The Zenith Bank Story: Jim Ovia Speaks on Founding Banking Giant With N20 Million in 1990
- Nigeria's banking godfather, Jim Ovia, opened up about how much it cost him to establish Zenith Bank over three decades ago
- He revealed in an interview on Marketplace Africa that within 20 years, the bank’s shareholders’ funds had grown to about $4 billion
- Ovia also highlighted the early challenges of operating in Nigeria, including building roads, providing power, and drilling boreholes
Jim Ovia, founder of Zenith Bank, has revealed how he launched one of Nigeria’s most profitable financial institutions with just N20 million in 1990.
Speaking in an interview with Zain Asher on Marketplace Africa, Ovia said the initial capital of N20 million was equivalent to about $4–5 million at the prevailing exchange rate of roughly N4 to the dollar at the time.
Source: UGC
“I started Zenith Bank with N20 million in 1990. That is about $5 million at an exchange rate of N4 to a dollar, or thereabout. Twenty years later, Zenith Bank shareholders’ funds were worth $4 billion. From $4 million to $4 billion, you can do the maths,” he said, highlighting what he described as a record-breaking return on investment.
From modest capital to banking powerhouse
Zenith Bank commenced operations in July 1990 and was later listed on the Nigerian Exchange Limited in 2004. Over the years, the bank expanded beyond Nigeria, establishing subsidiaries in the United Kingdom, Ghana, Sierra Leone, and other markets.
Today, Zenith Bank ranks among Nigeria’s tier-one lenders and is consistently recognised for strong corporate governance and profitability. The bank has received multiple local and international awards, including “Bank of the Year (Nigeria)” by The Banker magazine on several occasions.
Ovia noted that the transformation from a modest capital base in 1990 to billions of dollars in shareholders’ funds within two decades underscores the scale of opportunity available in Nigeria’s financial sector when backed by discipline, innovation, and long-term strategy.
‘Bring Your Own Infrastructure’
Reflecting on the early days, Ovia described the significant structural challenges of operating in Nigeria at the time. According to him, poor infrastructure forced the bank to adopt what he termed a “BYOI” approach — “Bring Your Own Infrastructure.”
“You will always experience adversity and challenges in any business initiative, either in Europe or America. But those are the areas where many people really give up. Just don’t give up in Nigeria,” he said.
He explained that Zenith Bank had to build access roads to some of its branches in underserved areas. The bank also invested in independent power solutions, including generators and power plants, to ensure uninterrupted operations. In addition, boreholes were drilled to provide a water supply to bank facilities.
“What we were doing at that point in time was building our own roads to our branches. We bought power plants and generating sets. We dug boreholes to supply water. When we did all this, I personally call it BYOI — Build Your Own Infrastructure. Anyone who has ever run a business in Nigeria will understand,” Ovia added.
Advice to young Nigerians
Encouraging young entrepreneurs inspired by his journey, Ovia emphasised focus and determination as critical ingredients for success.
“They should remain focused. They should remain determined,” he said, adding that extraordinary returns are possible in Nigeria despite the challenges.
“This kind of numbers, this kind of returns, you don’t get it even in God’s own country America, you don’t get it in Europe, you don’t get it in Russia, but you can get it in Nigeria.”
Source: UGC
Ovia’s story adds to a growing list of Nigerian business leaders who built globally competitive companies from modest beginnings, reinforcing the narrative that resilience, strategic planning, and long-term commitment can yield exponential growth in emerging markets.
As of mid-February 2026, Zenith Bank Plc is valued on the Nigerian stock market at between approximately N3.20 trillion and N3.34 trillion, reflecting its strong share price performance and sustained investor confidence in the bank’s financial strength and profitability.
Source: Legit.ng
