7 companies owned by Nigeria’s richest banker Jim Ovia
In the African financial world, Jim Ovia stands tall as Nigeria’s richest banker and a leading figure in the country’s business landscape. His story is about resilience, innovation, and a commitment to shaping Africa’s financial future.
As the founder and chairman of Zenith Bank PLC, Nigeria’s largest commercial bank, Ovia’s impact on the African financial sector is undeniable. He owns a significant 16.17-percent stake in the bank, valued at over $230 million, thanks to his latest acquisition and Zenith Bank’s remarkable share price surge.
Zenith Bank, with assets totaling an impressive N13.4 trillion ($17.7 billion), boasts over 500 branches, a dedicated workforce of over 10,000 employees, and serves a staggering 9 million satisfied customers.
Beyond banking, Ovia is a versatile entrepreneur with investments spanning telecommunications, real estate, oil and gas, power generation, and media. As of 2015, he had a net worth of $550 million, making him one of Africa’s richest individuals.
His success hasn’t made him forget the importance of giving back. Through MUSTE he’s committed to uplifting Nigerian society. MUSTE provides scholarships to underprivileged students, nurturing future leaders, while the Youth Empowerment/ICT Foundation, which he leads, focuses on improving the welfare of Nigerian youths through technology.
Billionaires.Africa has identified and cataloged various companies and holdings linked to Ovia. Here are seven companies where he holds direct or indirect ownership:
Zenith Bank, licensed by the Central Bank of Nigeria, is a financial powerhouse in Nigeria and Anglophone West Africa. This institution, renowned as Nigeria’s most profitable bank, came into being in 1990 under the visionary leadership of Ovia. Zenith Bank continues to flourish as the largest listed financial services group on the Nigerian Exchange. Notably, Ovia recently expanded his influence by acquiring an additional 5 million shares, increasing his stake to 16.17 percent, totaling an impressive 5,077,104,311 shares. This strategic move and Zenith Bank’s soaring market value have firmly established Ovia as a dominant force in Nigeria’s financial sector.
- Visafone Communications
Founded in 2007 by Ovia, Visafone initially specialized in CDMA technology, an offering that has since been superseded by GSM-based mobile technologies. In a landmark acquisition, MTN acquired Visafone for approximately N47.5 billion ($238,498,957), smoothly transitioning around 568,000 Visafone customers to its GSM platform. This acquisition not only solidified Visafone’s position as the leading CDMA company in Nigeria but also bolstered telecommunications excellence within the country.
Operating under the astute guidance of Ovia, Quantum Luxury Properties is a real estate investment company with a singular focus on proprietary real estate investments in West Africa. The company’s portfolio proudly includes the iconic Civic Center Towers, a testament to its commitment to shaping the region’s real estate landscape.
- Quantum Markets
Established in 2004, Quantum Asset Management offers tailored portfolio management services designed to cater to both private individuals and institutional investors in search of expert asset management. Their suite of asset management products encompasses discretionary and non-discretionary investment options, all underpinned by professional expertise in identifying lucrative investments across asset classes to maximize returns.
- The Civic Center Towers
Ovia’s visionary partnership with Marriott Hotels in 2012 has left an indelible mark on Lagos’ skyline. Ovia now proudly owns the Civic Center Towers, a 15-story, 150-bedroom five-star hotel situated on Ozumba Mbadiwe. This multimillion-dollar establishment shares its prestigious location with Otudeko’s Radisson Blue Hotel, further highlighting Ovia’s significant contributions to the hospitality industry in Nigeria.
- Cyberspace Network
In 1995, Ovia founded Cyberspace, a wholly Nigerian-owned company that swiftly commenced operations as an Internet Service Provider (ISP), initially offering dial-up services via telephone lines. Since its inception, Cyberspace has been pivotal in advancing Nigeria’s connectivity landscape.
- Youth Empowerment/OVT Foundation
The Youth Empowerment/OVT Foundation, spearheaded by Ovia, is dedicated to enhancing the socioeconomic well-being of Nigerian youths by inspiring and motivating them to embrace information and communication technology. Through this foundation, Ovia continues to impact the future of Nigeria’s young talent.