Jim Ovia, Nigeria’s wealthiest banker, has seen a significant increase in the market value of his stake in Zenith Bank, the country’s most profitable banking group, as he recovers from earlier declines caused by the devaluation of the Nigerian naira.
A key figure in the evolution and digital transformation of Nigeria’s banking industry, Ovia founded Zenith Bank in 1990.
His 16.2-percent stake in the financial services group, comprising 5,072,104,311 ordinary shares, has propelled him into the ranks of Nigeria’s wealthiest businessmen.
Over the past 26 days, Ovia’s stake in Zenith Bank has experienced a notable rise in value, resulting in a staggering increase of N17.01 billion ($21.9 million). This can be attributed to the bump in the bank’s shares on the Nigerian Exchange.
Zenith Bank’s share price has soared by 10.8 percent, climbing from N31 ($0.0399) on June 16 to N34.35 ($0.0442) on July 12. This upward trend has yielded substantial gains for shareholders, including Ovia, whose significant stake in the bank has flourished.
The recent surge in Zenith Bank’s share price has bolstered the market value of Ovia’s stake by N17.01 billion ($21.9 million) within the past 26 days, propelling it from N157.39 billion ($202.68 million) on June 16 to N174.4 billion ($224.58 million) at the time of writing.
This remarkable surge firmly establishes Ovia as the richest banker in Nigeria and showcases his prowess as one of the country’s most successful investors.
With his extensive expertise and substantial holdings, Ovia’s continued leadership is expected to contribute to Zenith Bank’s sustained profitability and solidify its position as a leader in the African financial services industry.
