Zenith Bank Stake Held By Nigeria's Richest Bank Founder Jim Ovia Nears 250 Million

Renewed investor confidence drives up Zenith Bank shares, boosting Ovias holding by 59.6 million since July 1.

Zenith Bank delivers standout returns in 2024, outperforming peers as investors favor stability, governance, and consistent dividends.

Global and local investors are returning to Nigerian financial stocks, fueling rallies across the sector and rewarding long-term holders.

Marked by renewed investor confidence on the Nigerian Exchange NGX, Jim Ovia, the founder and longtime chairman of Zenith Bank, is watching the value of his stake edge closer to 250 million. As sentiment warms across Nigerias financial sector, Ovias steady faith in Zenith is once again paying off, reinforcing both his deep roots in the bank.

Ovia started Zenith Bank in 1990 after securing a license from the Central Bank of Nigeria. What began as an ambitious leap has grown into one of the continents leading financial institutions. More than three decades later, the bank remains one of the top names in Nigerian banking.

Today, Ovia owns a 16.2-percent stakeover 5 billion sharesand that holding has seen a sharp rise in value over the past few weeks. Since July 1, his stake has increased by N91 billion 59.6 million, bringing its total value to roughly N381.21 billion 249.1 million as of July 17.

Zeniths share price has surged from N56.05 0.0366 to N74 0.0484 during that same stretch, a gain of over 32 percent. That rally has lifted the banks market capitalization to just under 2 billion and made it one of the standout performers on the NGX this month. Behind the numbers, though, is something deeper: investors are backing a bank they trust to weather local and global shocksone that has consistently delivered.

For Ovia, these gains arent just financial milestones. Theyre a reflection of his ongoing role in shaping Nigerian banking. Between June 17 and June 27 alone, the value of his holdings jumped from N234.06 billion 151.42 million to N294.04 billion 190.22 million. Even before this latest leg up, the market had been steadily reaffirming his decision to hold firm.