The Chairman of Zenith Bank, Jim Ovia, has seen a substantial increase in his wealth, amounting to N10.42 billion over the span of eight days. This surge occurred as investors responded positively to Zenith Bank’s plans to expand into France and the Central Bank of Nigeria’s (CBN) proposed bank recapitalization.
Zenith Bank, known as Nigeria’s most capitalized bank, experienced a notable surge in its shares by 6.14%, resulting in significant returns for its shareholders. The bank’s share price rose from N33.15 on November 20 to N35.20 by November 28, 2023.
As the largest shareholder in Zenith Bank with a 16.2% stake comprising 5,072,104,311 ordinary shares, Jim Ovia is regarded as Nigeria’s wealthiest banker. The market value of Ovia’s shares increased by N10.42 billion within the last eight days, solidifying his position as one of Nigeria’s most influential business figures.
This recent surge in Ovia’s wealth echoes a previous occurrence in June 2023, where he witnessed a considerable increase in wealth amounting to N14.2 billion within eight trading hours following the removal of Godwin Emefiele as the CBN governor. Zenith Bank shares surged by 10% during regular trading hours, leading to Ovia’s significant financial gain.
The decision of Zenith Bank to venture into international operations outside Africa aligns with the strategies of other financial institutions aiming for global expansion.