Zenith Bank to Pay Jim Ovia $12.7 Million

Jim Ovia, Nigeria’s richest banker and a significant role in the country’s banking history, is due to earn a $12.7 million payoff from his ownership in Zenith Bank, Nigeria’s most profitable institution.

This payout is part of the group’s recommended total dividend of N109.89 billion ($88.3 million) for the fiscal year 2023, demonstrating the company’s strong financial performance.

The dividend, which will be paid on Wednesday, May 8, 2024, reflects Zenith Bank’s remarkable financial accomplishments. The board of directors recommended a dividend of N3.5 ($0.01133) per share for fiscal year 2023.

Zenith Bank, led by Ovia as chairman of the board of directors, continues to reach significant financial milestones. Its earnings in 2023, which was a record N676.91 billion ($522.03 million), improved its standing in the country’s financial services sector.

The bank’s spectacular triple-digit percentage increase in profit in 2023 was driven by 111.9 percent interest income growth and foreign currency profits of N566.97 billion ($437.3 million).

Zenith Bank’s outstanding financial performance encouraged the board to propose a dividend of N3.5 ($0.00252) per share, a 9.38 percent increase over the previous year’s payout of N3.2 ($0.0023) per share paid to shareholders.

Ovia, who owns 16.18 percent of Zenith Bank, or 5,072,104,311 shares, stands to receive N17,752,365,089 ($12,771,215), cementing his status as Nigeria’s wealthiest banker and a notable dividend recipient in the Nigerian financial services industry.

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