Nigerian Banker Jim Ovia To Earn $20 Million Dividends by Forbes – Entrepreneurs

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Road traffic passes business advertisements for Zenith Bank Plc and MTN Group Ltd. sit on a busy highway in Accra, Ghana, on Monday, Sept. 19, 2016. Ghana’s central bank expects mergers and acquisitions among lenders to increase as regulators prepare new rules that will boost the amount of cash that they need to set aside. Photographer: Ty Wright/Bloomberg© 2016 Bloomberg Finance LP

Nigerian multi-millionaire banker Jim Ovia is set to pocket $20 million in dividends from profits made by Zenith Bank in 2018.

Zenith Bank PLC recently released its FY’18 results. The bank’s gross earnings dipped from $2.06 billion in 2017 to $1.75 billion in 2018, while Profit After Tax rose from $480.5 million in 2017 to $536 million in 2018.

As a result of its performance, Zenith Bank’s board has proposed a dividend payment of NGN 2.50 ($0.006) per ordinary share, which is to be approved by the shareholders during the Annual General Meeting next week. Ovia, who owns roughly 9.4% (or 2.94 billion ordinary shares) of the bank in his name, will pocket more than NGN 7.36 billion, just over $20.4 million, using the prevailing exchange rate of $1 = N360.

65-year-old Jim Ovia, who is one of Nigeria’s most prominent businessmen, is the founder of Zenith Bank, one of the largest and most profitable commercial banks in Nigeria. He is the chairman and largest individual shareholder. Apart from his shareholding in Zenith Bank, Ovia is one of Nigeria’s largest property owners. In 2015 he featured in FORBES’ ranking of Africa’s 50 Richest with a fortune that was estimated at $550 million at the time.

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March 8, 2019 at 08:15AM
Forbes – Entrepreneurs