Jim Ovia Founder of Zenith Bank Pockets Over N14 Billion in 8 Hours as Tinubu Suspends Emefiele

Jim Ovia Founder of Zenith Bank Pockets Over N14 Billion in 8 Hours as Tinubu Suspends Emefiele

  • Nigeria's richest banker, Jim Ovia, saw a significant increase of N14.2 billion in his fortune on the Nigerian Exchange in just one day
  • Zenith Bank, in which Ovia holds a considerable stake, experienced a 10% increase in share price, and the market capitalisation also rose
  • This happened as the market reacted positively to President Tinubu's suspension of Godwin Emefiele, pushing Nigerian stocks to a 15-year high

Zenith Bank's founder, Jim 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 the Central Bank of Nigeria Governor Godwin Emefiele.

During regular market hours, from 9:30 am to 2:30 pm, 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.

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Zenith bank share price
Zenith Bank share price movement Photo credit: NGX
Source: Facebook

How Jim Ovia made his money

According to data tracked by Legit.ng, Zenith Bank's share value climbed from N28 per share at the beginning of June 13 to N30.8 per share at the close of the market.

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As a result, the market value of Jim Ovia's stake in Zenith Bank surged from N142.16 billion to N156.4 billion by the end of trading hours on the same day.

The rise in Zenith Bank's share price also propelled its market capitalisation beyond N880 billion, solidifying its position as Nigeria's seventh most valuable company.

Top bank's shares performance on Tuesday

  • GTCO: N6.12bn (+10.00% to N30.80)
  • Zenith: N2.52bn (+10.00% to N30.80)
  • UBA: N2.24bn (+9.55% to N10.90)
  • Access: N984mn (+10.00% to N14.30)
  • Fidelity: N422mn (+5.55% to N6.09)
  • Union Bank: N356mn (+0.00% to N7.05)
  • FBNH: N345mn (+2.84% to N14.50)

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Access on top, Wema 11th: List of Nigeria's biggest banks by assets

Meanwhile, in another report, the biggest commercial banks in Nigeria have been ranked according to their assets.

Access Bank leads the table, while Wema Bank is in the 11th position with N1 trillion assets as of the end of 2022.

A solid asset base indicates that a business has resources it can use to generate revenue and profits.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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