Jim Ovia’s investment in Zenith Bank has seen a large increase in market value, reflecting increased trust in the bank’s strategic movements in the worldwide market.
Ovia, one of Africa’s wealthiest people, has seen his share in Zenith Bank rise by N10.42 billion in the last eight days as investors react to the lender’s plan to grow into France, underlining the bank’s commitment to diversification beyond the African continent.
Zenith Bank, a commercial bank licensed by the Central Bank of Nigeria, is not only a significant financial services provider in Nigeria and anglophone West Africa, but it is also Nigeria’s most profitable bank. It is also the Nigerian Exchange’s largest listed financial services group.
The recent increase in Zenith Bank’s shares on the Nigerian Exchange, from N33.15 on Nov. 20 to N35.20, represents a gain of more than 6%, providing considerable returns to owners — including Ovia, who holds a significant position in the Lagos-based institution.
Zenith Bank was created in 1990 by Ovia, a pivotal person in the evolution and digital transformation of Nigeria’s banking system. His 16.2% stake in the financial services firm, which consists of 5,072,104,311 ordinary shares, making him the country’s wealthiest banker.
Ovia’s stake’s market value has risen by N10.42 billion in the last eight days, from N168.44 billion on November 20 to N178.86 billion at the time of writing.
This extraordinary increase of $13.26 million cements Ovia’s status as Nigeria’s wealthiest banker while also enhancing his reputation as one of the country’s most successful businesses. Zenith Bank’s strategic choice to enter the French market places it in line with other Nigerian financial behemoths actively exploring strategies beyond the African continent.
