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Jim Ovia, Nigeria’s richest banker and a prominent figure in the country’s banking sector, has seen a decline in the market value of his stake in Zenith Bank. The decline is attributed to the recent slide in the shares of the prominent lender on the Nigerian Exchange (NGX).
According to market data tracked by Billionaire.Africa, Ovia’s stake in Zenith Bank has fallen by N18.51 billion ($13.27 million) in the past seven days. This comes as investors on the local bourse continue to reduce their holdings in the Lagos-based lender.
Zenith Bank’s market cap falls below $740 million
Zenith Bank, a leading commercial bank licensed by the Central Bank of Nigeria, is not only a prominent financial services provider in Nigeria and anglophone West Africa but also holds the title of Nigeria’s most profitable bank. It is also one of the largest listed financial services groups on the NGX.
Over the past 7 days, Zenith Bank shares on the NGX have suffered a 10.03 percent dip, falling from N36.4 ($0.02609) on April 25 to N32.75 ($0.02347), pushing the bank’s market capitalization below $740 million. This downturn has led to losses for shareholders, including Ovia.
Jim Ovia’s stake slumps below $120 million
Jim Ovia, a driving force behind Nigeria’s banking sector’s evolution and digital transformation, founded Zenith Bank in 1990. With a 16.2 percent stake in the financial services group, equating to 5,072,104,311 shares, he remains Nigeria’s richest banker.
Zenith Bank’s share price decline has eroded N18.51 billion ($13.27 million) from the market value of Ovia’s stake in the past week. It fell from N184.62 billion ($132.30 million) on April 25 to N166.11 billion ($119.03 million) at the time of writing.
Despite this short-term setback, Ovia retains his position as Nigeria’s richest banker, underscoring his enduring success as a prominent businessman in the country.
