Jim Ovia, Nigeria’s richest banker and a key figure in the country’s banking industry, has seen a large increase in the market value of his stake in Zenith Bank, indicating rising confidence in the bank’s strategic direction in the financial services sector.
Ovia, one of Africa’s wealthiest persons, has watched the market value of his Zenith Bank stake rise dramatically. Over the previous 39 days, his investment has increased by N50.97 billion ($40.94 million), driven by increased investor interest in the group’s shares.
Zenith Bank, a commercial bank licensed by the Central Bank of Nigeria, is not only a leading provider of financial services in Nigeria and Anglophone West Africa, but it is also Nigeria’s most profitable bank. It is also one of the largest listed financial services groups on the Nigerian Exchange.
Zenith Bank shares increased by 30.97% from N32.45 ($0.0261) on February 28 to N42.5 ($0.03413) on the Nigerian Exchange. This boost has pushed the bank’s market value past $1 billion, benefiting shareholders such as Ovia, a major stakeholder in the Lagos-based bank.
Jim Ovia, a key actor in Nigeria’s banking industry’s history and digital transformation, established Zenith Bank in 1990. He is the country’s wealthiest banker, owning 16.2 percent of the financial services firm and 5,072,104,311 ordinary shares.
The market value of Ovia’s stake has increased by N50.97 billion ($40.94 million) in the last 39 days, rising from N164.6 billion ($132.2 million) on February 28 to N215.56 billion ($173.1 million) at the time of this report.
Ovia’s latest $41 million gain cements his status as Nigeria’s wealthiest banker and demonstrates his accomplishment as a prominent businessman in the country. His ongoing leadership is expected to improve Zenith Bank’s financial performance and preserve its position as a financial services industry leader.
