Prime Business Africa
The chairman and non-executive director of the Zenith Bank, Jim Ovia, has increased his shareholding in the financial institution to tighten his control over the lender.
According to Prime Business Africa’s analysis of Zenith Bank’s shareholding status in the firm’s 2025 financial statement, Ovia’s direct and indirect shareholding increased by 718.43 million shares.
Join our WhatsApp ChannelOn December 31, 2024, Ovia held a total shareholding of 5.08 billion as of December 31, 2024, valued at N231.26 billion, which is split into direct shares of 3.55 billion, worth N161.65 billion, and indirect shares of 1.52 billion, valued at N69.60 billion
However, his shareholding increased to 4.14 billion direct shares as of December 31, 2025, valued at N426.94 billion as of April 2, 2026, and indirect shares rose to 1.65 billion at the end of last year, worth N170.58 billion as of April 2.
This means while Ovia’s shareholding increased by 718.43 million between January and December 2025, the value of his shares has increased by N366.26 billion between the end of 2024 and April 2, 2026.
Consequently, Ovia now holds a total of 5.80 billion shares, valued at N597.52 billion as of April 2, and representing 14.12 percent majority stake, from the 12.37 percent stake held at the end of 2024.
Also, the group managing director (GMD) of Zenith Bank, Adaora Umeoji, increased her shareholding in the company by 195.18 million shares in 2025, while the value of her investment has soared by N25.38 billion between December 31, 2024, and April 2, 2026.
A breakdown of Umeoji’s shareholding movement showed that at the end of 2024, she held 91.90 million shares — worth N4.18 billion — which consist of 90.19 million direct shares, valued at N4.10 billion, and 1.71 billion indirect shares, worth N77.81 million.
However, Umeoji’s total shareholding grew to 287.09 million shares in 2025, valued at N29.57 billion as of April 2, with direct shareholding accounting for 285.09 million shares, worth N29.36 billion, while indirect shareholding accounts for 1.99 million shares, valued at N205.49 million.
As a result, her stake in Zenith Bank increased to 0.69 percent at the end of 2025, 0.22 percent stake at the end of 2024.
The increase in the value of their investments is also driven by a 126.37 percent appreciation in Zenith Bank’s share price, which increased from N45.50 kobo per share on December 31, 2024, to N103 on April 2, 2026.
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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.
