Prime Business AfricaTwo weeks after reducing his controlling stake in Zenith Bank, Jim Ovia, the chairman of the lender, has sold more shares held in the financial institution.
Ovia, who is Zenith Bank’s largest shareholder, sold 272,011 units of shares, valued at N15.48 million, in tranches on Monday, June 30, first selling 100,000 units of shares worth N5.69 million and 172,011 units valued at N9.79 million.
Join our WhatsApp ChannelThe sell-off, which was done through his investment vehicle, Quantum Zenith Securities and Investments Limited, slightly reduced his total investment in Zenith Bank to 5,081,078,728 shares, valued at N289.36 billion.
Prime Business Africa gathered that out of the total investment, Ovia holds 1,528,129,333 indirect shares, worth N87.02 billion, and 3,552,949,395 direct shares, valued at N202.34 billion at the end of trading on Monday.
A day before selling off the shares, Ovia held 1,528,401,344 indirect shares, worth N88.64 billion, and 3,552,949,395 direct shares, valued at N206.07 billion, bringing the total investment to 5,081,350,739 shares, worth N294.71 billion.
Ovia holds the indirect shares through Institutional investors Ltd, Lurot Burca Ltd, Jovis Nigeria Ltd, Veritas Registars Ltd, and Quantum Zenith Securities.
Prior to the recent sell-off, the businessman had sold 1.45 million indirect shares held through Quantum Zenith Securities Limited, valued at N67.24 million, between June 10 and 17.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
