The chairman of Zenith Bank, Jim Ovia, and the lender’s Group Managing Director, Ebenezer Onyeagwu, have tightened their grip on the firm with new investment worth a total of N285,528,478, IgbereTV reports
According to Ripples Nigeria analysis, their investment in the firm comes amid -3.57% slump in Zenith Bank’s year-to-date share value, reflecting a reversed movement in shareholders investment, as the capital market’s confidence around the lender stay low – considering its -2.21% decline between January 2021 to Monday, May 9, 2022.
With investors not being bullish about Zenith Bank, amid blurry growth prospects, the investment from Ovia and Onyeagwu could be seen as the management’s effort trying to convert pessimistic investors and save the firm’s shares.
Ovia, who owns the largest individual and institutional stakes in Zenith Bank, acquired one million shares on Tuesday, May 9, through his investment company, Quantum Zenity Securities & Investment Limited.
The shares acquired are worth N24.35 million. He previously held 1.52 billion indirect shares both in 2021, as well as 2020, through five companies, which includes Quantum Zenith.
The godfather of Nigerian banking industry, as he’s quietly known, also holds 3.54 billion direct shares. This brings his total investment in Zenith Bank to N122.7 billion, when his total stake is pegged with the lender’s closing stock price of N24.25kobo per share
