Table of Contents
Nigerian banker Jim Ovia has seen another bump in his fortune after his stake in Zenith Bank Plc, the country’s most profitable lender, gained $14.25 million in value. This follows a rally in the bank’s share price after it paid a $34.5 million interim dividend to shareholders last Friday.
Ovia holds 5.08 billion shares, which represent 16.2 percent of Zenith Bank, the institution he founded in 1990 and currently chairs. Over the past 26 days, the market value of his stake has risen by N20.84 billion ($14.25 million), reflecting renewed investor interest in the stock.
Jim Ovia gains as Zenith Bank climbs
Zenith Bank’s shares have climbed about 6.25 percent in recent weeks, moving from N64 ($0.044) on Sept. 19 to N68.1 ($0.046) at the time of writing. The uptick pushed the bank’s market capitalization close to $1.8 billion, strengthening optimism among shareholders and analysts who regard the lender as one of Africa’s most resilient financial institutions.
The rally came after the bank distributed a total of N51.3 billion ($34.5 million) in interim dividends on Oct. 10 rewarding shareholders despite reporting mixed results for the first half of 2025. Zenith’s net profit fell to N532.2 billion ($355.7 million) from N578 billion ($386.3 million) in the same period last year, as higher impairment charges weighed on earnings.
For Ovia, the recent upswing has been rewarding. The market value of his shareholding has grown from N325.3 billion ($210.48 million) to N346.14 billion ($224.73 million) in less than a month—a reminder of how closely his personal wealth is tied to the bank he built from scratch more than three decades ago.
Zenith Bank stock up nearly 50 percent
So far this year, Zenith Bank’s stock has advanced 49.45 percent, outpacing local rivals and several emerging-market benchmarks. A $100,000 investment in the bank’s shares at the start of the year would now be worth $149,450, underscoring the bank’s steady return profile.
Even with the dip in profit Zenith Bank’s financial position remains strong. The bank’s total assets rose to N31 trillion ($20.7 billion) at the end of June, up from N24 trillion ($16.05 billion) in December 2024. Shareholders’ equity also climbed to N4.6 trillion ($3.07 billion) while retained earnings expanded to N2.45 trillion ($1.64 billion).
