Nigeria’s richest banker Jim Ovia to pocket $42 million from Zenith

Jim Ovia, Nigeria’s richest banker and a key figure in Nigeria’s banking evolution, is set to receive a $42 million payout from his stake in Zenith Bank, Nigeria’s most profitable lender.

This payout is part of the group’s recommended total dividend of N411 billion ($297.7 million) for fiscal year 2025, reflecting the lender’s sustained profitability, strong capital base, and commitment to delivering consistent returns to shareholders.

The dividend recommendation underscores Zenith Bank’s ability to balance growth and shareholder reward, even amid rising operating costs and macroeconomic pressures, while reinforcing investor confidence in the bank’s long-term financial resilience.

The dividend, to be paid on Wednesday, May 5, 2026, is a testament to Zenith Bank’s impressive financial results. The board of directors recommended a dividend of N10 per share ($0.00725) for the 2025 fiscal year, comprising N1.25 interim dividend and N8.75 final dividend, which will be subject to withholding tax at the rate of 10% in compliance with extant tax laws.

Ovia’s leadership drives Zenith Bank’s resilient $754 million profit in 2025
With Ovia at the helm of Zenith Bank as chairman of the board of directors, the Lagos-based bank continues to achieve remarkable financial milestones. The Lagos-based lender posted a net profit of N1.04 trillion ($753.7 million) in 2025, slightly up from N1.03 trillion ($748.2 million) the previous year, reinforcing its position as one of Africa’s most profitable banks.

The bank’s steady bottom-line expansion was supported by strong interest income, which underpinned a 6% rise in gross earnings to N4.19 trillion ($3.04 billion). Net interest income surged on higher yields, while fees and commissions strengthened, highlighting Zenith’s diversified revenue base and continued growth across retail, digital, and corporate banking operations.

Ovia’s Zenith Bank stake delivers $298 million payday
Zenith Bank’s strong financial performance prompted its board to propose a dividend of N10 per share ($0.00725), up 10% from the dividend of N5 ($0.00362) per share paid to shareholders in the previous year.

Ovia, who holds a 14.13% stake in Zenith Bank, equivalent to 5.8 billion shares, stands to receive N58,012,383,320 ($42,011,065.83), solidifying his position as Nigeria’s richest banker and a prominent dividend earner in the Nigerian financial services industry.