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How Bola Shagaya, third richest woman in Africa, made her wealth and raised six children

How Bola Shagaya, third richest woman in Africa, made her wealth and raised six children %Post Title

Bola Muinat Shagaya is a 65-year-old Nigerian businesswoman and fashion enthusiast. She is the third richest woman in Africa according to various publications. She is the founder and CEO of Bolmus Group International, a conglomerate with holdings in real estate, oil and gas, banking and photography. With a current net worth of almost a billion US, Shagaya started as an auditor for the Central Bank of Nigeria and then her entrepreneurial verve kicked in! She started an empire by importing Konica photographic equipment for resale. Nearly 40 years later she is CEO of Bolmus Group International with interests in oil, real estate, banking, and photography. Hajia founded Practoil Limited, and in 2005 became its managing director. Practoil is currently one of Nigeria’s largest importers and distributors of base oil.

Bola Shagaya had her secondary education at Queens School, Ilorin, and her tertiary education at Ahmadu Bello University, Zaria and Armstrong College in California, where she studied economics and accountancy.

She started her career with the audit department of the Central Bank of Nigeria before venturing into commercial activities in 1983. Her business experience started with the importation and distribution of photographic materials. She introduced the Konica brand of photographic materials into the Nigerian market and West Africa.

Hajia Bola Muinat Shagaya is also the managing director of Practoil Limited, one of Nigeria’s largest importers and distributors of base oil, serving local lubricant blending plants. Her business also includes investments in real estate, spanning across major cities in the country with over three hundred employees.

She is on the board of Unity Bank plc (formerly Intercity Bank) for over eight years. She is also a member of the recently inaugurated Nepad Business Group – Nigeria. Shagaya is a patron of the Fashion Designers Association of Nigeria (FADAN).

She is married to Alhaji Shagaya, a Kwara State-based transport mogul, and has six children. Sherif Shagaya, Hakeem Shagaya, Deeja Shagaya, Naieema Shagaya, Amaya Roberts Shagaya and Adeena Roberts Shagaya. Her children are dispersed across the world, most reputably growing the Real Estate empire in both Europe and the United States. Also involved in minor business and industry holdings across Asia and Australia.

She introduced the Konica brand of photographic materials into the Nigerian market and the West African coast. In 1997, she registered Fotofair (Nigeria) Limited and opened a photo laboratory service unit on Victoria Island Lagos, Using 100% Japanese technology under the Konica brand name. Today, Fotofair (Nigeria) Limited, has over thirty photo laboratories located in different parts of the country and one of the largest photo laboratories in Nigeria. Hajia Bola Shagaya is also the Managing Director of Practoil limited, one of Nigeria’s largest importers and distributors of base oil.

In recognition of her leadership qualities and immense contribution to economic growth, she was, on the 3rd of August 2012, awarded the National Productivity Order of Merit award by the president of the federal republic of Nigeria, Dr Goodluck Ebele Jonathan (GCFR) and in 2010, she was awarded the title of the member of the order of the Niger (Mon). She is a patron of the fashion designers association of Nigeria, (FADAN).

Her first son, Sherif Shagaya runs his personal company and was to go into politics in his home state, Kwara state in 2015. His spectacular wedding which is the first Shagayas wedding was when he got married to Maryam Tukur, daughter of popular billionaire, Bamanga Tukur which took place for a whole week in November 2010. Sherif, first of the five male children of billionaire female mogul is an Economics graduate of the University of Bradford, United Kingdom.

He is raking in money from the oil business. His wife, Maryam, a medical doctor, graduated from the University of Leicester, UK. She is the daughter of Alhaji Bamanga Tukur, chairman NEPAD Business Group and executive president, African Business Roundtable. Her mother is Hajia Aisha Bamanga Tukur, a Fulani.

Next in line is Hakeem Shagaya, the CEO of Karmod Nigeria Technologies Ltd, the Abuja big boy and Future Awards Excellence in Public Service nominee, Hakeem Shagaya, is no doubt enjoying marital bliss. Hakeem Shagaya, a graduate of the University of Sheffield and second son got married to Amina Rasheed, the daughter of Alhaji Mahey Rasheed, the chairman of Sovereign Wealth Fund few years back. The Unity Bank director served as a Non-Executive Director at Unity Bank Plc for 8 years and obtained a BSc in Information Management & Business Studies from the University of Sheffield.

He is also a graduate degree in Management of Science, Technology & Innovation from Manchester Business School, UK. Seun Bakare was also well celebrated last year when he got married to Vice President, VP Osinbajo’s daughter. He attended Heriot-Watt University, Edinburgh and got an Msc. in Strategic Project Management, He was also at the University of Teesside Middlesbrough and got a BA. in Business Management. Oluwaseun is a dedicated worker in the Redeemed Christian Church of God in Abuja where he now works as a Sunday School teacher.

The third child of Hajia Bola Shagaya is a member of the RCCG Abuja Central Parish and serves as Teenagers Pastor. Having completed his primary and secondary school education in Nigeria, Seun went to the United Kingdom, where he enrolled for his A-levels and later bagged his first and second degrees.

Kabir Shagaya, her 4th son, got married to Amina Buba, daughter of a northern oil magnate, Hanatu Buba. The wedding Fathia took place on Thursday, 26 and 27 April 2018 while the grand finale took place in Lagos at Landmark Event Centre, Victoria Island on May 5th same year. Kabir studied at Cardiff University / Prifysgol Caerdydd where he got a BSc. in Business Management. From the University of Manchester, he got an MSc in Innovation Management and Entrepreneurship.

He also attended Alliance Manchester Business School, where he studied Innovation management, Business. He is the Executive Director, Passron Oil & Gas, a company which engaged in the supply of petroleum products in the Nigerian Oil & Gas sector. He worked as a Strategy Consultant at Alder Consulting then as an Intervention Facilitator at Coffey International Ltd, where he designed the first construction waste management system for Lagos State. He was the City Director at Clinton Global Initiative, where he worked closely with the Lagos State Government to impact Climate change and reduce carbon emissions.

He was the Lagos City Director at C40 Cities Climate Leadership Group and now the CEO of Zippy Logistics, an urban logistics company that focuses on supply chain management dealing in courier parcels and packages delivery.

The last born of the family Mukhtar Shagaya is the Founder of LTBL Solar Company, He is also one of the top directors at Karmod Ltd and Prefabricated Technologies. He was a Junior Assistant for Mass Housing at the Infrastructure Bank Plc, Abuja. He started his education at Malvern College then he studied at the University of Manchester with an MSC in International Development, Sociology and Anthropology and a BSc at the University of Plymouth majoring in International Relations, Social Sciences. He was elected into the Federal House of Representatives in the February 25, 2023 General Elections under the All Progressives Congress (APC) to represent Ilorin West/Asa Federal Constituency in Kwara State. (BusinessDay)

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