Preheat the oven to 350°. Grease and flour a 10 inch, fluted tube pan.
In a large bowl, cream shortening and sugar until light and fluffy. Add 1 egg at a time, beating well after each egg addition. Beat in the lemon extract.
In another bowl, whisk together flour, baking powder, baking soda and salt. Then add the ingredients in this bowl to the creamed mixture alternately with the buttermilk, beating after each addition.
Transfer to the prepared flute pan. Bake until a toothpick inserted into the center comes out clean, about 45 minutes.
Now, poke holes in the warm cake using a fork or a wooden skewer. Mix the glaze ingredients, and spoon the glaze mixture over the top of the cake. Let this cool for 15 minutes before removing it from the pan t a wire rack. Then let it cool completely.