Prime Business AfricaJim Ovia, the chairman of Zenith Bank, has reduced his shareholdings in the financial institution by selling 1.45 million indirect shares held through Quantum Zenith Securities Ltd.
The shares, worth N67.24 million, were sold in tranches, with the first being 250,000 shares, valued at N12.72 million, traded on June 10, then six days later, Ovia exchanged 700,000 shares, worth N32.27 million.
Join our WhatsApp ChannelPrime Business Africa gathered that the businessman also sold 500,000 shares, valued at N22.25 million, on June 17.
Prior to selling the shares, Ovia held 1,529,851,344 indirect shares, valued at N77.63 billion, as of June 9 — when Zenith Bank’s shares traded at N50.75 kobo — and 3,552,949,395 direct shares, worth N180.31 billion.
According to Prime Business Africa’s analysis, Ovia’s total investment in Zenith Bank was N257.95 billion as of June 9, representing a total shareholding of 5,082,800,739 or 12.375 percent.
However, after the transaction, Ovia’s indirect shares dropped to 1,528,401,344, valued at N76.34 billion on June 19, while his direct shares are valued at N177.46 billion.
This brings the businessman’s current total investment to N257.95 billion, representing 5,081,350,739 shares or 12.372 percent.
Meanwhile, Adaora Umeoji, the group managing director (GMD) and chief executive officer (CEO) of Zenith Bank, spent N3.29 billion to purchase N68.75 million shares of the financial institution on June 18.
Umeoji made the transactions in two tranches, with the purchase of 10 million shares being the first, and 58.75 million shares being the second transaction.
She has been acquiring shares directly since she was appointed GMD and CEO on June 1, 2024.
Last year, Umeoji acquired 192,856 shares to increase her direct shareholding to 90,192,856 shares, worth N4.10 billion as of June 17, 2025, the same period she held 1,710,123 indirect shares, valued at N77.81 million.
The recent acquisition increases her direct shareholding to 158,946,933 direct shares, which is worth N7.93 billion as of June 19, while her indirect shareholding of 1.71 million was
Valued at N85.42 million.
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