A late Bradley Ash strike was the difference as the Bees were defeated at Boreham Wood.
In truth, it was a game of few clear-cut chances for either side as both Boreham Wood and Barnet came head-to-head in the first league meeting between the two sides.
Shaq Coulthirst had a header from an Elliott Johnson cross go wide prior to Jack Taylor taking aim from 20 yards but he fired straight at the keeper.
Mark Cousins pulled off a great reaction save from Ugwu's flicked on header at close range to keep the score level at the break.
After the restart, Cheye Alexander fired wide of goal and Charlee Adams shot wide of the target from the edge of the box.
Ugwu rose highest from a corner but headed wide of the mark before Shakes volleyed off target from the edge of the box.
Murtagh took aim from 25 yards out but Cousins got down well to keep out the effort.
The deadlock was broken with just 2 minutes of regulation time to play.
Shakes played through Ash who, despite the offside calls, set himself and calmly powered it past Cousins to give the hosts all three points.
BARNET - Cousins, Alexander, Johnson, Reynolds, Robson, Adams, Harrison, Coulthirst (Barham 64), J. Taylor, Fonguck (Elito 70), Sweeney.
Unused - Matrevics, Tutonda, Mason-Clark
Attendance: 1,894 (977 Barnet fans)