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Jim Ovia, renowned as Nigeria’s wealthiest banker and a key figure in the country’s banking industry, has experienced a decline in the market value of his stake in Zenith Bank, one of Nigeria’s leading financial institutions.
Over the past eight days, Ovia, ranked among Africa’s wealthiest individuals, has witnessed a decrease of N6.89 billion ($8.52 million) in the market value of his stake in Zenith Bank, driven by the sustained decline in the shares of the leading lender on the Nigerian Exchange.
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 also ranks as the largest listed financial services group on the Nigerian Exchange.
Jim Ovia maintains top spot as Nigeria’s richest banker
Ovia, a key figure in Nigeria’s banking industry’s evolution and digital transformation, founded Zenith Bank in 1990. His 16.2-percent stake in the financial services group, comprising 5,072,104,311 ordinary shares, makes him the wealthiest banker in the country.
Since the start of November, Zenith Bank’s shares on the Nigeria Exchange have experienced a decline of 3.91 percent, falling from N34.4 ($0.043) on Nov. 1 to N33.05 ($0.041). This downward trend has resulted in financial losses for shareholders, including Ovia.
Jim Ovia’s wealth takes a hit: Data reveals $8.5 million decline in eight days
According to data tracked by Billionaires.Africa, the market value of Ovia’s stake has declined by N6.89 billion ($8.52 million) in the past eight days, from N174.8 billion ($217.6 million) on Nov. 1 to N167.9 billion ($209.1 million).
This recent decline follows a previous loss of $32 million experienced by Ovia between Sept. 4 and Oct. 6, when the market value of his stake in Zenith Bank dropped from N188.51 billion ($247.38 million) to N164.12 billion ($215.37 million).
