- The Chairman of Zenith Bank, Jim Ovia, has seen his wealth surge to N10.4 billion in the last eight days
- The development comes as investors rushed the shares of the bank over the news of its planned French expansion
- Ovia is Nigeria’s wealthiest banker, thanks to his 16.2% shares in Zenith Bank
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Jim Ovia, Nigeria’s banking tycoon and a key person in the country’s banking ecosystem, has seen a massive surge in the market value of his shares in Zenith Bank, Nigeria’s most capitalized bank.
Ovia’s shares in the bank rose by N10.42 billion in the past eight days as investors responded to Zenith Bank’s planned expansion to France and the planned recapitalization of banks by the Central Bank of Nigeria (CBN).
Zenith Bank emerges as one of the most capitalized banks in Nigeria
The Banks’ shares surged 6.14%, with an impressive return on investments for shareholders.
Zenith Bank is ranked Nigeria’s most profitable and prominent financial services provider.
The bank witnessed a surge in the price of its shares on the Nigerian Stock Exchange, rising from N33.15 on November 20 to N35,20 as of November 28, 2023.
Ovia is Zenith Bank's largest shareholder
Ovia founded Zenith Bank in 1990 and holds a 16.2% stake, comprising 5,072,104,311 ordinary shares, making him Nigeria’s wealthiest banker.
Billionaire Africa reports that the market value of Ovia’s shares has surged by N10.42 billion in the last eight days.
The impressive run of N10.42 billion solidifies Ovia’s position as Nigeria’s most prosperous banker and backs his reputation as one of Nigeria’s most influential businesspeople.
The bank’s decision to operate outside the shores of Africa aligns with other lenders pursuing expansion strategies beyond the continent.
Jim Ovia founder of Zenith Bank pockets over N14 billion in 8 hours as Tinubu suspends Emefiele
Legit.ng earlier reported that Ovia saw his wealth skyrocket as Nigeria's stock market soared to its highest level since July 2008 on Tuesday, June 13, 2023, the first trading day following the ouster of Godwin Emefiele as CBN governor.
During regular market hours, from 9:30 am to 2:30pm, Ovia made a whopping N14.2 billion as stock traders rushed bank shares.
Zenith Bank, where Ovia holds a 16.17% stake or 5,077,104,311 shares, rose by an impressive 10% and is now just N4 away from hitting its all-time high share price.