Jim Ovia makes over $4.6 million from Zenith Bank stake

Key Points

• Jim Ovia’s stake in Zenith Bank rose by $4.62 million in 12 days, driven by renewed investor confidence and stock price gains.
• Ovia’s 16.2% stake now stands at $154.05 million, reinforcing Zenith’s reputation as Nigeria’s top-performing financial stock.
• Zenith Bank shares have gained 6.37% year-to-date, outperforming peers and lifting the bank’s market cap above $1 billion.

Jim Ovia, Nigeria’s richest banker and founder of Zenith Bank Plc, has seen the market value of his stake in the leading Lagos-based lender jump by $4.62 million, as renewed investor optimism lifts the bank’s stock price on the Nigerian Exchange (NGX).

Ovia, the founder and chairman of Zenith Bank, holds a controlling stake of 16.2 percent, equivalent to 5,082,800,739 shares in the lender. This stake has increased by N7.37 billion ($4.62 million) over the past 12 days, reflecting growing investor confidence.

This recent surge builds on a prior $12 million increase between Apr. 16 and 30, when the value of Ovia’s stake climbed from N223.64 billion ($139.59 million) to N242.7 billion ($151.48 million), reflecting growing optimism surrounding Zenith Bank’s outlook.

Zenith Bank’s market cap crosses $1 billion

Zenith Bank, licensed by the Central Bank of Nigeria, is the country’s most profitable bank and one of the leading financial services providers in West Africa. It is also among the largest financial groups listed on the Nigerian Exchange.

In the latest trading period, Zenith Bank’s share price climbed by 3.09 percent, rising from N46.95 ($0.0294) on May 5 to N48.40 ($0.0303). This increase pushed the bank’s market value past the $1 billion mark, showing continued confidence from investors.

Thanks to this rise, Jim Ovia’s stake in the bank grew from N238.64 billion ($149.43 million) to N246 billion ($154.05 million), marking a gain of N7.37 billion ($4.62 million) in just 12 days.

Year-to-date growth signals strong investor sentiment

Zenith Bank’s stock has gained 6.37 percent so far this year, outperforming many of its peers in Nigeria’s banking sector. A $100,000 investment in Zenith shares at the start of the year would now be worth $106,370, a reflection of the bank’s steady performance despite the broader economic uncertainty.