Jim Ovia, Nigeria’s richest banker, gains $37 million from Zenith Bank stake

Nigeria’s richest banker, Jim Ovia, has just seen a major boost in the value of his stake in Zenith Bank. A strong rally in the bank’s shares on the Nigerian Exchange (NGX) has added $37.2 million to his holdings.

Ovia owns a 16.2 percent stake in Zenith Bank, more than 5 billion shares. Since Oct. 31, the value of that stake has climbed by N53.62 billion ($37.2 million), bringing his total holding to N328.09 billion ($227.6 million) as of Nov. 14.

This latest rise builds on earlier gains recorded between Sept. 19 and Oct. 16, when his stake jumped from N325.3 billion ($210.48 million) to N346.14 billion ($224.73 million), despite a year shaped by inflation, shifting monetary policy and uneven market activity.

Ovia founded Zenith Bank in 1990 after receiving a license from the Central Bank of Nigeria. What started as a bold move more than three decades ago has grown into one of Africa’s leading financial institutions.

In the last 13 days, Zenith Bank’s share price has surged 19.54 percent, rising from N54 ($0.0375) on Oct. 31 to N64.55 ($0.0448). The bank is now valued at nearly $1.8 billion, boosting returns for all shareholders, including Ovia.

Year-to-date, the stock is up 41.87 percent, outperforming most West African benchmarks and offering rare upside in a market still navigating inflation and policy uncertainty. (Billionaires Africa)