Jim Ovia to Receive ₦25.4 Billion as Zenith Bank Posts Record Profits

Zenith Bank Dividend: Jim Ovia Set for ₦25.4 Billion Payout Amid Record Profits

Jim Ovia, founder and chairman of Zenith Bank, is set to receive a massive ₦25.4 billion dividend payout following the bank’s stellar financial performance in 2024.

The dividend disbursement, scheduled for April 15, 2025, comes as Zenith Bank’s profit after tax surged by 52.5%, hitting ₦1.03 trillion, up from ₦676.9 billion in the previous year.

According to the bank’s financial statements for 2024, the Board of Directors has proposed a final dividend of ₦4.00 per share. Combined with an interim dividend of ₦1.00 per share, this brings the total payout to ₦5.00 per share—marking an increase from the previous year’s ₦4.00 per share dividend.

Jim Ovia’s Shareholding and Earnings Boost

As the largest shareholder in Zenith Bank, Ovia owns:

• 3,552,949,395 direct shares
• 1,529,851,344 indirect shares
• Total shareholding: 5,082,800,739 shares

Based on the ₦5.00 per share dividend, this translates to a ₦25,414,003,695 payout for Ovia.

This windfall underscores Zenith Bank’s dominance in Nigeria’s banking sector, reflecting its strong earnings growth and increased shareholder value.

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Record Zenith Bank Dividend Payout to Shareholders

The total dividend payout for Zenith Bank shareholders in 2024 has reached ₦141.28 billion, up significantly from ₦106.74 billion in 2023.

This increase highlights the bank’s strong financial health, as it continues to benefit from:

• Higher interest rates set by the Central Bank of Nigeria (CBN)
• Robust earnings from loans and advances
• Strategic investments in low-risk government securities like treasury bills

Under Nigerian tax laws, these dividends are subject to a 10% withholding tax, reducing the net amount received by shareholders.

Zenith Bank’s Outstanding 2024 Performance

Zenith Bank’s gross earnings soared to ₦3.9 trillion, a substantial increase from ₦2.39 trillion in 2023.

Key drivers of this growth include:

• Interest income more than doubling to ₦2.7 trillion, from ₦1.14 trillion
• Net interest income rising to ₦1.73 trillion, reflecting a strong loan book and investments
• Domestic operations contributing ₦3.5 trillion of total earnings
• African and European operations growing revenue to ₦510 billion, up from ₦281.1 billion

The bank’s strategic positioning within the high-interest-rate environment has enabled it to maximize earnings, reinforcing its position as a leading Nigerian financial institution.

Zenith Bank’s Future Outlook

Zenith Bank’s performance signals the resilience of Nigeria’s banking sector, particularly among tier-one banks.

With inflationary pressures persisting, analysts expect the CBN’s tight monetary policies to continue driving high returns for banks through:

• Strong yields on government securities
• Increased loan portfolio growth
• Sustained profitability for leading financial institutions

As Zenith Bank expands further across Africa and globally, its ability to deliver record-breaking profits positions it as one of Nigeria’s most formidable banks.

With shareholders like Jim Ovia reaping significant dividends, investors remain optimistic about Zenith Bank’s long-term growth potential.