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Jim Ovia’s Net Worth Jumps N27.9 Billion in Less Than Four Months

Zenith Bank’s success bolstered Jim Ovia net worth

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Net worth of Jim Ovia, Nigerian billionaire banker and the founder of Zenith Bank Plc grew by N27.9 billion or $61.3 milllion in less than four months.

This was a result of the 29% increase in the value of Zenith Bank shares from N19 a unit on October 5, 2022 to N24.5 per unit on January 23, 2023.

Zenith Bank, a leading financial services provider in Nigeria and anglophone West Africa, Nigeria’s most profitable bank and the Nigerian Exchange’s largest listed financial services group,  has continued to see its shares rise after falling to a record low of N19 in October 2022.

Jim Ovia, founded the tier-one bank in 1990 spearheading a pivotal role in both the evolution and digital transformation of Nigerian banking. He owns a 16.2-percent stake or 5,072,104,311 ordinary shares.

Investors King can confirmed that the value of the billionaire stake in the bank had risen to N124.3 billion, a gain of N27.9 billion ($61.3 million).

This was after Zenith bank reported profit after tax of N174.33 billion in the first nine months of 2022, a significant 8.55-percent increase from the N160.6 billion ($367.5 million) achieved in the previous year.

The growth was primarily driven by strong performance in core banking operations, which led to a 20-percent increase in interest income from N518.7 billion ($1.2 billion) to N620.57 billion ($1.42 billion). Additionally, the bank saw an increase in fee and commission income from N78.3 billion ($179.2 million) to N100.06 billion ($229 million).

This significant increase in the bank’s share price on the Nigerian Exchange (NGX) has propelled it to become the seventh most valuable company on the local bourse. The impressive performance on the stock market can be linked to its consistent and robust financial results, which continue to garner the attention and investment of both institutional and individual investors.

 

Billionaire Watch

Jeff Bezos Trails Elon Musk in Top 10 Richest People Ranking with $195 Billion

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Jeff Bezos

As of the latest data, the 10 richest people in the world wield extraordinary financial influence, their net worth reflecting the dynamic nature of wealth accumulation and distribution.

Topping the list is Elon Musk, the enigmatic CEO of Tesla and SpaceX, with a total net worth of $200 billion. Despite recent fluctuations, Musk remains a formidable force in technology and innovation, driving advancements in electric vehicles and space exploration.

Following closely behind is Jeff Bezos, the visionary founder of Amazon, whose total net worth stands at $195 billion. Bezos continues to redefine e-commerce and venture into ambitious projects like Blue Origin, aiming to revolutionize space travel.

Bernard Arnault, the French magnate behind LVMH Moët Hennessy Louis Vuitton, occupies the third spot with a net worth of $185 billion. As a titan in the luxury goods industry, Arnault’s empire encompasses iconic brands synonymous with style and opulence.

Mark Zuckerberg, the pioneering mind behind Facebook (now Meta Platforms, Inc.), ranks fourth with a net worth of $165 billion. Despite recent controversies, Zuckerberg remains a central figure in social media and technology, shaping the digital landscape.

Rounding out the top five is Bill Gates, the co-founder of Microsoft, with a net worth of $145 billion. Gates’ philanthropic endeavors through the Bill & Melinda Gates Foundation have made a profound impact on global health and education.

Steve Ballmer, Larry Ellison, Larry Page, Warren Buffett, and Sergey Brin complete the list of the world’s wealthiest individuals, each contributing to diverse industries and sectors with their immense financial resources.

As the global economy continues to evolve, the fortunes of these individuals serve as a testament to the power of innovation, entrepreneurship, and strategic investment in shaping the modern world.

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MacKenzie Scott Sells Off $10.4 Billion Worth of Amazon Shares

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MacKenzie Scott, the former wife of Amazon founder Jeff Bezos, has sold off $10.4 billion worth of Amazon shares, constituting approximately 25% of her stake in the company.

According to a regulatory filing, Scott disposed of 65.3 million shares in Amazon.com Inc. last year, further diminishing her ownership in the tech giant.

Since her divorce from Jeff Bezos in 2019, Scott has emerged as one of the world’s most prominent philanthropists.

Despite having held around 4% of Amazon’s shares post-divorce, her charitable endeavors have significantly reduced her stake over the past few years.

Notably, Amazon remains the primary contributor to her estimated $37.6 billion net worth as reported by the Bloomberg Billionaires Index.

Scott’s remarkable generosity extends far beyond divesting her Amazon holdings.

Over the past year alone, she has donated more than $16.5 billion to a diverse array of charitable organizations, underscoring her commitment to addressing various social issues.

Through her philanthropic efforts, Scott aims to make a tangible difference in the lives of individuals and communities in need.

In 2019, Scott affirmed her dedication to philanthropy by signing the Giving Pledge, a commitment undertaken by billionaires to donate the majority of their wealth to charitable causes.

Her approach to philanthropy reflects a deliberate and thoughtful strategy aimed at maximizing positive impact while advocating for social change.

While Scott remains steadfast in her philanthropic mission, Amazon founder Jeff Bezos, whose net worth stands at $184.1 billion, has yet to formally commit to the Giving Pledge.

However, he has expressed his intention to give away a significant portion of his wealth in the future, echoing Scott’s altruistic endeavors.

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Femi Otedola Invests N6 Billion in Dangote Cement

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Femi Otedola

Billion Femi Otedola has reportedly acquired shares worth N6 billion in Dangote Cement Plc, according to a Premium Times report.

Citing an anonymous source, Otedola purchased the shares in his name.

Dangote Cement Plc is the largest cement manufacturer in Sub-Saharan Africa and toppled Airtel Africa Plc as the most capitalised listed company in Nigeria.

In the last year, Dangote Cement has returned 81.4 percent with 17.04 billion outstanding shares.

Mr Otedola holds the majority stake in the power-generating company Geregu Power Plc, whose market value currently stands at N1.2 trillion.

In 2021, the billionaire purchased a substantial stake in FBN Holdings, the parent company of Nigeria’s oldest commercial bank First Bank.

Presently, the billionaire holds a 5.57 percent stake in FBN Holdings, where he is the chair of the board of directors, according to the lender’s 2022 audited earnings report.

FBN Holdings recently surpassed the N1 trillion price mark in market value before shedding 2.53 percent on Thursday to close at N967.4 billion.

In April 2022, Mr Otedola purchased 2.6 billion or 6.3 percent shares of Transnational Corporation of Nigeria to become the top shareholder of the conglomerate.

However, Tony Elumelu, the biggest shareholder of United Bank for Africa quickly struck a secret deal with the billionaire to reclaim his ownership in the company and has since doubled down on acquisition to avoid a similar thing in the future.

Elumelu’s stake in the company rose from 2.07 percent to 25.9 percent to retain his place on the top spot of Transcorp’s ownership ladder.

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