Jim Ovia reflects on a $5m decision that became $3.3b

When Nigerian banker Jim Ovia looks back at the early days of Zenith Bank, the figures still give him pause. In 1990, he put together N20 million—$5 million at the then exchange rate of N4 to the dollar—to start a bank in a market already crowded with established lenders.

Nearly three decades later, that decision sits behind Nigeria’s most profitable bank, with shareholders’ funds of more than $3.3 billion as of September 2025 and a market cap of about $1.9 billion. Today, Zenith Bank is Nigeria’s tenth most valuable publicly listed business.

A patient path to billions

Ovia, now 74, has often described the story not as a rush to scale but as one built on quiet, patient capital. In a recent video reflecting on Zenith Bank’s beginnings, he returned to the numbers that frame the journey. “I started Zenith Bank with N20m in 1990. That is about $5m at the same rate of N4 to the dollar,” he said.

At the time, Nigeria’s banking system was smaller, regulation was evolving, and access to capital was limited. Two decades later, he noted, the bank’s shareholders’ funds had risen to roughly $4 billion, a level he described as a remarkable return on investment. “From $5 million to $4 billion. You can do the math. It will give you some thousands percentage return,” he said.

Zenith Bank’s current balance sheet tells the same story in more precise terms. As of Sept. 30, 2025, the bank reported shareholders’ equity of N4.73 trillion, or about $3.31 billion, total assets of N31.17 trillion ($21.9 billion), and retained earnings of N2.56 trillion ($1.8 billion). On the Nigerian Exchange, it stands as Nigeria’s most profitable lender and the second-largest financial services group by market value, with a cap of N2.75 trillion ($1.92 billion) at the time of writing.

Scale, patience, Nigerian opportunity and the Jim Ovia story 

For the Nigerian banker and leading businessman, the lesson lies less in boldness and more in perseverance. He has urged young Nigerians to remain focused and determined, especially when progress feels slow. “They should remain focused. They should remain determined,” he said, adding that returns of this scale are uncommon in mature markets.

“These kinds of numbers, these kinds of returns, you don’t get it even in God’s own country, America. You don’t get it in Europe. You don’t get it in Russia. You can get them in Nigeria.” He cautioned that adversity is a natural part of the business world. “You will always experience adversity and challenges in any business initiative, whether it’s in Europe or it’s in America,” he said, noting that many entrepreneurs walk away at that point.

Ovia’s business empire extends well beyond Zenith Bank. Ranked among Nigeria’s richest business figures, Forbes in 2013 pegged his net worth at $900 million. He is also behind the Civic Center Towers and played a key role in the growth of Visafone Communications, the mobile operator that had 3 million subscribers when it was acquired by MTN Nigeria in 2016. Still, Zenith Bank remains the clearest expression of his approach to building value over time.

After securing a license from Nigeria’s central bank in 1990, Jim Ovia led Zenith Bank into a sector dominated by established lenders. Over the years, conservative lending, strong capital buffers and tight cost controls helped it manage currency swings, shifting regulation and economic downturns. The bank expanded beyond Nigeria into West Africa and the U.K., and in 2024 it opened a branch in Paris, targeting Francophone Africa and parts of Europe.

The numbers from recent years underline how that steady approach has compounded. In 2024, Zenith Bank posted a record profit of N1.032 trillion ($670.7 million), a 52.5 percent increase from the N676.9 billion ($440 million) reported in 2023. In the nine months of its 2025 financial year, profit reached N764.2 billion ($536.1 million).

Zenith Bank’s capital raise fuels pan-African push

Jim Ovia, who holds a 16.2 percent stake and serves as chairman, has remained central to strategy as the Zenith Bank pushes outward. That push has been backed by capital. A N350.4 billion ($229.74 million) raise through a rights issue and public offer lifted Zenith Bank’s share capital to N614.65 billion ($402.69 million), clearing the N500 billion ($327.36 million) threshold set by the Central Bank of Nigeria for lenders seeking international expansion.

With that in place, the bank has unveiled plans to begin operations in Côte d’Ivoire and Cameroon. The Abidjan branch offers exposure to an economy that has averaged 6.7 percent annual growth over the past five years and provides a gateway to the CEMAC bloc, broadening Zenith Bank’s footprint across West and Central Africa.

Zenith Bank is also looking east. The bank has filed for regulatory approval to acquire Kenya’s Paramount Bank, a proposed deal that would mark its first major step into the Kenyan market and extend its reach into East Africa. The aim, according to the bank, is to serve the full spectrum of customers while diversifying regional earnings.

Taken together, the arc from a $5 million start to more than $3.3 billion in shareholders’ funds is, for Ovia, less about speed than about restraint. It reflects choices made early, the discipline to back teams and leadership, and the willingness to let value build year after year without rushing. In his telling, the numbers matter—but so does the patience behind them.