Rasaq Okoya, one of Nigeria’s most prominent businessmen, has made headlines again, but this time for a controversy involving his family. Known as the founder of Eleganza Group, a major manufacturing company in Nigeria, Okoya has built a vast business empire and amassed considerable wealth.
However, the spotlight recently shifted to a viral video involving his sons and a police officer misusing naira notes, which led to widespread backlash and police intervention.
Rasaq Okoya and Family Net Worth
Rasaq Okoya’s wealth comes primarily from his businesses. Eleganza Group, which he founded, produces a wide variety of household goods such as plastics, furniture, cosmetics, and industrial items. The group operates large-scale facilities, including the sprawling Eleganza Industrial City located on 35 hectares of land in Lagos. Okoya is also heavily invested in real estate through RAO Property Investment Company, owning properties in prime locations across Nigeria.
Though exact figures are not public, Okoya’s net worth is estimated to be over $650 million. His family is widely regarded as one of the wealthiest in Nigeria. He lives with his wife, Folashade Okoya, in a luxurious mansion in Lagos, known as the Eleganza Estate. Okoya’s family has been celebrated for their contributions to business and philanthropy, but recent events have cast a shadow over their image.
Viral Video Sparks Outrage
The controversy began when a video surfaced online showing Okoya’s sons and a police officer flaunting and spraying bundles of naira notes. This act, deemed disrespectful to Nigeria’s currency, drew sharp criticism from the public. The Central Bank of Nigeria has strict laws against the abuse of naira notes, and this incident quickly became a topic of national discussion.
The Nigerian Police Force took swift action. The officer seen in the video was detained and is under investigation for professional misconduct. The Force PRO, Prince Olumuyiwa Adejobi, condemned the officer’s behavior, emphasizing that law enforcement officials must uphold ethical standards at all times.
Public Reaction and Apology
The Okoya family issued a statement following the backlash. Raheem Okoya, one of the individuals involved in the video, apologized publicly on January 10, 2025.
He expressed regret for his actions, calling them naive and unintentional. Despite the apology, many Nigerians remain critical, with some accusing public figures of flaunting wealth irresponsibly while the majority of citizens face economic hardships.
