Foremost Nigerian billionaire industrialist Razaq Okoya has revealed plans to hand over his business empire to his younger children, saying the decision is driven by his desire to secure their future and prevent past mistakes from repeating themselves.
Speaking about his succession strategy, the founder of Eleganza Group explained that he is intentionally grooming the younger generation to take over the reins of his business interests. According to him, the move is to ensure continuity and long-term stability.
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“I want to pass everything to my younger children because I don’t want them to fail like the senior ones,” he said, hinting at lessons learned from earlier experiences.
Okoya noted that experience is a crucial factor in leadership and emphasized the importance of focus, honesty, determination, and punctuality. He added that his children are being exposed to the inner workings of the business, including visits to the factory floor, to help them understand operations first-hand.
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The billionaire, who shares his younger children with his wife, Shade Okoya, said the plan is structured to ensure a smooth transition. He stressed that while others may inherit established systems, his children must understand the effort it takes to build and sustain a business empire.
