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Key Points
- Jim Ovia’s Zenith Bank stake rose by N24.09 billion ($15.16 million) in 18 days, reflecting increased investor confidence.
- Zenith Bank’s share price increased by 14.35%, boosting market capitalization to over $700 million.
- Despite recent gains, Zenith Bank shares are down 46.17% year-to-date when adjusted for naira devaluation.
Jim Ovia, Nigeria’s richest banker and a key player in the nation’s banking sector, has seen a notable increase in the market value of his stake in Zenith Bank. This reflects growing investor confidence in the bank’s strategic direction within the financial services industry.
According to data tracked by Billionaire.Africa, the market value of Ovia’s Zenith Bank stake has climbed by N24.09 billion ($15.16 million) over the past 18 days.
This follows a previous gain where his stake surged by $24.67 million between May 24 and July 10, with the value climbing from $98.7 million to $123.37 million.
Zenith Bank’s share price up 14%
Zenith Bank, licensed by the Central Bank of Nigeria, is Nigeria’s most profitable bank and a leading financial services provider in West Africa. It also ranks among the largest listed financial groups on the Nigerian Exchange.
Recently, Zenith Bank’s share price increased by 14.35 percent, rising from N33.1 ($0.021) on July 31 to N37.85 ($0.024). This boost has lifted the bank’s market capitalization to over $700 million, benefiting shareholders, including Ovia, who holds a substantial stake.
Founded in 1990 by Ovia, a key figure in Nigeria’s banking sector, Zenith Bank has seen his 16.2 percent stake—5,072,104,311 shares—grow significantly. Over the past 18 days, his stake has gained N24.09 billion ($15.16 million), rising from N167.89 billion ($105.61 million) to N191.98 billion ($120.76 million).
Your Money and Your Life
Zenith Bank shares have risen recently, but investments are hampered by the naira’s devaluation against the dollar. Year-to-date, shares are down 46.17 percent when adjusted for devaluation, and 2.95 percent in local currency. A $100,000 investment at the start of the year is now worth $53,827.30, showing a loss of $46,172.70.
