Jim Ovia raises Zenith Bank stake to 14.12% after N350bn hybrid offer

Zenith Bank Chairman, Jim Ovia, has increased his equity holding in the lender to 14.12% following the successful conclusion of its N350.4 billion hybrid Rights Issue and Public Offer, reports say.

Ovia’s shareholding rose to 5.799 billion units as of June 2025, up from 5.082 billion in December 2024. At Zenith’s closing price of N66 per share on September 18, 2025, his stake is valued at about N335 billion.

The bank’s hybrid capital raise comprised a Rights Issue of 5.23 billion ordinary shares at N36.00 per share, alongside a Public Offer of 2.77 billion ordinary shares at N36.50 per share.

Investor appetite was strong, with the Public Offer oversubscribed by 160.47% and 4.44 billion shares allotted in line with the Central Bank of Nigeria’s capital verification exercise. The Rights Issue was also fully taken up, recording 100.18% subscription.

As of June 30, 2025, Zenith Bank’s total outstanding shares stood at 41.06 billion.