Nigeria’s financial landscape witnessed a surge of excitement as investors on the Nigerian Exchange reacted to President Bola Tinubu’s recent moves. Among the beneficiaries of this market frenzy is Jim Ovia, Nigeria’s richest banker, who experienced a remarkable boost in his fortune at the close of trading activities on the local bourse.
Data tracked by Billionaires.Africa reveals that Jim Ovia, renowned among Nigeria’s wealthiest businessmen, witnessed a staggering increase of N14.2 billion ($30 million) in the market value of his 16.17 percent stake in Zenith Bank within a single day.
This surge propelled the market value of Ovia’s stake in Zenith Bank from N142.16 billion ($299.75 million) at the opening of the Nigerian Exchange this morning June 13, to N156.4 billion ($329.72 million) at the close of trading today.
The $30 million surge in Ovia’s holdings can be attributed to a double-digit, 10 percent increase in Zenith Bank’s shares on the local bourse, pushing its market capitalization beyond N880 billion ($1.85 billion) and solidifying its position as the seventh most valuable company on the Nigerian Exchange.
This surge in Zenith Bank’s shares and market capitalization can be directly linked to the bullish sentiment on the Nigerian Exchange, fueled by the impactful actions of President Bola Tinubu since his inauguration on May 29.
Tinubu’s reforms, which include the removal of a costly fuel subsidy, the replacement of a controversial central bank governor, and the commitment to unify the country’s exchange rates, have attracted foreign investors who see potential in Africa’s largest economy.
Zenith Bank, licensed as a commercial bank by the Central Bank of Nigeria, not only stands out as a leading financial services provider in Nigeria and anglophone West Africa but also holds the title of Nigeria’s most profitable bank. It proudly claims its position as the largest listed financial services group on the Nigerian Exchange.
Ovia, the visionary behind the establishment and digital transformation of Zenith Bank in 1990, owns a significant stake in the institution, making him one of the wealthiest investors on the local bourse.
In a strategic move to consolidate his already substantial holdings, Ovia acquired an additional 5 million shares in Zenith Bank through ten separate deals on the floor of the Nigerian Exchange. This move solidifies his position in the banking industry, elevating his stake in Zenith Bank from 16.16 to 16.17 percent, totaling 5,077,104,311 shares.
With his latest acquisition and the significant surge in Zenith Bank’s market value, Ovia continues to assert his dominance in the Nigerian financial sector and reinforce his reputation as one of the country’s most successful investors.
