Jim Ovia, Nigeria’s richest banker, has added $20 million to his fortune in recent months, following impressive gains in mid-March when his stake in Zenith Bank Plc rebounded above $120 million, indicating a significant recovery from the impact of the recent devaluation of the Nigerian currency.
The market value of Ovia’s Zenith Bank stake has increased by N28 billion ($20.4 million) in the last 19 days. This growth is connected to increased investor interest in the financial services sector, which has been spurred by a recent wave of annual reports issued by banks on the Nigerian Exchange (NGX).
The increase in Ovia’s stake demonstrates increased trust in Zenith’s strategic orientation in the financial services sector. Following a financial revival, Zenith Bank shares increased by 14.56 percent, bringing the value of his investment above $120 million. From March 6 to 13, the share price increased from N34 ($0.021) to N38.95 ($0.0241).
Zenith Bank Plc, a Nigerian lender 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 one of the largest listed financial services groups on the Nigerian Exchange (NGX).
Zenith Bank’s shares have increased 14.1 percent since March 13, reaching N44.50 from N39 (equal to $0.0325 and $0.02844, respectively). The current spike has pushed the bank’s market capitalization back beyond $1 billion, as investors await the release of 2023 financial results and a likely large dividend.
Jim Ovia, Zenith Bank’s founder, owns a 16.29 percent ownership in the firm, which totals 5,072,104,311 ordinary shares. According to NGX market statistics, the value of Ovia’s stake has increased by N28 billion ($20.4 million) in the last 19 days, rising from N197.8 billion ($144.2 million) on March 13 to N225.7 billion ($164.6 million) at today’s close.
This recent gain cements Ovia’s position as Nigeria’s wealthiest banker, highlighting his performance in the financial services business. Zenith Bank’s financial performance has improved under his leadership, making it one of Africa’s largest banks. However, incoming CEO and general managing director Adaora Umeoji will lead the bank into a new era of growth, innovation, and social responsibility starting June 1, 2024.
