Nigeria’s richest banker loses $5.7 million from Zenith Bank in just four days

Feyisayo Ajayi -

Jim Ovia, Nigeria’s richest banker and a top figure in the country’s financial services industry, has experienced a further drop in the market value of his holdings in Zenith Bank. This decline is due to the sustained decrease in the bank’s share price on the Nigerian Exchange (NGX).

According to market data tracked by Billionaire.Africa, Ovia’s stake in Zenith Bank has decreased by N8.62 billion ($5.69 million) over the past four days, as investors pare back on Lagos-based Zenith. This follows a N18.46-billion ($13.3 million) decline between April 25 and May 2, when his holding fell from N184.62 billion to N166.11 billion.

Zenith Bank Q1 2024 profit jumps by nearly 300 percent

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.

The bank recently reported a near 300-percent jump in profit, to N258.34 billion ($188.83 million) from N66.01 billion. Despite the strong results, Zenith Bank’s shares have dropped 4.9 percent in the past four days, from N34.70 ($0.023) on May 13 to N33 ($0.022), dragging down its market cap below N675 billion. This decline has impacted shareholders, including Ovia.

Jim Ovia’s stake slumps by $5.69 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.

The recent decline in Zenith Bank’s share price has reduced the market value of Ovia’s stake by N8.62 billion ($5.69 million), falling from N176 billion ($116.19 million) on May 13 to N167.38 billion ($110.50 million) at the time of writing.

Despite this financial downturn, Ovia maintains his position as Nigeria’s richest banker, highlighting his lasting success as a prominent business leader in the country.