Hajia Bola Shagaya MON is the founder and CEO of Bolmus Group International and one of Africa’s wealthiest and most influential women. She has built and continues to manage a diversified business empire across oil and gas, real estate, banking, and photography, while supporting philanthropy and women’s empowerment in Nigeria.
The story behind the wealth and fame
Born in Ilorin, Kwara State, Bola Shagaya started her professional life at the Central Bank of Nigeria, working in the audit department. After a few years in civil service, she pivoted to entrepreneurship in 1983, launching her first company, Bolmus International Limited.
The idea was to bring Konica photographic materials to Nigeria and West Africa. At a time when photo processing was still basic across the region, she introduced the first photo labs using Japanese technology, eventually growing her brand, Fotofair, to over 30 branches across Nigeria.
That move opened doors into other sectors. Gradually, Bola Shagaya built what is now known as Bolmus Group International, a diversified Nigerian conglomerate with interests spanning oil and gas, real estate, banking, photography, and fashion.
One of her most notable ventures is Practoil Ltd, which became one of the largest importers and distributors of base oil in Nigeria. She later expanded into upstream oil through Voyage Oil and Gas, acquiring crude lifting contracts from the Nigerian National Petroleum Corporation. The company reportedly lifted 30,000 barrels of crude per day during its peak.
Her footprint in real estate is also significant. Through Bolmus Group, she develops and manages luxury properties across major Nigerian cities, including Abuja, Lagos, and Port Harcourt. These projects range from private homes to commercial complexes and have quietly transformed parts of Nigeria’s urban landscape. The real estate arm of her business has employed over 300 staff as of 2023, covering architecture, construction, engineering, and facility management.
Shagaya has served on the board of Unity Bank Plc within the banking sector, following her prior involvement with Intercity Bank. Her business profile also features strong connections with the Nepad Business Group Nigeria and the Fashion Designers Association of Nigeria, where she has long supported local artisans and designers.
Impact beyond business
Though Bola Shagaya is often described as discreet, her influence is far-reaching. During Ramadan and other religious seasons, she is known for large-scale philanthropic giving, offering food, clothing, and supplies to entire communities, especially women and children. She also quietly supports education and healthcare projects, without major press announcements or media attention.
