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Who is Hajia Bola Shagaya?

May 17, 2024

The story of Hajia Bola Shagaya is one that triggers more than a passing interest, and maybe even a smile.

Rising from a humble background to become a business tycoon and a force to reckon with, Shagaya’s story is proof that indeed, anything can be achieved, even from nothing.

The woman who now has investments across photography, real estate, oil and gas, and the banking industry. And she’s said to be one of Africa’s richest women started out no different from most of us.

Hajia Bola Shagaya Biography

Hajia Bola Muinat Shagaya is Nigerian business mogul and fashion enthusiast. She is the founder and CEO of Bolmus Group International, a conglomerate with holdings in real estate, oil and gas, banking and photography.

Bola Shagaya is one of the most successful entrepreneurs in Nigeria and Africa, highly recognized with the likes of Folorunsho Alakija. Unlike most prominent industrialists, she skillfully built her wealth and network.

In recognition of her outstanding virtues and immense contribution to economic growth, she was recognised and awarded twice by the Nigerian government.

Background of Bola Shagaya

Bola Shagaya was born on the 10th of October, 1959 in Kwara State. She hails from Ilorin, Kwara State but resides and conducts her business mostly in Lagos. Her father, Emenike Moba was a Nigerian public servant while her mother, Adut Makur was a Sudanese seamstress.

She attended Queens School in her hometown and has a degree from Ahmadu Bello University, Zaria before proceeding to United States where she studied Accountancy and Economics from Armstrong College in California.

The best entrepreneurs in the world don’t act like they know it all, you have to keep learning to continually be successful. Same can be said of the businesswoman, Bola Shagaya. She has participated in numerous seminars, workshops and symposiums including some organised by Harvard Business School in United States, Euro money and KPMG.

Family Life

While Hajia Bola keeps her personal life largely private, it’s known that she is married to Alhaji Ganiyu Shagaya, a Kwara-based transport magnate and they are blessed with six children.

Together, they have raised a family, with some sources mentioning sons Sheriff Shagaya and Hakeem Shagaya. Balancing the demands of a thriving business empire with family life is a true testament to her strength and resilience.

Entrepreneurial Journey of Hajia Bola Shagaya

Fresh out of school, Bola Shagaya started a promising career as a banker. she worked in the audit department of the Central bank of Nigeria (CBN). In 1983, she left the corporate world and ventured into business.

Her first business experience started with importation and distribution of photographic materials such as roll papers, films and chemicals under the trading name, Bolmus International (Nigeria) Limited. Soon, she became the sole West African agent of the then leading photographic company, Konica.

She introduced Konica brand of photographic materials into Nigerian and West African markets. As a shrewd entrepreneur, she saw opportunities in Nigerian photography industry and expanded her Konica marketing operations to photo laboratories.

This later birthed Fotofair (Nigeria) Limited, a photo laboratory company in 1997. Today, Fotofair (Nigeria) Limited has grew into a leading photo laboratory company in Nigeria with many branches spread across the nation.

Other Investments of Bola Shagaya

Hajia as she is fondly called stretched her tentacles into the Nigerian oil and gas sector. She founded Practoil Limited, one of the largest importer and distributors of base oil in Nigeria today.

As far back as the late 1980’s, during Gen. Ibrahim Babaginda led-administration, the business tycoon stirred her oil and gas company to secure allocation for oil blocks. Thus, making her one of the indigenous oil marketers.

Around 2005, Bola Shagaya became the managing director of Practoil Limited. She expanded her operations in oil and gas industry by establishing another exploration company, Voyage Oil and Gas Limited in 2011. In 2012, Voyage Oil and Gas Limited was awarded an oil exploration license by the Nigerian government.

Ever since then, her oil and gas companies have operated as dealers and independent marketers of oil, petroleum products and gas. They also engage in petroleum product sales, marketing, storage and haulage.

One of her companies, Practoil Limited has structured its lubricating plant in Kirikiri, Lagos. And it is expected to produce multi-grade oils and lubricants.

Bola’s business empire includes huge investments in real estate. She owns a lot of luxurious residential properties cutting across major cities in Nigeria.

One of the noticeable attribute of Bola Shagaya is her circle of friends. She is known to be friends with Nigeria’s first ladies including (Late) Stella Obasanjo, Turai Yara’dua and Dame Patience Jonathan. There is a saying that “Never underestimate the power of association. Who you wine and dine with determine how far you go in life”.

Boards Where Bola Shagaya Serves

Bola Shagaya was on the board of Unity Bank Plc, formerly known as Intercity Bank for over eight years.

While on the board, she served in different capacities on various board committees including serving as the chairman of the Bank’s Establishment Committee, Chairman of the Audit Committee and was a member of Unity Bank’s Audit and Credit Committee.

She was the Chairman, Committee on Economy, Trade and Investment at 2014 National Conference. The socialite is a member of New Partnership for Africa’s Development (NEPAD) Business Group, Nigeria.

The business group provides a platform for economic growth through private and public collaboration and communication. NEPAD Business Group also shares information on trade and investment opportunities in Nigeria and Africa.

Hajia Bola Shagaya Net Worth

The exact net worth of Hajia Bola Shagaya is not publicly confirmed. While there are estimates, it’s important to acknowledge the lack of a definitive figure.

Here’s what Today Africa can share about her net worth:

Estimates: Some sources suggest her net worth to be close to $1 billion USD, while others place it around $650 million USD.
Challenges of net worth estimation: Accurately determining the wealth of private individuals like Hajia Bola can be challenging. Factors like private holdings, fluctuating asset values, and limited financial disclosures make it difficult to pinpoint an exact figure.

Despite the lack of a confirmed net worth, there’s no doubt that Hajia Bola Shagaya is one of Africa’s wealthiest women. Her success in building a diversified business empire across various sectors is a testament to her acumen and entrepreneurial spirit.

Philanthropy

Bola Shagaya is a sport lover, especially polo. Over the years, she has consistently supported polo tournaments in Nigeria. Recently, she supported the Access Bank’s UNICEF Charity Shield Polo Tournament.

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The event was to raise fund for the renovation of deteriorated classrooms as well as provide conducive learning environment for displaced and underprivileged children in Kaduna over the next five years.

The astute entrepreneur loves fashion and supports art. It is no wonder that she was a one-time patron of Fashion Designers Association of Nigeria (FADAN).

Recognition and Awards

Member of the Order of Niger – 2010
Forbes’ Ten Millionaires to Watch in Africa – 2012
National Productivity Order of Merit Award – 2012
Award for Excellent by ThisDay Annual Awards – 2012

Conclusion

Hajia Bola Shagaya’s story is an inspiration for aspiring entrepreneurs, particularly women, across Africa. Her journey from humble beginnings to becoming a self-made billionaire demonstrates the power of hard work, dedication, and strategic vision.

Her unwavering commitment to excellence, coupled with her willingness to give back to the community, has solidified her position as a role model for future generations.

Hajia Bola Shagaya’s entrepreneurial spirit continues to inspire. As she ventures into new ventures and continues to contribute to Nigerian society, her legacy as a pioneering businesswoman and a compassionate leader

Frequently Asked Questions

How did Hajia Bola Shagaya get rich?

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.

Who is the husband of Muinat Shagaya?

She is currently 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.

Who is Hajia Bola Shagaya husband

Bola Shagaya 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.

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