Nigerian multi-millionaire banker Jim Ovia has been appointed the chairman of Zenith Bank, the commercial bank he co-founded more than two decades ago.
According to a news report by Nigeria’s Vanguard newspaper, Ovia, who is one of the wealthiest men in Africa with a fortune FORBES estimates at $900 million, will take over as chairman of the Nigerian financial services provider as from the 16th of July 2014. He takes over from former chairman, Nigerian advertising guru Steve Omojafor, who resigned last month. The appointment has been approved by Nigeria’s Central Bank.
Ovia, 60, founded Zenith Bank in May 1990 and grew it into one of the largest commercial banks in Africa with a market capitalization of more than $4.2 billion. He served as CEO of the bank from its inception till 2010 when he stepped down to comply with a Central Bank directive limiting the tenure of bank chiefs to a maximum of 10 years. Ovia also runs Visafone, a mobile telecoms outfit, and is reportedly partnering with Marriott International to build a five star hotel in Lagos.
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