Nigeria’s richest banker Jim Ovia gains $41 million from Zenith Bank stake

Jim Ovia, renowned as Nigeria’s richest banker and a pivotal figure in the country’s banking industry, has witnessed a significant uptick in the market value of his stake in Zenith Bank, this reflects growing confidence in the bank’s strategic direction in the financial services sector.

Ovia, ranked among Africa’s affluent individuals, has seen an impressive increase in the market value of his stake in Zenith Bank. Over the past 39 days, his investment has grown by N50.97 billion ($40.94 million), propelled by intensified investor interest in the shares of the group.

Zenith Bank shares soar by over 30 percent

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 one of the largest listed financial services groups on the Nigerian Exchange.

The recent surge in Zenith Bank shares, rising from N32.45 ($0.0261) on Feb. 28 to N42.5 ($0.03413) on the Nigerian Exchange, signifies a substantial increase of 30.97 percent. This increase has pushed the bank’s market capitalization above $1 billion, benefiting shareholders, including Ovia, a significant stakeholder in the Lagos-based bank.

Jim Ovia’s wealth surges to $173 million

Jim Ovia, a pivotal figure in Nigeria’s banking industry’s evolution and digital transformation, founded Zenith Bank in 1990. With a 16.2-percent stake in the financial services group, comprising 5,072,104,311 ordinary shares, he is the wealthiest banker in the country.

According to data tracked by Billionaires.Africa, the market value of Ovia’s stake has surged by N50.97 billion ($40.94 million) over the past 39 days, climbing from N164.6 billion ($132.2 million) on Feb. 28 to N215.56 billion ($173.1 million) at the time of drafting this report.

Ovia’s recent $41-million gain solidifies his position as Nigeria’s richest banker and underscores his success as a leading businessman in the country. His continued leadership is expected to further boost Zenith Bank’s financial performance, maintaining its position as a leader in the financial services sector.