Table of Contents
Key Points
- Renewed investor confidence drives up Zenith Bank shares, boosting Ovia’s holding by $59.6 million since July 1.
- Zenith Bank delivers standout returns in 2024, outperforming peers as investors favor stability, governance, and consistent dividends.
- Global and local investors are returning to Nigerian financial stocks, fueling rallies across the sector and rewarding long-term holders.
Marked by renewed investor confidence on the Nigerian Exchange (NGX), Jim Ovia, the founder and longtime chairman of Zenith Bank, is watching the value of his stake edge closer to $250 million. As sentiment warms across Nigeria’s financial sector, Ovia’s steady faith in Zenith is once again paying off, reinforcing both his deep roots in the bank.
Ovia started Zenith Bank in 1990 after securing a license from the Central Bank of Nigeria. What began as an ambitious leap has grown into one of the continent’s leading financial institutions. More than three decades later, the bank remains one of the top names in Nigerian banking.
Ovia's stake gains $59.6 million
Today, Ovia owns a 16.2-percent stake—over 5 billion shares—and that holding has seen a sharp rise in value over the past few weeks. Since July 1, his stake has increased by N91 billion ($59.6 million), bringing its total value to roughly N381.21 billion ($249.1 million) as of July 17.
Zenith’s share price has surged from N56.05 ($0.0366) to N74 ($0.0484) during that same stretch, a gain of over 32 percent. That rally has lifted the bank’s market capitalization to just under $2 billion and made it one of the standout performers on the NGX this month. Behind the numbers, though, is something deeper: investors are backing a bank they trust to weather local and global shocks—one that has consistently delivered.
For Ovia, these gains aren’t just financial milestones. They’re a reflection of his ongoing role in shaping Nigerian banking. Between June 17 and June 27 alone, the value of his holdings jumped from N234.06 billion ($151.42 million) to N294.04 billion ($190.22 million). Even before this latest leg up, the market had been steadily reaffirming his decision to hold firm.
Zenith delivers rare 67% return
Zenith’s reputation for strong governance, risk controls, and consistent results has helped it stand out in a difficult environment. The stock is up 67 percent so far this year, far ahead of most benchmarks in West Africa. Put simply, a $100,000 investment in January would now be worth more than $167,000. That kind of return is rare in a market still working through inflation pressures and shifting policy directions.
This surge hasn’t happened in isolation. Global investors are showing fresh interest in Nigeria’s financial sector, while local fund managers are warming back up to bank stocks. In that climate, Zenith has emerged as a safe bet—thanks to its steady earnings, generous dividends, and long-standing track record. Anticipated policy reforms and improved capital inflows are also helping fuel the broader rally, with long-term shareholders like Ovia benefiting most.
