Nigeria’s richest banker and former chairman of Zenith Bank Jim Ovia has seen the market value of his stake in the lender decline by about N146.77 billion ($106.13 million) over the past two months, as shares of the bank eased on the Nigerian Exchange.

The drop reflects a combination of factors, including a technical price adjustment after Zenith Bank’s ₦8.75 final dividend qualification date on April 24, 2026, and broader selling pressure across banking stocks as investors locked in gains.

Data tracked by Shore Africa show Ovia holds a 14.13% interest in the bank, keeping him as the largest individual shareholder and one of the most influential figures in Nigeria’s financial sector. His holding is made up of 4,145,107,627 direct shares and 1,656,130,705 indirect shares, totaling 5,801,238,332 shares.

Share price decline weighs on valuation

Zenith Bank’s share price has fallen 18.62% since April 24, sliding from N135.90 ($0.098) to N110.60 ($0.08). That decline has pulled the lender’s market capitalisation below the N5 trillion mark, now standing at about N4.66 trillion ($3.37 billion).

As a result, the value of Ovia’s stake has slipped from N788.39 billion ($570.07 million) in late April to about N641.61 billion ($463.95 million) currently.

The movement largely led to post-dividend adjustments and profit-taking in the banking sector, rather than a deterioration in the bank’s underlying performance.

Despite the weaker share price, Zenith Bank’s earnings profile has remained steady. In the first quarter of 2026, the bank posted a profit of N314 billion ($227.23 million), slightly higher than the N311.8 billion ($225.6 million) recorded a year earlier. The figures suggest stable operating performance even as inflationary pressures and currency volatility continue to shape the broader financial environment.

The bank’s balance sheet also expanded during the period. Total assets rose to N32 trillion ($23.17 billion) as of March 31, 2026, while shareholders’ equity increased to N5.16 trillion ($3.74 billion). Retained earnings climbed to N1.52 trillion ($1.1 billion), reflecting continued internal capital generation.

Leadership legacy and long-term growth

Ovia spent more than three decades building Zenith Bank into one of West Africa’s largest financial institutions, guiding its expansion from a small private bank into a group with operations across multiple African markets and global financial centres.

Founded in 1990, Zenith Bank now operates more than 500 branches in Nigeria, with subsidiaries in Ghana, Sierra Leone, The Gambia, and Côte d’Ivoire. It also maintains offices in major international hubs, including London, Paris, Dubai, and China, along with a recent expansion into Manchester.

At its founding, Ovia raised about N20 million, roughly $5 million at the time, to launch the bank in a sector already dominated by established players. Over the years, Zenith has grown into a lender with assets now exceeding N32 trillion ($23.17 billion), highlighting the scale of its expansion over three and a half decades.

Ovia stepped down as Group Chairman of Zenith Bank Plc on May 5, 2026, during the bank’s 35th Annual General Meeting, after completing the Central Bank of Nigeria’s 12-year tenure limit for bank chairmen.

While recent market movements have reduced the paper value of his holdings, Ovia remains Nigeria’s richest banker by shareholding. His tenure is widely associated with the bank’s expansion, stronger corporate governance practices, and its rise into a leading lender within Nigeria’s financial system.