Nigerian Businessman’s Son Linked to Turkish Investment Fund Scandal

Hakeem Shagaya, the son of prominent Nigerian entrepreneur Bola Shagaya, has been identified as a co-owner of a trading company involved with Emre Tezmen, a Turkish financier currently imprisoned amid a major investigation into investment funds in Turkey. This inquiry has raised significant concerns regarding financial misconduct, with assets involved estimated to be between $16 billion and $20 billion.

The trading company, Savana Foreign Trade Consultancy Inc., was established in Turkey in 2019, with both Shagaya and Tezmen holding equal shares. The firm was reportedly created to facilitate trade between Turkey and Nigeria. Recent reports indicate that Savana has been included in a list of assets seized during the ongoing investigation, which has drawn widespread attention due to its scale and implications for the Turkish financial sector.

Despite the association, there is no public evidence linking Hakeem Shagaya or his family's business ventures directly to the alleged market manipulation that is the focus of the investigation. Tezmen, who serves as the chairman of Tera Yatirim Holding, has denied any wrongdoing in connection with the scandal.

The investigation into the Turkish investment funds began in mid-September when several funds failed to meet redemption requests, prompting the Turkish Capital Markets Board to order the liquidation of 131 funds managed by various portfolio companies. This scandal has reportedly affected over 450,000 investors and has led to the detention of numerous individuals, including Tezmen and other executives.

Connections between Tezmen and Nigeria have surfaced, with reports indicating that he holds a majority stake in Para Haraket Nig. Ltd., a company registered in Nigeria. The registered address of this company coincides with the address listed for Hakeem Shagaya in Savana's records. However, experts caution that this overlap does not necessarily imply any direct business dealings between the two entities.

Hakeem Shagaya is also known for his roles in several Nigerian companies. He chairs Karmod Nigeria Ltd., which is affiliated with a Turkish company specializing in prefabricated buildings, and he has been involved with Asolar Systems Nigeria, an off-grid solar company he founded in 2016. His ventures have garnered attention, particularly after a Nigerian government-owned power company agreed to guarantee a substantial bank loan for Asolar in 2021.

Bola Shagaya, Hakeem’s mother, is a well-established figure in Nigeria's business landscape, having built her wealth through various sectors, including oil and gas, real estate, and banking. She initially gained prominence by distributing photographic products and later expanded her business interests through her holding company, Bolmus Group.

While Hakeem Shagaya's business activities continue to unfold, the investigation into the Turkish investment funds remains a focal point of scrutiny, with implications that could extend beyond the immediate parties involved. As the situation develops, it remains to be seen how these connections will impact the reputations and operations of those linked to the ongoing scandal.

The unfolding events highlight the complexities of international business partnerships and the potential risks associated with financial investments across borders. As authorities continue to investigate, the implications for both Turkish and Nigerian business communities could be significant, raising questions about regulatory oversight and the integrity of financial markets.