Jim Ovia, Nigeria’s richest banker, makes $10.2 million from Zenith Bank stake

Key Points

• A recent rally in Zenith Bank’s stock price has added $10.26 million to Jim Ovia’s holdings, boosting investor confidence in Nigeria’s banking sector.
• The bank’s share price rose from N45.6 to N48.7, lifting its market capitalization to nearly $1.3 billion and driving strong returns for shareholders.
• His 16.2-percent stake in Zenith Bank increased from $150.96 million to $161.22 million in five days, reflecting renewed investor optimism.

Jim Ovia, Nigeria’s richest banker and a key figure in the country’s financial sector, has seen the value of his stake in Zenith Bank rise by $10.2 million, driven by a recent rally in the bank’s share price on the Nigerian Exchange (NGX).

As the founder and chairman of Zenith Bank, Ovia holds a 16.2-percent stake, totaling 5,082,800,739 shares. In the past five days, the market value of his holdings has increased by N15.76 billion ($10.26 million), reflecting renewed confidence in the bank’s financial outlook.

This rebound, which signals growing optimism in Nigeria’s banking sector, comes after a $14.94-million decline in his holdings between Feb. 7 and Mar. 12, when the value of his stake fell from N264.31 billion ($172.66 million) to N241.43 billion ($157.7 million).

Ovia’s Zenith Bank gains momentum as share price climbs on NGX

Jim Ovia, one of Nigeria’s most influential business figures, founded Zenith Bank in 1990 and built it into one of Africa’s most profitable financial institutions. Licensed by the Central Bank of Nigeria (CBN), Zenith Bank is a dominant force in West Africa’s banking sector and ranks among the largest publicly traded banks on the Nigerian Exchange (NGX).

In the past week, the bank’s stock has gained 6.8 percent, climbing from N45.6 ($0.0297) on Mar. 21 to N48.7 ($0.0317). This surge has lifted Zenith Bank’s market value to nearly $1.3 billion, delivering strong returns for shareholders—including Ovia.

Zenith Bank’s stock climb adds $10.26 million to Jim Ovia’s stake

The rally has significantly boosted Ovia’s holdings. His 16.2-percent stake, previously valued at N231.78 billion ($150.96 million), has jumped to N247.53 billion ($161.22 million) in just five days—an increase of N15.76 billion ($10.26 million). With investor confidence growing, Ovia’s influence in Nigeria’s banking industry remains as strong as ever.

Zenith Bank’s stock is also up 6.22 percent year-to-date (YTD) on the NGX, reinforcing investor optimism about the bank’s growth. For context, a $100,000 investment in Zenith Bank at the start of the year would now be worth $106,220—a $6,220 gain.