In a remarkable turn of events, Jim Ovia, Nigeria’s wealthiest banker and the founder of Zenith Bank Plc, has witnessed a staggering surge in his net worth within just 24 hours.
The surge can be attributed to the remarkable increase in his stake in the Lagos-based financial services group, as the Nigerian Equities rallied to an impressive 5.2-percent gain on Tuesday.
According to data tracked by Billionaires.Africa, Ovia, who holds a prominent position among Nigeria’s richest businessmen, witnessed the market value of his stake in Zenith Bank soar by a staggering N13.69 billion ($29.64 million) in just one day.
This significant surge in his stake can be directly attributed to the recent bullish pressures in the Nigerian Equities market, which saw stocks gain N1.5 trillion ($3.2 billion) in a single day — a record on the local bourse.
Investors responded positively to Nigerian President Bola Ahmed Tinubu’s inaugural speech, which unveiled a range of policies aimed at addressing critical issues such as high-interest rates, multiple exchange rates, slow GDP growth, and the repatriation of foreign investors’ dividends.
Bolstered by the anticipation of these policy shifts, Nigerian equities rallied right from the opening sessions, culminating in one of the most impressive one-day returns in recent memory.
During today’s trading session, Zenith Bank’s shares on the Nigerian Exchange surged by 10 percent, rising from N27 ($0.0584) at the morning’s opening to N29.7 ($0.0643) at the close.
Consequently, Ovia’s 16.2-percent stake in the leading financial services group soared by an astounding N13.69 billion ($29.64 million) within the same trading session, increasing his total stake from N136.95 billion ($296.42 million) to N150.64 billion ($326.06 million).
This recent spike has further solidified Ovia’s position as one of the most affluent investors on the Nigerian Exchange, with his stake in Zenith Bank surging by an impressive N28.91 billion ($62.58 million) since the beginning of the year.