Jim Ovia
OpenLife Nigeria reports that Dr. Jim Ovia, founder, Zenith Bank, is 74 years old.
The man, globally acclaimed as successful, symbolizes the Biblical “Parable of the Talents,” likened to the Kingdom of Heaven in which a man, traveling to a far country, called his own servants and delivered his goods to them.
To one, he gave five talents, to another two, and to another one, each according to his own ability.
While away, the man who had received the five talents went and traded with them, and made another five talents.
On his return, he demanded accountability.
“So he who had received five talents came and brought five other talents, saying, ‘Lord, you delivered to me five talents; look, I have gained five more talents besides them.’ 21 His lord said to him, ‘Well done, good and faithful servant; you were faithful over a few things, I will make you ruler over many things. Enter into the joy of your lord.”
This Biblical narrative captures titled “The Parable of the Talents,” in unmistakable terms, captures the life and essence of Sir Jim Ovia, founder of Nigeria’s leading commercial bank, Zenith Bank Group.
Jim Ovia is 74 years old today {November 4, 2025} and he is being celebrated across the global in both public and private circles not on account of how much he has enriched himself but his disposition to humanity by building institutions and impacting lives.
The Beginning
After several episodes in the Nigeria’s banking chapters, a third generation emerged in the late 1980s and early 1990s, when the military government of General Ibrahim Babangida pursued a liberalisation of the industry, awarding dozens of new commercial and merchant banking licences.
Among the many in the group of young economic engineers who took full advantage of the opportunity provided by then military government was Jim Ovia ( founder, Zenith Bank.}
It all started in 1990 from a one rent apartment.
Before Jim Ovia nursed the idea to take full advantage of the liberalization of the banking sector and establish a bank, he had worked as a bank clerk at Union Bank (then Barclays).
Nothing special, just a regular Nigerian hustling to survive in the busy city of Lagos.
He later grew into senior roles in banks like IMB and the Merchant Bank of Africa, garnering experiences that would enable him weather all the storms in the years ahead.
Instead of living a loud life, he was saving, learning, and climbing the professional ladder in banking quietly because Jim had something else — vision.
Then came the opportunity in 1990 by which time he had saved about N20 million seed capital (worth $4 million back then). He didn’t even have enough money to afford a fancy head office. So, he converted a residential house into a banking hall on Victoria Island.
That small office gave birth to what we know today as Zenith Bank with over 500 branches and business offices including service outlets in Africa and across Continents in the world, 35 years after.
Zenith Bank As At November 2025
35 years after and like the Biblical faithful “talent” servant, the unaudited financial results of Zenith Bank Plc in the nine months ended 30 September 2025, under Jim Ovia leadership, yielded remarkable 16% year-on-year growth in gross earnings from N2.9 trillion recorded in Q3 2024 to N3.4 trillion in Q3 2025.
The Group’s performance continues to demonstrate resilience, strong momentum, disciplined execution and an ability to deliver long-term shareholder value in spite of challenging macroeconomic environment.
According to the financial results presented to the Nigerian Exchange (NGX), the growth in gross earnings was driven by a sustained growth in interest income which grew by 41% year-on-year to N2.7 trillion.
The growth in interest income was supported by a high-yield rate environment and an expansion in the Bank’s investment portfolio. Despite the increase in interest expense by 22% to N814 billion on the back of a tightening monetary cycle and a growth in the Bank’s funding base, the Bank was able to achieve a healthy Net Interest Margin (NIM) of 12% as against 10% in September 2024. Non-interest income declined by 38% to N535 billion, underpinned by a 60% decline in trading gains.
Profitability remained strong, with profit before tax at N917 billion as against N1.00 trillion reported in September 2024. Profit after tax also declined by 8% to N764 billion and Earnings Per Share (EPS) came in at N18.60 as against N26.34 in September 2024, as the Bank took bold measures to improve the quality of its loan portfolio.
The Bank’s total assets grew by 4% from N30 trillion in December 2024 to N31 trillion as at September 2025. This was largely supported by customer deposits, which rose by 8% to N23.7 trillion within the same period. Gross loans declined by 9% to N10 trillion as at September 2025, while Non-Performing Loan (NPL) ratio improved to 3% due to the write-off of non-performing loans.
Return on Average Equity (ROAE) and Return on Average Assets (ROAA) stood at 23.3% and 3.3% respectively. Cost of funds increased to 4.5%, underscored by the broader elevated interest rate environment. The Group’s cost of risk stood at 10% while cost-to-income ratio rose to 45%.
Coverage ratio and liquidity ratio remain solid and well within regulatory limits at 211.1% and 53% respectively. This highlights the Bank’s strong capital position and liquidity profile as well as its ability to fund strategic growth opportunities. It also reflects its unwavering commitment to a prudent risk management, compliance and corporate governance culture.
Optimistic outlook
Dame Dr. Adaora Umeoji, Group CEO of the bank reinforced the Zenith Bank’s optimistic outlook, saying “This result confirms the resilience of both our business model and our people.
We’re on a solid growth path that we expect to maintain through the remainder of the year,” said the group CEO.
Zenith Bank’s Track Records & Recognitions Under Jim Ovia
The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the sixteenth consecutive year in the 2025 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025.
The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.
Further recognitions include Best Commercial Bank, Nigeria for five consecutive years from 2021 to 2025 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for four consecutive years from 2022 to 2025 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence led to Zenith being also being named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year at the Nairametrics Capital Market Choice Awards 2025.
Zenith Bank has also bagged several non-financial awards including, Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024.
Life in Agbor
Born into the large family of Obi Olihe of Agbor-Obi on November 4, 1951 in Agbor, Delta State, early life dealt him a heavy blow.
He lost his father when he was just 4 years old.
As the first son of his mum, life could have ended his dreams right there. But thanks to the sacrifices of his step elder brother, he helped him through school and later took him to Lagos, a relocation that metamorphosed into global brand.
In 2018, Ovia published what he described as an “entrepreneurial manual” he called Africa Rise and Shine. His memoir also tells about his early life, his business career and how he developed Zenith Bank and other related interests.
Education
After some years in Lagos, Jim Ovia travelled to the United States for college and graduate school, earning a B.Sc. degree in Business Administration from Southern University, Baton Rouge, Louisiana (1977), and an MBA from the University of Louisiana, Monroe, in 1979. He is also an alumnus of Harvard Business School.
Outside Zenith Bank, Jim Ovia in 2021 founded James Hope University, Lagos, which was approved by the Federal Government and given operating licence by the National Universities Commission (NUC). He was the recipient of a Nigerian national honor.
Businesses
Ovia also founded Visafone Communications Limited which later merged with MTN.
He is the chairman of both the Nigerian Software Development Initiative (NSDI) and the National Information Technology Advisory Council (NITAC).
He is a member of the Honorary International Investor Council as well as the Digital Bridge Institute (DBI).
He is the Chairman of Cyberspace Network Limited. He was awarded an honorary doctorate degree in the 50th convocation ceremony of the University of Lagos.
Leadership roles
Ovia is a member of the Governing Council of Lagos State University, Lagos and a member of the Board of Trustees, Redeemer’s University For Nations, Lagos. He was a member of the Governing Council of the Nigerian Investment Promotion Commission (1999–2007) and served on the board of American International School, Lagos (2001–2003).
Ovia headed numerous NGOs at various times including serving as the first President of the Nigeria Internet Group (2001–2003). He is the founder and Chairman of Mankind United to Support Total Education (MUSTE), a philanthropic organization focused on providing scholarships to the less privileged.
He is the founder of the Youth Empowerment / ICT Foundation, which focuses on improving the socioeconomic welfare of Nigerian youths by inspiring and motivating them to embrace Information and communication technology.
Honours
Jim James Ovia, CFR, in October 2022, was conferred with the Nigerian national honor of Commander of the Order of the Federal Republic (CFR) by President Muhammadu Buhari.
In March 2025 he was awarded the Freedom of the City of London for his global financial impact.
Mentor to youths
Jim Ovia represents hope to the younger generation who daily derive inspiration from his life of starting small, remain disciplined, and grow something lasting.
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