Jim Ovia's stake in Zenith Bank rose by 4.62 million in 12 days, driven by renewed investor confidence and stock price gains.
Ovias 16.2 stake now stands at 154.05 million, reinforcing Zeniths reputation as Nigerias top-performing financial stock.
Zenith Bank shares have gained 6.37 year-to-date, outperforming peers and lifting the banks market cap above 1 billion.
Jim Ovia, Nigerias richest banker and founder of Zenith Bank Plc, has seen the market value of his stake in the leading Lagos-based lender jump by 4.62 million, as renewed investor optimism lifts the banks stock price on the Nigerian Exchange NGX.
Ovia, the founder and chairman of Zenith Bank, holds a controlling stake of 16.2 percent, equivalent to 5,082,800,739 shares in the lender. This stake has increased by N7.37 billion 4.62 million over the past 12 days, reflecting growing investor confidence.
This recent surge builds on a prior 12 million increase between Apr. 16 and 30 , when the value of Ovias stake climbed from N223.64 billion 139.59 million to N242.7 billion 151.48 million, reflecting growing optimism surrounding Zenith Banks outlook.
Zenith Banks market cap crosses 1 billionZenith Bank , licensed by the Central Bank of Nigeria, is the countrys most profitable bank and one of the leading financial services providers in West Africa. It is also among the largest financial groups listed on the Nigerian Exchange.
In the latest trading period, Zenith Banks share price climbed by 3.09 percent, rising from N46.95 0.0294 on May 5 to N48.40 0.0303. This increase pushed the banks market value past the 1 billion mark, showing continued confidence from investors.