By Christy Anyanwu
Chief (Mrs.) Folashade Okoya, stands out as a leading figure in the manufacturing sector. As the Managing Director of Eleganza Industries Limited, she has used her magic wand to turn the famous conglomerate around. The astute entrepreneur turned 47 recently. Alongside her birthday celebration was also her 25th wedding anniversary to her husband, Alhaji Rasaki Okoya where they held a lavish party at their Lekki/Epe Expressway residence.
•Okoya
In this interview with Daily Sun, the pretty wealthy business woman took us in her world as an entrepreneur, wife and lots more.
You are no doubt a society matriarch and a head turner with stunning styles, 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 business woman who 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.
These products are not limited to household items, we cater for babies. Our baby diapers are designed for extended wear without discomfort or rashes, ensuring durability and the utmost care for baby’s skin.
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, their robustness, with over 200 diverse designs, it’s hard to believe these chairs are crafted in Nigeria.
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 are able to scale through.
The sector has been beset by many challenges in the last few years (FX, input costs, energy costs etc) Our biggest challenge is electricity because we strictly operate on generator which makes life very difficult for us.
Also, the industries have been urged to embrace backwards 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. Can you share your views on this?
I am humbled and at the same time give God the glory. The company has been in existence for almost 60 years. And having leaned 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 and that is why we are in our present new Iocation in Lekki -Epe Express Way
My husband’s interest in industry is very high. Its all his life and to enjoy my marriage, I have to join forces 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 prayers with my husband that we should industrialize Nigeria especially, for our youths. We must teach them how to make good money. Cottage industry in all the states for this youth will be the answer with private finance and trade by barter with some countries to bring their machines in and teach our youths a lots of costs will be down and life will be normal and it will be less crime, that is my daily prayer some with our local endow materials rather than buying their finished products. 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.
There is a big 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 transformation 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 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.
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 wears and of course, the flagship Eleganza coolers have now been remodeled with more contemporary designs in line with international standards.
Manufacturing is the bedrock of any economy; how best can Nigeria improve on industrialization?
They should provide power for industries first and 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/advice can 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?
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, had created.