Nigeria’s richest banker Jim Ovia’s Zenith Bank stake rebounds above $560 million

Nigeria’s richest banker and Zenith Bank founder Jim Ovia has seen the market value of his stake in the lender rebound above $560 million as the bank’s shares recover on the Nigerian Exchange. 

Ovia owns a 14.13% interest in Zenith Bank, making him the lender’s largest individual shareholder. His holding comprises 4,145,107,627 direct shares and 1,656,130,705 indirect shares, giving him a combined 5,801,238,332 shares.

The value of Ovia’s holding stood at N743.72 billion ($560.84 million) at the time of writing, according to data tracked by Shore Africa. The recovery follows a sharp decline earlier in the year, when the value of his stake fell by more than $100 million.

Zenith Bank shares recover 

Zenith Bank shares have risen 25.75% since July 2, climbing from N101.95 ($0.077) to N128.2 ($0.097). The gain has lifted the bank’s market capitalization to about N5.26 trillion ($4 billion). 

The rise has also significantly increased the value of Ovia’s stake. His holding climbed from N591.44 billion ($446 million) in early July to N743.72 billion ($560.84 million), adding about N152.28 billion ($114.84 million) to his wealth tied to the bank.

The recovery follows a broader rise in major Nigerian stocks, with Zenith Bank among the actively traded financial counters on the NGX.

Strong financial results support the bank 

Zenith Bank’s share recovery comes as the lender continues to report steady financial results. In the first quarter of 2026, profit rose slightly to N314 billion ($236.73 million), from N311.8 billion ($235.18 million) a year earlier. 

Net interest income increased to N634.1 billion ($477.84 million), compared with N591.2 billion ($445.5 million). Net fee and commission income also rose to N81.05 billion ($61.1 million), from N56 billion ($42.2 million), helped by higher transaction volumes and increased corporate activity. 

The bank’s balance sheet remained large, with total assets reaching N32 trillion ($24.12 billion) as of March 31, 2026, from N31.46 trillion ($23.71 billion at the end of December 2025. Shareholders’ equity rose to N5.16 trillion ($3.89 billion), while retained earnings reached N1.52 trillion ($1.14 billion).

Ovia’s long association with Zenith 

Ovia founded Zenith Bank in 1990 after raising about N20 million, equivalent to roughly $5 million at the time. Over more than three decades, the lender has grown into one of West Africa’s largest financial institutions. 

Zenith Bank now operates more than 500 branches in Nigeria, with subsidiaries in Ghana, Sierra Leone, The Gambia and Côte d’Ivoire. The group also has offices in international financial centers, including London, Paris, Dubai and China. 

In late June, the bank opened its Osubi branch in Warri, Delta state, expanding its domestic network as it continues to develop its Nigerian business.

The rebound in Zenith Bank shares has therefore restored a significant portion of the value lost from Ovia’s investment earlier this year, keeping him among Nigeria’s wealthiest individual investors on the Nigerian Exchange.