Business

How Jim Ovia made N15.21bn in 2020 despite COVID-19

Published

3 years ago

March 1, 2021

Jim Ovia, founder and Chairman of Zenith Bank Plc, is set to pocket N15.21 billion in dividends from profits made by Zenith Bank in 2020.

Zenith Bank PLC recently released its FY’2020 results. The bank’s gross earnings grew by 5.1 percent from N662.25 billion in 2019 to N696.45 billion in 2020, while Profit after Tax rose from N208.84 billion in 2019 to 230.56 billion in 2020.

As a result of its performance, Zenith Bank’s board last week approved dividend payout of N3.00 per share for the financial year 2020

Ovia, who directly owns roughly 11.29% (or 3.54 billion ordinary shares) in his name, is the largest individual shareholder of the bank, will pocket more than N15.21 billion in dividends out of the N94.20 billion total dividend payment (and interim payment).

He also indirectly owns 1.52 billion ordinary shares through a number of companies; Institutional investors Ltd, Lurot Burca Ltd, Jovis Nigeria Ltd, Veritas Registrars Ltd, Quantum Zenith Securities Ltd to put is total control of the banks shareholdings at 16.11 percent.

The bank’s total shareholdings is 31.40 billion ordinary shares.

69-year-old Jim Ovia, founded Zenith bank in 1990, before listing into the Nigeria stocks exchange in 2004.

Apart from his shareholding in Zenith Bank, Ovia is one of Nigeria’s largest property owners and also Visafone.

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