Society Lady, Bola Shagaya Allegedly Behind N18b Fuel Subsidy Beneficiary, A-Z Oil

…Front for First Lady, Patience Jonathan Biz
…Says ‘I don’t know anything about it’

Business mogul and connected player in the corridors of power- Hajia Bola Shagaya is in the news again.

The latest gist about the celebrated business woman centres on the raging storm in the country- Fuel subsidy.

Shagaya- the beautiful owner of group of businesses- Boulus is now tagged a beneficiary of the exercise currently under going major probe for ‘massive corruption’

Beneficiaries of the system are alleged, by the authorities- and confirmed by the Minister of Petroleum, to have siphoned funds into private pocket.

One of the firms currently undergoing investigation over it conduct in the process is A-Z Oil.

Bola Shagaya’s name is being thrown up as the financial muscle behind the firms operations.

She denied the involvement in a chat with societynowng.com.

According to a source ‘information has revealed that A-Z is just an indirect shell for the business manoeuvring of Shagaya in that terrain’

The company reportedly benefited N18.613billion in the exercise.

Findings by societynowng.com revealed that Shagaya’s name came up when investigators brought heavy pressure to bear on the operations of A-Z Oil.

The company was said discovered to just ‘collect allocation’ and sell it to another operator.

It’s main buyers is identified as Sterling Global Oil Resources Limited.

The First Lady, Patience Jonathan is believed to have business interest in Sterling Global Oil.

The Chinese firm handled the purchase of two oil vessels for Mrs Jonathan last year.

Sources claimed that the practice of selling fuel subsidy allocation to third parties is common among beneficiaries of the process.

Further digs by societynowng.com revealed Unity Bank- with Shagaya as a very influential figure in the management scheme made funds available installmentally for the business deal.

Aside A-z Oil, other fronts were said to have been utilised.

There are talks that the celebrated business woman may be officially questioned over the development.

But reacting to the development, the friend of the First Lady and widely celebrated businesswoman denied involvement in such a deal.

She explained that ‘there is no truth in it. People are just saying what they like. I don’t operate in that terrain’

She rounded off attributing the talks to the ‘pull the successful person down syndrome’