Ovia, who established Zenith Bank in 1990, has been widely credited with transforming the lender into a Tier-1 banking powerhouse known for its strong corporate governance, digital innovation, and consistent profitability.

His exit marks a significant leadership transition for the bank, where he has played a pivotal role both as pioneer Managing Director/CEO and later as Chairman of the Board since 2014.

End of an era

Ovia’s retirement signals the close of a defining chapter in Nigeria’s banking evolution. Under his stewardship, Zenith Bank expanded across Africa and international markets, while maintaining a reputation for strong balance sheets and shareholder value creation.

The bank has, in recent years, continued to record impressive performance metrics, including leading growth in brand value among African banks.

Legacy in tech-driven banking

Beyond financial performance, Ovia is regarded as a pioneer of technology-led banking in Nigeria, having championed early adoption of electronic banking systems, ATMs, and digital transaction platforms.

His influence extends beyond Zenith Bank into Nigeria’s broader digital ecosystem, where he has supported ICT development and youth empowerment initiatives.

What next for Zenith Bank?

While details of his successor and transition structure are still emerging, the development is expected to reshape leadership dynamics at the bank and its broader holding structure, especially as the institution continues its regional expansion strategy.

Industry analysts say the transition will test Zenith Bank’s ability to sustain its growth trajectory without its iconic founder at the helm.

The rally, its strongest single-day gain in about a month, pushed the bank’s market capitalisation to N4.58 trillion, overtaking GTCO, which stood at N4.32 trillion at the close of trading.

This development returns Zenith Bank to the top spot among Nigeria’s most valuable banking stocks.

Zenith Bank’s proposed London listing is seen as a strategic move to tap stronger pools of international capital.

Although the bank has traded in London via global depository receipts since 2013, a full listing would boost its global profile and investor access.

Financial institutions in Nigeria are currently seeking foreign capital to fund expansion. GTCO, for instance, raised $105 million through its own London listing last year.

Alongside the listing plan, Zenith Bank also announced the opening of a new branch in Manchester, expanding beyond its longstanding London presence.

The Manchester office is expected to create about 30 jobs in the North West region and will focus on corporate banking services, including trade finance and treasury operations for businesses operating between Africa and the UK.

The launch coincided with President Bola Ahmed Tinubu’s visit to the United Kingdom, where discussions have centred on strengthening trade and investment ties between both countries.

Zenith Bank’s share price close at N111 makes it only the second Nigerian bank to trade above N100, following GTCO, which ended the session at N123.

Crossing this threshold is widely viewed by investors as a sign of market re-rating, showing improved confidence in the banking sector’s earnings strength and long-term growth outlook.

Group Managing Director and CEO, Dame Dr. Adaora Umeoji, said the bank’s UK expansion aligns with its international growth strategy.

She described the UK as a key financial hub for connecting African businesses with European markets.

Zenith Bank’s latest rally stresses high competition at the top of Nigeria’s banking sector, with valuations between it and GTCO being closely matched.

The planned London listing points to a longer-term transition toward global capital markets, while the Manchester expansion accentuates the bank’s intention to be a bigger part in facilitating trade flows between Nigeria and the UK, currently estimated at £8.1 billion annually.

Speaking at the Zenith Bank Tech Fair – Future Forward 5.0 (#ZBTechFair2025), held at the Eko Hotels & Suites on Thursday, November 20, 2025, the Governor said:

“A lot of these young people will not know that this Tech thing started with you (Jim Ovia) over 10 to 15 years ago, right at the Civic Center when you come and give us all the deliveries.”

“You know, at that time when nobody knew about Technology in Banking, you pioneered everything, and we’re thankful that you are still here to continue to support the bank”.

The Governor also hailed Dame Dr. Adaora Umeoji, the Zenith Bank GMD/CEO, and the Group’s Board for giving life-changing opportunities to the Nigerian youths through the lender’s Tech Fair Hackathons competition that was held during the event.

Speaking further at the #ZBTechFair2025 event, Mr. Sanwo-Olu lauded innovative ideas that were showcased at the event, saying that;

“What I see happening here every year is things that we, even in leadership positions, need to connect with. This is an activation that can bring life and real conversation to the young, dynamic, innovative, creative young people that we have in this country.”

“I get thrilled when each of those pitches came forward and the MD was asking me who I go for. I said all of them. From the guy who was teaching us the tutorials in the University to the young lady who was talking about the menstrual sanitary pad and all the innovative ideas”.

The Lagos State Governor called for more collaborations with brands as he said that his administration has been supportive of such innovative ideas and will continue to partner with like-minded individuals in order to continually create a more sustainable environment for economic growth and development.

Mr. Governor also revealed that his administration plans to train 50,000 Tech Enthusiasts and that the Lagos State Government plans to make the State the next Global Tech Silicon Valley.

“I want to give you the commitment that for us as a government, we’re doing it, we have to do it at scale. We have a plan to be able to train about 50,000 Tech Experts.

We want to be able to pay for their tuition, want to be able to take them to the next level, 50,000 all at once, and it’s going to cost us Billions of Naira to be able to do it”, he further added.

In concluding his speech, the Lagos State Governor, Mr. Sanwo-Olu, hinted that part of the State’s Vision 2050 plans is to make Lagos State the World’s Human Capital Center, saying,

“Part of our vision is that by 2050, we want to make Lagos the Human Capital Center of the World, with these young people, where Microsoft will think of raising a Million Tech Experts, they will think of Lagos.

Google and all of them will think of 500,000 Tech Experts, will look for new innovators, and the first place they will think of is Nigeria, and it’s Lagos that’s the kind of vision we want to create, that’s the kind of opportunity we want to leave behind .”

Held at Eko Hotel, the Zenith Tech Fair 4.0 brought together industry leaders, tech enthusiasts, startups, and stakeholders to explore cutting-edge technologies shaping the future of business and lifestyle.

Highlights of Zenith Bank Tech Fair 4.0

Dr. Jim Ovia, the founder and chairman of Zenith Bank, inspired thousands of people who gathered at the event, emphasizing the importance of the annual tech fair.

Dr. Ovia also spoke about future plans to properly integrate technology in Zenith Bank for better and more efficient services.

Dame (Dr.) Adaora Umeoji, the group managing director of Zenith Bank Plc, in her welcome address, appreciated the chairman, Dr. Jim Ovia, for birthing the idea that led to the establishment of the tech fair initiative five years ago.

She thanked him for his vision in utilising technology to revolutionise the world of business and banking.

Dame Umeoji also stressed the importance of innovation and embedded finance in ensuring strong and enduring institutions.

According to her,

“It is paramount that we adapt and adopt technology to stay ahead of the curve. We have seen various cases of companies that failed because of their lack of innovation. It is quite obvious that when companies fail to innovate, they can easily be displaced. So, this is not the time to be orthodox; innovation should be a top priority for us.”

The GMD said Zenith Bank remains committed to providing digital solutions that empower businesses and individuals.

In his goodwill message, Mr. Babajide Sanwo-Olu, the Governor of Lagos State, called for a global approach to doing business in the country.

“What we need to do is to be able to enhance our product and services in order to compete in the world. We can’t continue to act local, we need to think global. Anything that we’re doing now, we need to be able to know that we are not just serving a local market, we actually want to serve the global market, and I’m glad that consistently, for the past four years, I have kept up with the Zenith Tech Fair.

Inspiring Keynote presentation

Robin Speculand, an expert digital implementation specialist graced the event all the way from Singapore.

He took the audience through series of trivia and quizzes to help them understand the evolving digital transformation landscape.

Speculand stated that for business to grow and evolve its technology there has to be a digital mindset. He expatiated on digital mindset thus;

“Empowerment: every business must carry the mindset that their services must empower people

“Platforms: the digital mindset allows businesses make use of multiple platforms that can be accessible by anyone

“Experimentation: a business must be ready to try out new things and take risks.

“Asking the right questions: a digitally minded person must know the right questions to ask

“Customer centric: the business must focus on what the customers want and tailor the products or services to suit their needs.

“Stakeholders: the business must have powerful stakeholders that are also very knowledgeable and experienced in the tech space

“Agility: a digitally minded business must be active and quick

He also mentioned that, digital transformation fails sometimes because some companies want to change the entire culture of the people or because they are transforming their entire business thereby losing the policy that the customers have come to trust.

“Digital transformation is not about having a digital strategy it is about having strategies in a digital world. Also, at the heart of digital transformation always comes the customer”, he said.

Danilo McGary,  a renowned expert in digital transformation and AI, also enlightened the audience about the possibilities of artificial intelligence (AI).

“AI has been in existence for over 60 years but was not really developed until now. There are three kinds of AI; Narrow AI; Traditional AI which is the regular AI that helps in answering questions just like ChatGPT or Gemini, and Artificial Generative Intelligence (AGI) is an AI system that can do anything a human or a group of humans can do and do it even better”.

“The Generative AI has advanced so much that it can learn things on its own without any prompt or instruction”, he said.

Dr. Jania Okwechime, the partner and AI | data leader for Deloitte, Africa, added that generative AI helps to increase efficiency and transform businesses.

“Gen AI can be used for fraud detection to prevent cybercrimes. It can also be used for document search and synthesis”, she said.

Panel Discussions | Technology in Business and Governance

The Zenith Tech Fair 4.0 also featured panel session with Wole Olutoye, Ada Jabaru, Funke Opeke, Guy Kuti, Kashifu Inuwa Abdullahi, Engr. Bisoye Coker-Odusote, Dr. Anuwal Adam Sa’ad, speaking.

They unanimously agreed on the need to cautiously improve application of technology to every sector of the economy, especially the health sector to promote efficiency, accuracy and effectiveness, securing of documents to avoid impersonation and theft, amongst other discussions.

Innovative Product Launches and Exhibitions

The tech fair served as a platform for unveiling groundbreaking solutions. Leading exhibitors, including Ethnos, ZOHO, Zone, Vertiv, ZamZamPay, Dataflex, Zenith Insurance, etc, showcased products ranging from AI-powered cybersecurity solutions, data centre tools to cutting-edge fintech innovations.

Zecathon

Meanwhile, 10 contestants in the hackathon session at the fourth edition of the Zenith Tech Fair (#ZenithBankTechfair2024) received a total of N77.5m in prize money.

The winners emerged at the tech fair themed ‘Future Forward 4.0: Embedded Finance, Cybersecurity & Growth Imperatives – The Impact of AI,’ held on Thursday in Lagos.

The prize money was shared among 10 finalists who emerged from the over 1,700 contestants took part in the hackathon [READ MORE HERE].

Zenith Bank’s Digital Innovation

The bank demonstrated its pioneering digital banking services, reinforcing its role as a leader in Nigeria’s financial technology space. Attendees experienced live demonstrations of the bank’s seamless payment solutions, mobile apps, and innovative tools designed to enhance user experience.

Driving Nigeria’s Tech Ecosystem Forward

Zenith Bank Tech Fair 4.0 emphasized collaboration as the key to accelerating Nigeria’s tech ecosystem. By connecting innovators, investors, and businesses, the event underscored Zenith Bank’s leadership in promoting technology as a driver of sustainable development.

Social Media Buzz

The event trended on social media platforms, with the hashtag #ZenithBankTechFair4 gaining traction among attendees and tech enthusiasts. Users shared highlights, photos, and key takeaways, further amplifying the fair’s impact.

Looking Ahead

As Zenith Bank Tech Fair 4.0 concludes, anticipation builds for the next edition. With its dedication to championing innovation, Zenith Bank continues to pave the way for technological progress and digital transformation in Nigeria.

*For more more stories on tech initiatives, keep following Techeconomy on social media.

This is contained in a statement issued by Ajuri Ngelale, Special Adviser to the President on Media & Publicity, on Friday.

“Mr. Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.”

“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.

“The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

“The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

“The President believes Mr. Jim Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds and of ensuring that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century,” the statement read.

Report by Olivia Nnorom

At the 32nd Annual General Meeting (AGM) of Zenith Bank Plc, held virtually from the Civic Centre, Victoria Island, Lagos, on Tuesday, 2 May 2023, shareholders of the bank unanimously approved the proposed final dividend payment of NGN2.90 per share.

This brings the total dividend for the 2022 financial year to NGN3.20 per share, with a total value of NGN100.47 billion.

In his opening statement at the AGM, Jim Ovia, Founder and Chairman of Zenith Bank Plc, expressed his gratitude to the shareholders for their unwavering loyalty, commitment, and support, which have been instrumental in the bank’s outstanding performance since its inception.

Dr. Ebenezer Onyeagwu, Group Managing Director/Chief Executive, extolled the Founder and Chairman, Jim Ovia, CFR, for establishing the legacy and providing the template for the bank’s continued superior performance.

He also highlighted the Board and Management’s determination to maintain the bank’s growth trajectory in the coming years, with an emphasis on digital and retail banking.

Speaking at the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), commended the Board and Management of Zenith Bank for consistently delivering value to shareholders, despite the challenging economic environment. He also praised the bank’s staff for their loyalty and dedication.

Chief Timothy Adesiyan, President, Shareholders Solidarity Association of Nigeria, expressed delight at the dividend payout and thanked the Board and Management for the outstanding performance that led to approving both an interim and final dividend during the year.

Also speaking, Mrs. Adenike David, National Coordinator of the Esteemed Shareholders Association of Nigeria, congratulated the bank and Chairman on their exceptional performance, as evidenced by the numerous awards received during the 2022 financial year. She also praised the bank for paying an interim dividend of 30 kobo and a final dividend of 2.90 kobo.

Despite challenging macroeconomic conditions, Zenith Bank Group achieved a 24% growth in gross earnings, from NGN765.6 billion in the previous year to NGN945.5 billion in 2022.

This was driven by a 26% YoY growth in interest income and a 23% YoY growth in non-interest income. Customer deposits grew by 39%, reflecting the bank’s market leadership and customers’ trust. Net-Interest-Margin (NIM) increased from 6.7% to 7.2%, positively impacted by the elevated yield environment. Operating expenses grew by 17% YoY, though still below the inflation rate. Total assets rose by 30%, primarily due to growth in customer deposits.

In 2023, Zenith Bank Group plans to expand its reach and reorganise into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.

Nigel Topping was appointed the UK Government$B!G(Bs High Level Climate Champion for COP 26 in January, 2020, to help drive action from businesses, investors, organisations, cities, and regions on climate change and coordinate this work with governments and parties to the United Nations Framework Convention on Climate Change (UNFCCC).

During his visit, he met with top government officials, leading private and financial sector leaders, civil society organisations and climate change activists across Abuja and Lagos, and discussed the opportunities of a green transition, understand the challenges and how to overcome them, as well as advance the UK government$B!G(Bs overall effort to boost climate action in Nigeria.

The visit included a site visit to the Nile University, Abuja, where he engaged with young students on climate ambition and renewable energy; and a tour of two project sites in Lagos – PriVida Project, a UK renewable energy business, founded in 2013 to facilitate renewable technology transfer from developed countries to Africa hereby reducing carbon emissions significantly; and EKO Atlantic, to understand what the Lagos State Government is doing to improve climate resilience, including with support from UK Aid programmes.

Speaking during his visit to Nigeria, UN High Level Champion, Nigel Topping said:

$B!H(BI congratulate Nigeria on its ambitious NDC, the Energy Transition Plan presented at COP26 last November and the subsequent passing of the Climate Change Act. Implementation of these policies are now key.

$B!H(BThe mobilisation of both State and non-State actors – including businesses, academia and civil society – is essential to improve the investment climate of Nigeria so that the country can in turn attract the right investments that will accelerate the transition into a low-carbon and resilient economy.$B!I(B

The British Deputy High Commissioner in Lagos, Ben Llewellyn-Jones OBE said:

$B!H(BWith the UK as the current Presidency of COP and following the historic COP26 event held in Glasgow last November, and ahead of COP27 in Egypt later this year, it was important for us to have Nigel Topping here in Nigeria. His visit is a timely reminder for all of us about how hard the UK is continuing to work around the world with our partners, like Nigeria, to ensure that every effort is made to deliver on and bring in to effect the commitments made by us, by Nigeria and buy the rest of the world to tackle Climate Change.$B!I(B