Jim Ovia gains $18.5m as Zenith Bank shares rise

Nigerian banker Jim Ovia has gained $18.5 million from his stake in Zenith Bank since the start of 2026 as shares in the Lagos-based lender continue to climb on the Nigerian Exchange (NGX). The gain comes as investors return to large, dividend-paying lenders, seeking predictable earnings in an economy still adjusting to currency reforms and inflation pressures.

Jim Ovia’s stake rises as Zenith shares climb

Ovia owns 5.08 billion shares in Zenith Bank, representing a 16.2 percent stake in the lender he founded more than three decades ago. Since Jan. 1, the market value of that holding has increased by N26.43 billion ($18.55 million), reflecting a steady rise in the bank’s share price and renewed confidence in its financial position as investors hunt down dividend-paying stocks.

Zenith shares have gained 8.4 percent so far this year, rising from N61.8 ($0.0434) on Jan. 1 to N67 ($0.047). That increase has pushed the bank’s market cap above $1.9 billion, keeping it among Nigeria’s most valuable companies at a time when banking stocks are leading gains.

The recent share-price increase has lifted Ovia’s stake from N314.12 billion ($220.01 million) to N340.55 billion ($238.5 million). For long-term shareholders, the move reinforces Zenith Bank’s reputation as a reliable performer in a sector often marked by sharp cycles.

Conservative strategy drives Zenith Bank resilience

Ovia founded Zenith Bank in 1990 after obtaining a license from Nigeria’s central bank, entering a sector dominated by established lenders. The bank grew from a small startup into a lender operating across Nigeria, West Africa and the UK. Conservative lending, strong capital buffers and tight cost controls helped it navigate currency swings, regulation and economic downturns.

The latest rally in Zenith Bank shares follows the release of its nine-month results for the period ended Sept. 30, 2025. The bank reported gross earnings of N3.37 trillion ($2.36 billion), up 16.3 percent from N2.9 trillion ($2.03 billion) a year earlier. Net interest income rose 50.4 percent to N1.93 trillion ($1.35 billion), supported by higher yields and tighter balance sheet management.