Jim Ovia earning ₦9.57bn dividend in one year

Following the recent release of Zenith bank’s full-year result, the board of directors of the bank proposed a final dividend of ₦2.70, amounting to a total payout of N3.00 per share for the financial year 2020 (interim: N0.30), TopNaija reports.

The dividend is, however, subject to a 10 per cent withholding tax in Nigeria.

Jim Ovia is the single majority shareholder in the tier-1 bank, with a 3.45 billion units of shares held directly and 1.52 billion shares held indirectly, as at December 31, 2020. This gives him an 11.29 percent direct interest in the bank.

Highlights of the bank’s result show that it printed a 5 percent jump in gross earnings in the financial year ended December 31, 2020, to end the period at N696.5 billion from N662.3 billion reported in the previous year.

From a single branch in a residential building, the group now has 436 branches, 177 cash centers; 2,042 ATM terminals; 83,766 POS terminals and 9,905,449 cards issued to its customers as at December 31, 2020.

The bank became a Public Limited Company in 2001 and was listed on the Nigeria Stock Exchange (NSE), and later on the London Stock Exchange (LSE).

The bank recently emerged as the “Most Valuable Banking Brand in Nigeria”, for the fourth consecutive year, in the Banker Magazine “Top 500 Banking Brands 2021.”

Shares of Zenith Bank traded at N25.90 on Thursday, on the floor of the Nigerian Stock Exchange, and has gained 4.4 percent this year.

In 1990, Jim Ovia founded Zenith Bank, Nigeria’s tier-1 bank and one of the most profitable financial institutions in the country in 1990. He remained its Chief Executive Officer until 2010, when he moved into the chairman role.

Widely described as the ‘Godfather of banking in Nigeria’ by Forbes Africa, Jim Ovia is quite popular for his business dexterity and leadership skills, especially in the banking sector.