Jim Ovia, Nigeria’s richest banker and a crucial figure in the country’s banking sector, has seen the market value of his Zenith Bank stock rise significantly. This demonstrates increased investor trust in the bank’s strategic approach in the financial services industry.
The market value of Ovia’s Zenith Bank stock has increased by N24.09 billion ($15.16 million) in the last 18 days.
Previously, his investment increased by $24.67 million between May 24 and July 10, from $98.7 million to $123.37 million.
Zenith Bank, which is regulated by the Central Bank of Nigeria, is Nigeria’s most profitable bank and a significant financial services provider in West Africa. It is also one of the largest listed financial groups on the Nigerian Exchange.
Zenith Bank’s share price grew by 14.35%, from N33.1 ($0.021) on July 31 to N37.85 ($0.024). This surge has increased the bank’s market valuation to more over $700 million, benefiting shareholders such as Ovia, who owns a significant interest.
Zenith Bank was founded in 1990 by Ovia, an important figure in Nigeria’s banking sector, and his 16.2 percent stake—5,072,104,311 shares—has grown dramatically. Over the previous 18 days, his stake has increased by N24.09 billion ($15.16 million), from N167.89 billion ($105.61 million) to N191.98 billion ($120.76 million).
Zenith Bank’s shares have recently surged, although investments are limited by the naira’s depreciation against the dollar. Shares are down 46.17 percent year to date, adjusted for devaluation, and 2.95 percent in local currency. A $100,000 investment at the beginning of the year is now worth $53,827.30, representing a loss of $46,172.70.
