Jim Ovia, Nigeria’s richest banker and a key figure in the country’s banking industry, has recorded a substantial surge in the market value of his stake in Zenith Bank since the start of 2024 — attributed to the recent upswing in the bank’s shares on the Nigerian Exchange.
Ovia, recognized among Africa’s richest individuals, has experienced a noteworthy increase of more than $25 million in the market value of his Zenith Bank stake in just one week — this rise is directly linked to heightened investor interest in the leading banking group.
Market Momentum: Zenith Bank’s stock skyrockets, setting records in Nigeria’s financial sector
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.
The recent surge in Zenith Bank’s share price on the Nigerian Exchange — from N38.65 ($0.044) on Jan. 1 to N43.05 ($0.049) at the time of reporting — reflects a gain of 11.4 percent, generating substantial returns for shareholders, including Ovia, a major stakeholder in the Lagos-based lender.
Market triumph: Ovia’s stake in Zenith Bank soars by $25.27 million in 2024, solidifying his financial crown
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.
According to data tracked by Billionaires.Africa, the market value of Ovia’s stake has increased by N22.36 billion ($25.27 million) since the start of the year 2024 — rising from N196.39 billion ($221.96 million) on Jan. 1 to N218.75 billion ($247.23 million) at the time of reporting.
This surge firmly cements Ovia’s status as Nigeria’s wealthiest banker, underscoring his position as one of the country’s most successful businessmen and investors. With his vast expertise and substantial holdings, Ovia’s ongoing leadership is anticipated to further bolster Zenith Bank’s profitability and reinforce its position as a leader in the financial services sector.
