Jim Ovia recognized as Nigeria’s richest banker and the founder of Zenith Bank, headquartered in Lagos, has seen the market value of his stock in the largest financial services group rise significantly.
According to sources, Ovia, a prominent figure in Nigeria’s economic sector, has seen a significant gain in the market value of his interest in Zenith Bank of N7.60 billion ($9.9 million) in the last eight days.
This increase follows a N17.01 billion ($21.9 million) increase in the market value of his Zenith Bank shares, which increased from N157.39 billion ($202.68 million) to N174.4 billion ($224.58 million) between June 16 and July 12.
Zenith Bank, a commercial bank licensed by the Central Bank of Nigeria, is a leading financial services provider in Nigeria and anglophone West Africa. It is the most profitable bank in Nigeria, and it is one of the largest listed corporations on the Nigerian Exchange.
Ovia was the driving force behind Zenith Bank’s establishment in 1990. He was critical in changing and digitizing Nigeria’s banking sector. He currently owns a whopping 16.2 percent of the financial services group, or 5,072,104,311 ordinary shares.
Zenith Bank shares have lately increased by 4.48 percent, jumping from N33.50 ($0.0436) on August 1 to N35.00 ($0.0456) at the time of this publication. As a result of this jump, the group’s market value has risen to N1.099 trillion ($1.4 billion).
The recent increase in Zenith Bank’s share price has increased the market value of Ovia’s stake by N7.60 billion ($9.9 million) in the last eight days, taking it from N169.92 billion ($22.10 million) on August 1 to N177.52 billion ($231 million) at the time of this report.
These huge returns cement Ovia’s position as Nigeria’s richest banker and one of the most wealthy investors on the Nigerian Exchange. His sustained success highlights his key role in molding the nation’s financial landscape.
