By Faridat Salifu
An emerging business alliance between Lanre Okoya, son of billionaire industrialist and founder of the Eleganza Group, Aare Razaq Okoya, and Les Ojugbana, son of business mogul and founder of MADEC Associates Nigeria Limited, Chief F. E. Ojugbana, recently are drawing attention within Nigeria’s investment and industrial circles.
Industry observers say the partnership is notable not only because of the family legacies involved, but also due to the individual business experience both men have built independently across manufacturing, agribusiness and investment sectors.
The alliance is expected to focus on opportunities spanning agriculture, industrial construction, agro-processing and related value chains at a time Nigeria is intensifying efforts toward economic diversification and food security.
Lanre Okoya, who represents the next generation within the Eleganza business empire, has been involved in manufacturing operations, food production, supply-chain management and industrial enterprise development, while maintaining a relatively low public profile.
The Eleganza Group, founded by Aare Razaq Okoya, remains one of Nigeria’s prominent indigenous manufacturing conglomerates with interests in household goods, plastics, furniture, cosmetics and real estate.
Les Ojugbana, on his part, has built experience in agribusiness, investment development and enterprise growth, alongside work in philanthropy and youth empowerment.
He is the Founder and Chairman of FarmAfrik, an agribusiness initiative focused on agricultural productivity, greenhouse farming, farmer empowerment and sustainable food systems. He also runs the Les Ojugbana Foundation, which supports youth empowerment, education and entrepreneurship development.
Ojugbana’s business background also draws from the legacy of MADEC Associates Nigeria Limited, founded by his father, Chief F. E. Ojugbana, known for management development and enterprise consultancy services.
A major focus of the emerging partnership is the planned development of fertilizer manufacturing facilities across Nigeria, aimed at strengthening agricultural productivity and reducing dependence on imports.
Sources indicate that both entrepreneurs are exploring opportunities to establish production plants in key agricultural corridors to improve access to affordable fertilizer for farmers.
The initiative is expected to support Nigeria’s agricultural transformation agenda by boosting local supply chains, improving crop yields and reducing foreign exchange pressures linked to fertilizer imports.
Industry analysts note that fertilizer availability remains a key challenge in Nigeria’s agricultural sector, affecting productivity and food production capacity.
The proposed projects are also expected to generate employment, stimulate industrial activity and strengthen manufacturing capacity within the economy.
The alliance is also considering a wider national fertilizer and food security initiative, which could involve the development of strategically located production facilities linked to storage, logistics and distribution networks.
Analysts say such a structure could help stabilise supply, reduce import dependence and improve access for farmers across major agricultural regions.
The partnership is being viewed by observers as part of a broader shift toward private-sector-led investment in agriculture and industrial development, as Nigeria seeks to expand food production and strengthen economic resilience.
If fully implemented, stakeholders believe the initiative could contribute significantly to agricultural output, industrial growth and job creation, while positioning the private sector as a stronger driver of food security and economic transformation.
