Jim Ovia, CON, the Chairman / Non-Executive Director of Zenith Bank Plc and the largest shareholder in the Bank is set to receive over N12 billion in dividend from the bank next month.
Jim Ovia holds 3,546,199,395 units of Zenith Bank Plc shares in direct holdings and 1,525,904,916 in indirect holdings as at 31 December 2020, totaling 5,072,104,311 units of shares.
His direct holdings alone represent 11.29% of the issued shares of the bank.
According to the register of members as at 31 December, 2020, only Jim Ovia held more than 5% of the issued share capital of the Bank.
Zenith Bank Plc has 31,396,493,786 outstanding shares and a market capitalization of N805.32 billion. It is the 7th most capitalized company on the Nigerian Stock Exchange behind Guaranty Trust Bank with a Market cap of N927.08 billion.
The indirect holdings of Jim Ovia relate to holdings in Institutional investors Ltd, Lurot Burca Ltd, Jovis Nigeria Ltd, Veritas Registrars Ltd, and Quantum Zenith Securities Ltd.
If the proposed N2.7 final dividend is approved by shareholders at the AGM, Jim Ovia will receive N9.575 billion in dividend for his direct holdings and N4.12 billion for his indirect holdings – a combined total of N13.695 billion. If the 10% withholding tax on dividend is applied, he will receive N12.325 billion.
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At the close of trading on Tuesday, the share price of Zenith Bank Plc declined by 0.58% to N25.65 per share. YtD it is up by 3.43%.
At the current price his direct shareholding in the bank is valued at N90.96 billion while the indirect holding is worth N39.14 billion.
About Jim Ovia
Jim Ovia is the founder and pioneer Group Managing Director / CEO of Zenith Bank Plc. He was at the helm of affairs, from inception, for 20 years until his resignation in July, 2010. He was reappointed as the Chairman of the bank in 2014.
Jim Ovia was a member of the National Economic Management Team of Nigeria and he is a member of the Honorary International Investors’ Council.
In recognition of his achievements particularly in support of the Nigerian economy, Jim Ovia was conferred with the national award of Commander of the Order of the Niger (CON) in November, 2011.
Jim Ovia, a philanthropist, holds a Master’s degree in Business Administration (MBA) from the University of Louisiana, Louisiana, USA obtained in 1979 and a B.Sc degree in Business Administration from Southern University, Louisiana, USA (1977). He is an alumnus of Harvard Business School (OPM).
About Zenith Bank Plc
The Bank was incorporated in Nigeria under the Companies and Allied Matters Act as a private limited liability company on 30 May,1990. It was granted a banking licence in June 1990, to carry on the business of commercial banking and commenced business on June 16, 1990.
The Bank was converted into a Public Limited Liability Company on 20 May 2004. The Bank’s shares were listed on the floor of the Nigerian Stock Exchange on 21 October 2004. In August 2015, the Bank was admitted into the premium Board of the Nigerian Stock Exchange. The Bank is also listed on the London Stock Exchange.
Principal activities and business review The principal activity of the Bank is the provision of banking and other financial services to corporate and individual customers. Such services include obtaining deposits from the public, granting of loans and advances, corporate finance and money market activities.
The Bank has six subsidiary companies namely, Zenith Bank (Ghana) Limited, Zenith Pensions Custodian Limited, Zenith Bank (UK) Limited, Zenith Bank (Sierra Leone) Limited, Zenith Bank (The Gambia) Limited and Zenith Nominees Limited. During the year 2020, the Bank opened six new branches and no branch was closed.
As at December 31, 2020 the Group had 436 branches, 177 cash centers; 2,042 ATM terminals; 83,766 POS terminals and 9,905,449 cards issued to its customers. (December 31, 2019: 430 branches, 178 cash centers, 2,093 ATM terminals, 50,427 POS terminals and 7,745,176 cards issued).
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.