Jim Ovia gains $84m in one year as Zenith Bank shares soar

Nigerian banker, Mr. Jim Ovia has made at least $84.5 million in paper gains over the last one year as shares of Zenith Bank, a Nigerian-Stock Exchange-listed commercial bank in which he holds a minority stake, surged 59.32 per cent. According to Fobes report monitored by Business247News.
Jim Ovia is the founder of Zenith Bank, one of the largest commercial banks in Nigeria. He is the chairman and largest individual shareholder owning slightly more than 9% of the company.
Stockbrokers do business on the trading floor of the Nigerian Stock Exchange, on October 8, 2008 in Lagos. Global financial turmoil has battered markets around the world, posing risks to foreign investment and trade that could threaten Africa’s recent economic gains, according to experts. Losses highlighted steady declines all year in major African markets with oil-exporter Nigeria off 31 percent from its March high.
This time last year, Zenith Bank’s stock was trading at around N13.1 ($0.04) per share, but at the close of trading on Wednesday the stock was trading at N23.5 ($0.06).
Ovia currently owns 2,946,199,395 shares in Zenith Bank. His stake is currently valued at N69.2 billion ($189 million), compared to N38.5 billion ($105 million) last year.
Ovia, 63, founded Zenith Bank in May 1990 and grew it into one of the largest commercial banks in Africa with a market capitalization of more than $4.2 billion. He served as CEO of the bank from its inception till 2010 when he stepped down to comply with a Central Bank directive limiting the tenure of bank chiefs to a maximum of 10 years.