Jim Ovia, the wealthiest banker in Nigeria, has witnessed a substantial surge in the market value of his stake in Zenith Bank, the most profitable banking group in the country. This remarkable recovery comes after earlier setbacks caused by the devaluation of the Nigerian naira.
As a prominent figure in the evolution and digital transformation of Nigeria’s banking industry, Ovia founded Zenith Bank in 1990, shaping its success.
Ovia’s stake in Zenith Bank amounts to 16.2 percent, comprising 5,072,104,311 ordinary shares, which has catapulted him into the league of Nigeria’s wealthiest business tycoons.
In the past 26 days, Ovia’s stake in Zenith Bank has experienced a noteworthy surge in value, resulting in an astounding increase of N17.01 billion ($21.9 million). This surge can be attributed to the rise in the bank’s shares on the Nigerian Exchange.
The share price of Zenith Bank has soared by 10.8 percent, rising from N31 ($0.0399) on June 16 to N34.35 ($0.0442) on July 12. This upward trajectory has yielded significant gains for shareholders, including Ovia, whose substantial stake in the bank has flourished.
The recent surge in Zenith Bank’s share price has bolstered the market value of Ovia’s stake by N17.01 billion ($21.9 million) within the past 26 days, propelling it from N157.39 billion ($202.68 million) on June 16 to N174.4 billion ($224.58 million) at the time of writing.
This remarkable surge firmly establishes Ovia as Nigeria’s richest banker and showcases his prowess as one of the country’s most successful investors. With his extensive expertise and substantial holdings, Ovia’s continued leadership is expected to contribute to Zenith Bank’s sustained profitability and solidify its position as a leader in the African financial services industry.
