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Zenith Bank Declares Massive Revenue in 2022, Founder Jim Ovia Set To Become Over N14bn Richer
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Zenith Bank Declares Massive Revenue in 2022, Founder Jim Ovia Set To Become Over N14bn Richer

by  Dave Ibemere 2 min read
  • Zenith Bank declared an impressive revenue in 2021, significantly boosting the net worth of its founder and largest shareholder, Jim Ovia by over N14bn
  • Jim Ovia's stake in Zenith Bank has been a major source of his wealth, and the bank's performance has further cemented his position as one of Nigeria's richest
  • Zenith Bank is one of the most valuable banks in Nigeria with a huge customers base, deposit

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Zenith Bank has announced a 24 percent rise in gross earnings to N945.5 billion from N765.6 billion reported in the previous year.

According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange (NGX), Zenith bank also announced impressive performance in key metrics of its financials.

Zenith bank Jim Ovia
Jim Ovia is one of Nigeria's richest men thanks to Zenith Bank Photo credit: @zenith
Source: Getty Images

Jim Ovia to become N14.9bn richer

Jim Ovia, the founder and former CEO of Zenith Bank, is poised to receive N14.7 billion in dividends payment thanks to the impressive performance of the bank.

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Zenith Bank announced a final dividend of N2.9 per share on every 50 kobos ordinary share for all its shareholders.

With a direct shareholding of 3.5 billion (3,546,199,395) and an indirect shareholding of 1.5 billion (1,523,928,375), Ovia is the largest shareholder in the bank, and his substantial stake will earn him N14.7 billion.

Breakdown of Zenith bank's financial performance

  • Interest income increased by 26.3% to N540.17 billion in 2022, compared to N427.59 billion in 2021.
  • Interest income in 2022, amounting to N370.45 billion, came from loans and advances to customers.
  • Total assets increased by 30% to N12.28 trillion in 2022, up from N9.44 trillion in 2021.
  • Customers' deposits rose by 38.7% to N8.975 trillion in 2022 as against N6.47 trillion in 2021.

More money for Dangote

In another report, Legit.ng revealed that Africa's richest man is set to walk home with over N293 billion as dividends from his cement company, Dangote Cement.

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Tinubu reacts as Oando bounces back to profitability, posts N34.7bn profit

Aliko Dangote's cement company recorded a revenue jump of 16.96% in 2022, to hit a high of over N1.61 trillion.

Dangote's dividend is more than the budget of 25 states for the fiscal year of 2023.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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