Nigerian billionaire industrialist Razaq Okoya has shared his plans to pass down his business empire to his younger children, emphasising his desire to secure their future and avoid repeating past mistakes.

In discussing his succession approach, the founder of Eleganza Group mentioned that he is intentionally preparing the next generation to take over his business interests, aiming to ensure ongoing stability and longevity.

“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 highlighted that experience plays a vital role in leadership, underscoring the significance of focus, honesty, determination, and punctuality.

He mentioned that his children are gaining insight into the business's inner workings through activities like factory visits, aiming to give them a direct understanding of operations.

The billionaire, who shares his younger children with his wife, Shade Okoya, explained that his plan is designed to facilitate a seamless transition.

He emphasised that although others might inherit established systems, his children need to grasp the hard work involved in building and maintaining a business empire.