Leading Cypriot businessman passes away
CTC Group has announced with profound sadness the death of Nikos Kyprianou Shacolas, the company’s founder, longtime Executive Chairman and later Honorary Life President.
A pioneering entrepreneur with a vision for innovation, Shacolas began his business career in the early 1950s and remained actively involved in planning and developing new projects throughout his life.
In a statement, CTC Group described him as a dedicated, methodical and optimistic leader who inspired generations of colleagues and earned their respect through his commitment and determination.
A lasting impact on Cyprus’ economy
Shacolas built one of Cyprus’ largest and most diversified business groups, with interests spanning retail, consumer goods, vehicles, telecommunications, insurance and property.
He was among the island’s largest private employers, creating thousands of jobs while expanding the group’s operations both in Cyprus and abroad.
Following the devastation of the 1974 Turkish invasion, he rebuilt and expanded his business interests, including pioneering a floating cement packaging plant in Nigeria and leading investments across multiple industries.
His business achievements also included introducing Woolworth department stores to Cyprus, establishing Superhome Center, developing Mall of Cyprus and Mall of Engomi, and playing a leading role in the creation of Hermes Airports Ltd, which manages the international airports of Larnaca and Paphos.
Philanthropy and public service
Alongside his business career, Shacolas was widely recognised for his charitable work and public service.
Among his most significant donations was a €13 million contribution to the University of Cyprus for the construction of the Medical School and Health Sciences building, which bears his name, as well as the Siakolas Educational Centre for Clinical Medicine.
He also funded cultural projects, educational scholarships, support for vulnerable children, healthcare initiatives and programmes promoting Cyprus internationally.
Shacolas served as Honorary Consul of Mexico in Cyprus for 17 years and held leadership positions in the Cyprus Ports Authority, the Cyprus Chamber of Commerce and Industry and the Nicosia Chamber of Commerce.
International recognition
His contributions to business and society earned him numerous honours from Cyprus and abroad.
These included the Medal of Exceptional Contribution of the Republic of Cyprus, the honorary title of Officer of the Order of the British Empire (OBE), Mexico’s Order of the Aztec Eagle, Italy’s Order of Merit, France’s Legion of Honour and Sweden’s Royal Order of the Polar Star.
He also received honours from the Church of Cyprus, business organisations, and local authorities.
A life dedicated to enterprise
Born on 1 December 1927 in Karavas, Kyrenia district, Nikos Shacolas came from a large family and initially dreamed of becoming a lawyer before pursuing a career in commerce.
He began exporting agricultural products in 1953, laying the foundations for what would become the CTC Group.
In 2021, he published the book Nikos K. Shacolas – Narratives, Experiences, Lessons, reflecting on his life, business philosophy and the values he believed should guide future generations.
CTC Group extended its sincere condolences to his family, stating that it will continue its business activities guided by the values he instilled throughout his lifetime.
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