7 Companies Behind Jim Ovia's Rise to Become Nigeria's Wealthiest Banker
- In addition to Zenith Bank, Jim Ovia owns stakes in real estate, oil and gas, power generation, and media
- The billionaire earned the title of one of Africa's wealthiest personalities in 2015
- He offers scholarships to deserving students through his foundation, MUSTE
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Jim Ovia is a prominent name in Nigeria's corporate scene. He is well-known in the African financial community. His story is one of tenacity, inventiveness, and dedication to influencing the economic future of Africa.
Legit.ng earlier reported how bank CEOs like Ovia, Herbert Wigwe, and Tony Elumelu used innovation and technology adoption, market expansion, and improved client experiences to generate growth in the banking industry.
Source: UGC
The report shows that Jim Ovia owns 5.077,104,311 ordinary shares or 16.17% of Zenith Bank, making him the richest banker in Nigeria.
The chairman of Zenith Bank had acquired additional shares in the bank, further cementing his position as the bank's biggest shareholder.
With a remarkable N13.4 trillion ($17.7 billion) in assets, Zenith Bank has over 500 branches, a hardworking staff of over 10,000 people, and an astounding 9 million happy customers.
Ovia is a multifaceted businessman who, in addition to banking, has assets in telecommunications, real estate, oil and gas, power generation, and media. With a net worth of $550 million as of 2015, he was one of Africa's wealthiest people.
Through MUSTE, his foundation, the billionaire offers scholarships to deserving students.
Jim Ovia is connected to a number of businesses and holdings. Billionaires.Africa has recognised and compiled these seven businesses where he has direct or indirect ownership:
Zenith Bank Plc
Zenith Bank, which holds a licence from the Central Bank of Nigeria, is a dominant force in finance in both Nigeria and English-speaking West Africa.
Under the eminently imaginative direction of Jim Ovia, this organization—known as Nigeria's most profitable bank—was founded in 1990.
Ovia is now firmly entrenched as a leading power in Nigeria's financial sector thanks to this strategic move and Zenith Bank's skyrocketing market value.
Visafone Communications
When Visafone was first established in 2007, Nigerian businessman Jim Ovia focused on CDMA technology, which has subsequently been replaced by GSM-based mobile technologies.
A historic deal saw MTN purchase Visafone for about N47.5 billion ($238,498,957), seamlessly transferring about 568,000 Visafone users to its GSM platform.
This acquisition not only strengthened Visafone's position as the top CDMA provider in Nigeria but also promoted the development of the nation's telecoms industry.
Quantum Luxury Properties
Quantum Luxury Properties, a real estate investment firm with concentration on exclusive real estate investments in West Africa, is managed by Jim Ovia.
The company has the Civic Centre Towers in its portfolio as evidence of its dedication to influencing the local real estate market.
Quantum Markets
Quantum Asset Management was founded in 2004 and provides specialised portfolio management services to both private clients and institutional investors looking for professional asset management.
Their array of asset management products includes both discretionary and non-discretionary investment options, and each is supported by knowledgeable professionals with a track record of locating profitable investments across asset classes to maximise returns.
The Civic Center Towers
In 2012, Jim Ovia and Marriott Hotels formed a creative alliance that forever altered Lagos' skyline. The Civic Centre Towers, a 15-story, five-star hotel on Ozumba Mbadiwe, is presently proudly owned by Ovia.
It has 150 rooms. Ovia's major contributions to the Nigerian hospitality sector are further highlighted by the fact that this multimillion dollar building is situated in the same upscale area as Otudeko's Radisson Blue Hotel.
Cyberspace Network
Jim Ovia established Cyberspace in 1995. It is a fully Nigerian-owned business that quickly started up as an Internet Service Provider (ISP), originally providing dial-up services via phone lines. Cyberspace has played a crucial role in improving Nigeria's connection landscape ever since it began.
Youth Empowerment/OVT Foundation
By encouraging and motivating young people in Nigeria to embrace information and communication technology (ICT), Jim Ovia's Youth Empowerment / ICT Foundation is committed to improving the socioeconomic well-being of the country's youth.
Through this foundation, Ovia continues to have an impact on the rising talent in Nigeria.
“No more charges": FG moves to end 0.5% deductions on Access, Zenith, GTB, UBA, others bank accounts
The Federal Government is working towards ensuring that the Asset Management Corporation of Nigeria (AMCON) winds down as soon as possible, Legit.ng earlier reported.
This was disclosed by Wale Edun, finance minister and Coordinating Minister of the Economy over the weekend while speaking with journalists BusinessDay reports.
The finance minister said the initiative is aimed at bringing relief to financial institutions such as Access Bank, Zenith Bank, Guaranty Trust Bank (GTB), United Bank for Africa (UBA), and several others.
Source: Legit.ng
