KEY POINTS
- Zenith Bank rally has lifted Jim Ovia’s stake value.
- Shares are gaining as investors seek reliable dividends.
- Strong earnings supported renewed confidence in the lender.
Nigerian banker Jim Ovia has added about $18.5 million to his personal wealth since the start of 2026, as shares of Zenith Bank Plc extend a rally that has drawn investors back to large, dividend-paying lenders on the Nigerian Exchange.
The gains reflect renewed confidence in banks with strong earnings visibility at a time when Nigeria’s economy is still adjusting to currency reforms, elevated inflation and tighter financial conditions. Zenith Bank, long viewed as one of the sector’s most conservatively run institutions, has been among the beneficiaries.
Ovia owns 5.08 billion shares in the Lagos-based lender, equivalent to a 16.2 percent stake. Since Jan. 1, the market value of that holding has increased by about N26.43 billion, underscoring the impact of even modest share-price moves on large, long-held positions.
Zenith Bank rally boosts Jim Ovia stake
Zenith Bank shares have gained about 8.4 percent so far this year, rising from N61.8 at the start of January to around N67. The advance has lifted the bank’s market capitalization above $1.9 billion, keeping it among Nigeria’s most valuable listed companies as banking stocks lead broader market gains.
For Ovia, the rally has pushed the value of his stake from roughly N314.1 billion to about N340.6 billion. The increase adds to a longer-term trend in which Zenith Bank has rewarded shareholders with a combination of capital appreciation and regular dividends, reinforcing its appeal to investors seeking predictable returns.
Billionaires Africa reportMarket participants say the renewed interest in stocks such as Zenith reflects a rotation toward companies with strong balance sheets and proven cash generation, as uncertainty persists around growth-sensitive sectors.
Zenith Bank rally reflects conservative strategy
Founded in 1990 after Ovia secured a banking license from Nigeria’s central bank, Zenith grew from a small entrant into a lender with operations spanning Nigeria, parts of West Africa and the UK. According Billionaires Africa, its expansion has been underpinned by a conservative lending culture, robust capital buffers and tight cost controls.
Those attributes were evident in the bank’s nine-month results for the period ended Sept. 30, 2025. Gross earnings rose 16.3 percent to N3.37 trillion, while net interest income jumped 50.4 percent to N1.93 trillion, helped by higher yields and disciplined balance sheet management.
Analysts further say the performance has reinforced Zenith Bank’s standing as a defensive play within Nigeria’s volatile financial sector. As investors reassess risk in the local market, the Zenith Bank rally has highlighted how established lenders continue to attract capital despite a challenging macroeconomic backdrop.
