Onome Amuge
On Friday, October 17, 2025, Folashade Okoya, Managing Director of Eleganza Industrial City Limited, will attend a landmark industry event at Eko Hotel and Suites, one that goes beyond celebration to highlight the enduring link between industrial innovation, educational empowerment, and sustainable legacy.
The occasion forms part of the University of Lagos (UNILAG) Alumni Association’s 55th Anniversary Recognition Dinner, an event dedicated to honouring alumni who have demonstrated outstanding leadership and impact. Among this year’s distinguished recipients, Shade Okoya stands out for her exceptional contribution to Nigeria’s manufacturing sector and her commitment to enterprise-driven transformation.
The event, which will have Vice President Kashim Shettima, as special guest of honour, and will be chaired by Sonny Kuku, the Ogbeni Oja of Ijebu-Land, brings together some of the most accomplished products of the University of Lagos.
As managing director of Eleganza Industrial City, Shade Okoya oversees one of Nigeria’s largest privately-owned industrial complexes, a 35-hectare manufacturing hub on the Lekki–Epe Expressway producing fast-moving consumer goods (FMCGs). From plastic chairs and tables to stainless water tanks, food containers, shoes, and diapers, Eleganza’s product lines cut across everyday household essentials.
Under her leadership, the company has grown into a multi-product enterprise employing over 3,000 Nigerians and has set its sights on becoming West Africa’s foremost indigenous household goods manufacturer by 2027.
“We believe Nigeria can produce what it consumes. Our focus is quality, affordability, and sustainability. We are determined to demonstrate that manufacturing can still thrive here despite the odds,” she said recently, reflecting the same self-reliance mantra that has guided her husband and mentor, Rasaq Akanni Okoya, founder of the Eleganza Group.
Shade Okoya’s journey from the classrooms of UNILAG’s Sociology Department to the corridors of industrial leadership is considered an inspiring arc of persistence and reinvention. Born in Lagos on April 25, 1977, into the Adeleye family of Ijebu-Ode, she began her educational journey at St. Bernadette Nursery and Primary School, later attending Awori Anglican Comprehensive High School and Lagos State Polytechnic, where she studied Banking and Finance.
In 1999, she proceeded to the University of Lagos, where she earned a Bachelor of Science in Sociology, balancing academic life with early motherhood, a feat that would later define her capacity for multitasking and resilience.
Reflecting on those years, she often describes her education at UNILAG as “the furnace of discipline and self-belief.” It is perhaps fitting, then, that two decades later, the same institution is honouring her as one of its most distinguished ambassadors.
Building an industrial legacy
Eleganza Industrial City began operations in 2012, a period when many Nigerian manufacturers were either shutting down or relocating operations abroad. For the Okoya family, however, it was an opportunity to reinvent the business.
At the height of Nigeria’s import dependency, the company invested in local tooling, mould design, and quality assurance systems,reducing import reliance and increasing domestic production capacity. Okoya’s leadership has been instrumental in these strategic shifts.
“We’ve had to rethink everything — from production design to human capital. Our goal is not only to produce, but to employ, empower, and compete globally,” she explains.
Today, the company’s products are visible in markets across Nigeria, from Lagos to Kano, and the firm has begun exploring export partnerships with distributors across West and Central Africa.
Behind her polished business persona lies a deeply personal story of mentorship and partnership. Okoya credits much of her managerial growth to her husband, Rasaq Akanni Okoya, the billionaire industrialist whose empire has spanned five decades.
“My husband saw the passion in me when I could not see it myself. He encouraged and moulded me. Everyone needs such a mentor in life, and I am lucky to have found mine,”she says.
She describes her leadership style as collaborative and empathetic, an approach that has helped foster loyalty within her workforce and trust within the management team.
Her management philosophy also extends to philanthropy. Beyond her business roles, Okoya supports education initiatives, healthcare access, and women empowerment programmes across Lagos and Ogun States. Her staff describe her as “firm but motherly,” an employer who balances authority with accessibility.
Recognition beyond the boardroom
Okoya’s influence extends well beyond her business empire. Over the past decade and a half, she has received more than 18 awards, including an honorary Doctor of Science (DSc.) in Business Management and Corporate Leadership from the European American University in 2014. That same year, she was named Most Valuable Business Executive of the Year by the International Centre for Corporate Leadership for Africans and Blacks in Diaspora.
Earlier this year, she was listed among 65 Nigerian women shaping the country’s business landscape by Arise Television, in recognition of her role in advancing local manufacturing.
Her traditional titles, Bewaji of Lagos and Otun Aare Iyalaje of Ajiranland, further underscore her social stature and her role as a cultural bridge between industry and community.
At the October 17 gala, Okoya will share the spotlight with an illustrious cast of achievers. Among them: Chief Justice Kudirat Kekere-Ekun; Inspector-General of Police Kayode Egbetokun,; Channels TV Chairman John Momoh; Sahara Group GMD Kola Adesina; Kessington Adebutu of Premier Lotto; Wole Olanipekun, Pro-Chancellor of UNILAG; Ibrahim Dankwambo, former Gombe State Governor; and Opeyemi Bamidele, Senate Majority Leader.
The ceremony, chaired by Sonny Kuku and hosted by Ifeoluwa Ayodele, the global president of the UNILAG Alumni Association, is expected to be one of the largest gatherings of business and public sector leaders in the university’s history.
