Who Is Bola Shagaya? How Did She Become One Of Africa’s Richest Women?

Hajia Bola Shagaya is a prominent Nigerian businesswoman who is considered one of Africa’s richest women. She is the CEO and managing director of Practoil Limited, one of the largest importers and distributors of base oil in Nigeria, serving local lubricant blending plants. She also has other business interests which include huge investments in real estate across major cities in the country, as well as within Europe and the United States. Bola Shagaya has for over 8 years now been serving on the board of Unity Bank plc (formerly Intercity Bank) and Nepad Business Group Nigeria. She is considered a fashion and art enthusiast and is also a patron of the Fashion Designers Association of Nigeria (FADAN), supporting the fashion and art industry. She was awarded the title of Member of the Order of the Niger (MON) by former President Goodluck Ebele Jonathan (GCFR).

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During ex-president Goodluck’s administration, Bola Shagaya was said to have laundered government funds to the tune of N3.3bn for the former first lady Dame Patience Jonathan, which has been under investigation by the EFCC. The ongoing investigations of the money laundering allegation against Bola Shagaya led to a court order early this year, to freeze a bank account belonging to her which contained the sum of N1.9bn being the balance payment of the N3.3bn she received as what she regarded as ‘founder fees’ for an organization known as ‘Women for Change’ spearheaded by Patience Jonathan. Bola Shagaya was said to have facilitated the laundering of the N3.3bn of which about N1.2bn went into Patient Jonathan’s pocket, through her illicit dealings in the NNPC.


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