Jim Ovia, Nigeria’s wealthiest banker and a pivotal role in the country’s banking system, has seen the market value of his Zenith Bank investment plummet due to the lender’s recent share price collapse.
Over the last 13 days, the market value of the Nigerian banker and business executive’s Zenith Bank stock has decreased by N18.26 billion ($14.63 million), making him one of Africa’s wealthiest men.This decline is being led by the continued slide in the shares of the important Nigerian Exchange (NGX)-listed lender.
Between February 28 and April 8, Jim Ovia’s shareholding in Zenith Bank increased by $41 million, from N164.6 billion ($132.2 million) to N215.56 billion ($173.1 million).
Zenith Bank, a leading commercial bank licensed by the Central Bank of Nigeria, is not only a major 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 publicly traded financial services companies on the NGX.
The bank has declared a final dividend payout of N109.89 billion ($88.3 million) for the 2023 fiscal year, demonstrating good financial performance. This record dividend payout demonstrates the company’s dedication to shareholder value and position as a market leader in Nigeria’s banking sector.
In recent times, its shares have dropped nine percent on the NGX, from N40.00 ($0.0323) on April 12 to N36.60 ($0.02959) on Thursday. This fall has reduced the bank’s market value to less than $1 billion, resulting in losses for shareholders, notably Ovia, a major owner in the Lagos-based lender.
Jim Ovia, a key actor in Nigeria’s banking industry’s history and digital transformation, established Zenith Bank in 1990. With a 16.2 percent interest in the financial services firm, which includes 5,072,104,311 ordinary shares, he remains the country’s wealthiest banker.
Ovia’s investment has dropped by N18.26 billion ($14.63 million) in the last 13 days, falling from N202.88 billion ($162.53 million) on April 12 to N184.62 billion ($147.90 million) on Thursday. Despite this loss, Ovia remains Nigeria’s richest banker, demonstrating his accomplishment as a prominent businessman in the country.
