Jim Ovia, Nigeria’s richest banker and the founder and chairman of Zenith Bank, has seen the market value of his stake in the bank drop by nearly $15 million in the last 32 days. This marks a sharp reversal from the $11.63 million gain he recorded between January 17 and 30, 2025, when renewed investor confidence boosted Zenith Bank’s share price.
Ovia holds a 16.2% stake in Zenith Bank, amounting to 5,082,800,739 shares. As of February 7, 2025, his holdings were valued at ₦264.31 billion ($172.66 million). However, by March 11, 2025, the value had dropped to ₦241.43 billion ($157.72 million), reflecting a ₦22.87 billion ($14.94 million) loss.
The decline follows a broader trend in the Nigerian stock market, as investors adjust their positions amid shifting economic conditions.
Zenith Bank’s Stock Slump and Market Volatility
Zenith Bank, one of Nigeria’s largest financial institutions, has not been immune to the market’s fluctuations. In just over a month, the bank’s stock has declined by 8.65%, with share prices dropping from ₦52 ($0.034) on February 7 to ₦47.5 ($0.031) as of March 11.
This dip has pushed Zenith Bank’s market capitalization below the $1-billion mark, a significant shift for the institution, which has historically been a strong player in Nigeria’s financial sector.
Despite the setback, Zenith Bank continues to report robust profits and maintain a solid reputation for stability, making it a long-term favorite among investors.
Jim Ovia’s Long-Term Bet on Zenith Bank
As the wealthiest banker in Nigeria, Jim Ovia has built a multibillion-dollar fortune through his banking empire. He founded Zenith Bank in 1990, growing it into one of Africa’s leading financial institutions with a strong presence in Nigeria and West Africa.
Even with the recent decline, Ovia’s Zenith Bank stake remains highly valuable, and his long-term bet on the bank continues to yield results.
Year-to-date, Zenith Bank’s stock remains up 4.4%, meaning investors who placed $100,000 at the start of 2025 would now have $104,400, reflecting a $4,400 gain. While short-term volatility has impacted Ovia’s wealth, the bank’s long-term trajectory remains promising.
The Future of Zenith Bank and Investor Confidence
While market fluctuations have led to temporary declines in Zenith Bank’s share price, the institution remains one of Nigeria’s most profitable banks. The bank’s strong fundamentals, consistent dividends, and leading market position continue to attract high-net-worth investors and institutional players.
For Jim Ovia, whose wealth remains closely tied to Zenith Bank, this downturn is likely a temporary setback in what has been a decades-long success story. If the bank maintains its growth trajectory, Ovia’s holdings could rebound significantly in the months ahead.
With a solid balance sheet and a history of strong returns, Zenith Bank remains a key player in Nigeria’s banking sector, and Ovia’s long-term bet continues to shape the country’s financial landscape.
