Africa is rich in women leaders who are making remarkable strides across key economic sectors, demonstrating that when given the chance, they can achieve extraordinary success. Bola Muinat Shagaya, is a prominent Nigerian female billionaire and African businesswoman. She established a multibillion-naira enterprise from scratch from the age of 24. Now 65-year-old, Bola is has shown exemplary leadership over the years evidenced by the success of her business ventures. Tipped to be the third richest woman in Africa, she is the founder and CEO of Bolmus Group International, a conglomerate with interests in real estate, oil and gas, banking, and photography.
Bola’s journey from an auditor at the Central Bank of Nigeria to a business empire worth nearly a billion US dollars is a testament to her entrepreneurial spirit. She launched her empire by importing and reselling Konica photographic equipment, eventually expanding her business to encompass a wide range of sectors. Her company, Practoil Limited, is now one of Nigeria’s largest importers and distributors of base oil.
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 family legacy, led by her six children, continues to thrive globally in various business and industry sectors, furthering her entrepreneurial and philanthropic impact.
In recognition of her leadership and contributions to economic growth, Shagaya has received prestigious awards, including the National Productivity Order of Merit and the Member of the Order of the Niger. Her story is not just about business success but also about inspiring female leadership in Africa, showing the transformative power of women when given the opportunity to lead.
