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Jim Ovia, founder and longtime chairman of Zenith Bank Plc, has seen the market value of his stake fall by almost $21 million, wiping out much of the gains he built up since mid-June. The drop reflects the sharp pullback in the shares of one of Nigeria’s biggest listed banks.
The Nigerian banker who owns 16.2 percent of the lender — about 5.08 billion shares — has watched the value of his holding slide by $20.83 million in the past three weeks. His stake is now worth N357.6 billion ($232.7 million), down from N390.9 billion ($254.3 million) on Aug. 4.
Market cap slips under $2 billion
Jim Ovia founded Zenith Bank in 1990 after obtaining a license from the Central Bank of Nigeria. What started as a bold step has grown into one of Africa’s most prominent financial institutions. More than 30 years later, the bank continues to stand among the top players in Nigeria’s banking industry.
In recent weeks, Zenith Bank’s stock has faced some pressure. After reaching record highs earlier this year, the share price has slipped 8.19 percent, falling from N76.9 ($0.05) on Aug. 4 to N70.6 ($0.0459) at the time of this report. The decline has pulled its market value back under the $2 billion mark, reminding investors how quickly the tide can turn in financial markets.
Zenith Bank shares up year-to-date despite market swings
The recent dip reflects broader market swings that have cooled demand for banking stocks. Even so, Zenith remains one of Nigeria’s largest lenders, backed by strong earnings and a history of steady operations. Its fundamentals are sound, though investor confidence has been shaky in the short term.
Despite the pullback, Zenith Bank Plc has posted a 55.16 percent gain so far in 2025. A $100,000 stake in Zenith Bank on Jan. 1 would now be worth $155,160, a profit of $55,160. The returns show that, while sentiment may fluctuate, the bank continues to deliver value for shareholders.
