Jim Ovia, Nigeria’s richest banker and Zenith Bank’s founder, on Tuesday saw his wealth skyrocket as Nigeria’s stock market soared to its highest level since July 2008.
In an effort to consolidate his already substantial holdings in Nigeria’s leading financial services group, Zenith Bank Plc, Jim Ovia, had acquired an additional 5 million shares.
The transaction, executed in 10 separate deals on the floor of the Nigerian Exchange, further solidifies Ovia’s position as a major player in the banking industry.
According to a recent insider notification of share dealing published on Thurs., June 1, after the close of the Nigerian Exchange, Ovia splashed a total N146.6 million ($320,000) to purchase the 5 million shares.
This strategic move raises Ovia’s stake in Zenith Bank from 16.16 to 16.17 percent, equating to a total of 5,077,104,311 shares.
However, Jim Ovia gets his biggest gains in stock market’s response at the first trading day following the ouster of the Central Bank of Nigeria Governor Godwin Emefiele his god’son.
According to the report, during regular market hours, from 9:30 am to 2:30 pm, Ovia made a whopping N14.2 billion as stock traders rushed bank shares.
Zenith Bank, where Ovia holds a 16.17% stake or 5,077,104,311 shares, rose by an impressive 10% and is now just N4 away from hitting its all-time high share price.
How Jim Ovia made his money According to data tracked by Legit.ng, Zenith Bank’s share value climbed from N28 per share at the beginning of June 13 to N30.8 per share at the close of the market.
As a result, the market value of Jim Ovia’s stake in Zenith Bank surged from N142.16 billion to N156.4 billion by the end of trading hours on the same day.
The rise in Zenith Bank’s share price also propelled its market capitalisation beyond N880 billion, solidifying its position as Nigeria’s seventh most valuable company.