In the 1990s, as Nigeria’s banking sector transitioned from government and foreign control to a burgeoning class of local private investors, Jim Ovia spotted a $5 million opportunity, laying the groundwork for what would become one of Africa’s most lucrative banks.
When Jim Ovia founded Zenith Bank in 1990, Nigeria’s banking sector was weak. Many banks had little capital, poor management, and were highly reliant on short-term foreign exchange trades and strict hierarchical systems.
His appointment followed a 1986 financial liberalization program that fostered increased private-sector participation and helped to establish a new generation of local banks.
By 1989, only 18 of Nigeria’s 48 commercial banks were partially held by foreigners, with the remaining 30 being entirely owned by Nigerians, either publicly or privately.
Ovia implemented a strategic restraint in the situation. With seed capital of ₦20 million (about $5 million at the current exchange rate), he aimed to establish a commercial bank that prioritized capital adequacy, operational efficiency, and strong internal controls over quick expansion.
Three decades later, Zenith Bank’s shareholders’ funds exceed $3.3 billion, and its assets exceed $30 billion, signifying one of Nigeria’s most extraordinary banking makeovers.
Reflecting on this journey, Ovia has framed it with the accuracy of a numbers expert rather than a storyteller: “I started Zenith Bank with N20m in 1990. That is approximately $5 million at the same rate of N4 to the dollar. From $5 million to $4 billion. You can do the math. It will provide you hundreds of percent return.”
Ovia’s banking instincts developed long before Zenith existed. He began his career in 1973 as a clerical officer with Barclays Bank (now Union Bank) in Lagos, where he gained early experience with client management, transactions, and compliance.
Moving to the United States for higher education broadened his outlook.
He studied business administration at Southern University in Louisiana and later earned an MBA from the University of Louisiana at Monroe, where he coupled theoretical knowledge with practical experience at Baton Rouge Bank and Trust.
There, he had a strong respect for operational efficiency and technology, which he later applied to Zenith Bank’s foundation.
After returning to Nigeria, he finished his National Youth Service Corps at Union Bank before joining International Merchant Bank, a subsidiary of First National Bank of Chicago, and eventually the Merchant Bank of Africa.
Throughout his career in financial analysis, corporate finance, and management, Ovia learned how agreements were formed, risk was priced, and why many institutions failed under pressure.
When Nigeria’s Structural Adjustment Programme liberalised banking licenses in the late 1980s, Ovia took the opportunity.
He applied for a commercial banking license rather than a merchant one, which required more cash, more regulations, and a longer commitment but lessened the incentive to pursue short-term speculative gains.
Since Forbes classified him in 2015 with an estimated net worth of $550 million, there has been no independent confirmation that he has crossed the billionaire threshold. However, a decade later, the size of his holdings and dividends indicate that it is doable.
Technology was viewed as an essential operating tool rather than a marketing gimmick. Early investments in IT systems reduced procedures, strengthened audit compliance, and enabled scalable operations.
Ovia expanded on this with his “Build Your Own Infrastructure” or “Bring Your Own Infrastructure” (BYOI) idea. Investments in reliable power, IT networks, and branch facilities reduced reliance on public utilities, resulting in operational stability.
The 74-year-old entrepreneur from Nigeria’s South-South area has long regarded the country’s economic climate as both profitable and punishing.
“These kind of numbers, these kind of returns, you don’t get it even in God’s own country, America,” he said. “You don’t get it in Europe. You don’t get it in Russia. You can get them in Nigeria. You will always experience adversity, challenges in any business initiatives, whether it’s in Europe or it’s in America.”
International expansion has been strategic and capital-conscious. West African subsidiaries came first, followed by expansion into the United Kingdom, Dubai, and Paris, with regulatory permission pending for the acquisition of Kenya’s Paramount Bank, the first major East African entry.
Zenith Bank’s recent expansion has been driven by financial discipline. In late 2024, the bank completed a ₦350.46 billion ($246.34 million) rights issue and public offer, raising its total share capital to ₦614.65 billion ($432.04 million), exceeding the Central Bank of Nigeria’s ₦500 billion ($351.45) threshold for international operations.
The bank’s capital strengthening led to record profitability, with a profit after tax of ₦1.03 trillion ($723.99 million) in 2024 and ₦764.2 billion ($537.15 million) in the first nine months of 2025. This was achieved through effective balance sheet management and strategic regional expansion.