Jim Ovia gains $37.2 million as Zenith Bank shares surge

Jim Ovia, Nigeria’s richest banker and one of the country’s most influential financial leaders, has recorded a fresh boost in the value of his shareholding in Zenith Bank. A steady rise in the bank’s stock on the Nigerian Exchange (NGX) has added $37.2 million to the worth of his stake, underscoring renewed investor confidence in one of Nigeria’s most closely watched lenders.

Ovia holds a 16.2-percent stake in the bank—more than 5 billion shares—and the value of that position has climbed sharply in recent days. Since Oct. 31, his stake has increased by N53.62 billion ($37.2 million), bringing its total value to N328.09 billion ($227.6 million) as of Nov. 14.

Earlier gains build into a strong year 

This follows earlier gains recorded between Sept. 19 and Oct. 16, when Ovia’s holdings appreciated from N325.3 billion ($210.48 million) to N346.14 billion ($224.73 million), thus extending a strong performance during a year marked by currency pressures, shifting monetary policy and uneven activity across financial markets.

Ovia’s connection to Zenith Bank stretches back more than three decades. He founded the institution in 1990 after receiving a license from the Central Bank of Nigeria, taking a calculated step into a sector that was then far less stable. What began as a bold entrepreneurial decision has grown into one of Africa’s most respected financial institutions.

Stock performance lifts shareholder returns

In the past 13 days, Zenith Bank’s shares have gained 19.54 percent, rising from N54 ($0.0375) on Oct. 31 to N64.55 ($0.0448). That jump has lifted the bank’s market value to nearly $1.8 billion and strengthened returns for shareholders, including Ovia.

The stock is now up 41.87 percent year-to-date, outperforming most benchmarks in West Africa and offering rare upside in a market still navigating inflation and policy uncertainty. Put simply, a $100,000 investment at the start of the year would today be worth more than $141,870—a reflection of the bank’s resilience and investors’ steady appetite for dependable financial stocks.