by barter with some countries to bring their machines in and teach our youths, a lot of costs will be down and life will be normal, and by extension, our society will be crime-free. That is my daily prayer!

Indeed, with our endowed local materials, attention should be focused on made-in-Nigeria goods. As Nigerians, we do not have business patronising finished products from elsewhere.
By encouraging our youths, which are in the majority as I have explained, there will be more millionaires in the country and the majority will be happy, cost will be automatically forced down and crime will be a thing of the past.

What would you advise can be done to revamp this sector for proper optimisation and growth?
Cottage industry is a minor procedure, which does not require huge capital or attention and yet it will give a lot of relief to our daily lives.

As a major player in the plastics industry, how are you encouraging sustainability and recycling processes?
Recycling will be a lot of help and it makes costs cheaper and easier; and it will be this part of cottage industries for the youth which will make life easier and this is my daily prayer.
Our products stand out for their excellence, with soaps that are unique, pleasantly perfumed and produced on state-of-the-art German machines, disposable and reusable plastic cups and plates that are elegant, durable and available in over 100 shapes, and a range of quality cosmetics for beauty, elegance and comfort.

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?
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 foreign exchange, power and customer satisfaction cannot be solved with gender preference. So, my focus is always on maximising 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, among 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 embrace, wholeheartedly, backward integration by producing our packaging materials, which has helped us to control our costs significantly amid all the instabilities.

You have been credited for a lot of the transformation efforts this business has undergone in the past one decade. Tell us a bit about them and how they have kept Eleganza strong.
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 him (my husband), I decided to take the bull by the horn to team up collectively and bring it to life. I persuaded him to bring everything back alive; that is why we are in our current new location on Lekki -Epe Expressway.
My husband’s interest in the industry is very high; it is all his life. To enjoy and sustain my marriage, I have to join forces with him.So, 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 focused on making a positive impact on society. When I see people using our products like diapers, chairs, or luggage etc., it gladdens my heart that we are making an impact on 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.

Businesses and industries are driven by policies and programmes of the government. What is your take concerning government interventions so far?
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.

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 market 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, has created.