Nigeria’s richest banker Jim Ovia bolsters stake in Zenith Bank with 5 million new shares

In an effort to consolidate his already substantial holdings in Nigeria’s leading financial services group, Zenith Bank Plc, Jim Ovia, the country’s richest banker, has acquired an additional 5 million shares.

The transaction, executed in 10 separate deals on the floor of the Nigerian Exchange, further solidifies Ovia’s position as a major player in the banking industry.

According to a recent insider notification of share dealing published on Thurs., June 1, after the close of the Nigerian Exchange, Ovia splashed a total N146.6 million ($320,000) to purchase the 5 million shares.

This strategic move raises Ovia’s stake in Zenith Bank from 16.16 to 16.17 percent, equating to a total of 5,077,104,311 shares.

Zenith Bank, licensed by the Central Bank of Nigeria as a commercial bank, not only holds the distinction of being Nigeria’s most profitable bank but also boasts the status of the largest listed financial services group on the Nigerian Exchange.

With its prominent position in the market, the bank’s shares were trading at N29.75 ($0.0645) at the time of reporting, giving it a market capitalization of N910 billion ($1.97 billion). This cements Zenith Bank’s status as the seventh most valuable stock on the Nigerian bourse.

As for Ovia, the market value of his 16.17-percent stake in Zenith Bank now stands at N146.78 billion ($318.64 million). This not only solidifies his status as the richest banker in Nigeria but also positions him as one of the richest investors on the Nigerian Exchange.

Ovia, who founded Zenith Bank in 1990, continues to play a significant role in shaping the country’s financial landscape. His latest acquisition showcases his commitment to the bank’s long-term growth and success.

With his extensive expertise and substantial holdings, Ovia’s continued involvement is expected to contribute to Zenith Bank’s sustained profitability and ability to weather economic challenges.