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Nigerian banker Jim Ovia has seen another boost the market value of his stake in Zenith Bank Plc, the country’s most profitable lender, continues to rise. A recent rally in the bank’s shares has added $13.23 million to the value of Ovia’s holding, propelling it above $220 million.
The gain follows renewed investor interest in Nigerian banks, driven by strong earnings, higher capital buffers, and expectations of benefits from interest rate and foreign exchange reforms. Ovia holds 5.08 billion Zenith Bank shares, a 16.2 percent stake in the lender he founded in 1990 and still chairs. Its value rose N19.31 billion ($13.23 million) over 33 days.
Three decades of banking leadership
Jim Ovia founded Zenith Bank in 1990 after obtaining a license from the Central Bank of Nigeria, entering a then-underdeveloped banking sector. Over more than three decades, the institution has grown into one of Africa’s leading financial banks.
Zenith Bank has expanded from a small operation to one of Africa’s top lenders, with branches across West Africa and a presence in the U.K. Investors highlight its conservative lending practices and steady profitability, which have supported stability through economic downturns.
African Banks reward consistent shareholders
Zenith Bank shares have increased by 6.39 percent over the past 33 days, climbing from N59.9 ($0.0407) on Nov. 19 to N63.3 ($0.0433). The increase pushed the bank’s market cap to $1.8 billion, keeping it among the largest companies on the Nigerian Exchange (NGX).
For founder Jim Ovia, the gains boosted his personal wealth. The value of his stake rose from roughly N302.43 billion ($207.10 million) to N321.74 billion ($220.33 million) over the same period, highlighting the direct link between his net worth and the bank’s share performance.
Zenith stock outperforms local peers
Zenith Bank’s shares have risen about 49.45 percent in 2025, surpassing several local peers and many emerging-market stocks. An investor who bought $100,000 of the bank’s stock at the start of the year would now hold shares worth $149,450 at the time of drafting this report.
Long-term shareholders benefit from steady returns in Africa’s banking sector, where competition is intense and consistent performance continues to drive value, reflecting the impact of disciplined execution and sustained operational results across the industry.
