Jim Ovia, founder and largest individual shareholder of Zenith Bank Plc, has announced plans to focus fully on real estate development following his exit as chairman of the bank, citing stronger profitability prospects in the sector than in banking.
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The 74-year-old billionaire businessman said he is deepening investments through Quantum Luxury Properties Ltd., where he is developing two high-end residential projects in Lagos, according to Bloomberg.
The Lagos projects are a 26-floor Metropolitan Towers, with units starting from $1.85 million, and the 44-unit Quantum Luxury Towers, where apartments are priced from $2.8 million.
What Jim Ovia is saying
Speaking from his office at Civic Towers in Lagos, Ovia said both developments are attracting strong demand and are already recording significant sales.
- “Real estate is more profitable than banking,” Ovia said, signaling a major shift in focus after more than three decades of building one of Africa’s most successful banking franchises.
- “I’m moving into real estate full-time,” he said.
His move comes at a time when Nigeria’s property market, particularly in Lagos, is benefiting from rising demand for premium real estate amid persistent inflation, naira depreciation, and limited investment alternatives.
According to estate surveying firm Diya Fatimilehin & Co., rental prices in Lagos’ luxury districts of Banana Island, Ikoyi, and Victoria Island surged by 51% between 2024 and 2025, reinforcing real estate’s status as a preferred wealth preservation asset among high-net-worth individuals.
- “Mr. Ovia’s interest in real estate started much earlier than just now,” said Jubril Enakele, Chief Executive Officer of IRON Capital Partners and a former executive within Zenith’s investment banking operations. According to him, Ovia’s attention to design, infrastructure, and asset quality has always been evident in the bank’s physical developments.
The expansion into luxury housing also portrays broader trends in Nigeria’s property market. Despite a national housing deficit estimated at over 20 million units, demand remains strong across both affordable and premium segments. Rising construction costs, rapid urbanization, and chronic housing shortages continue to support property values, particularly in Lagos.
What you should know
Ovia stepped down as chairman of Zenith Bank on May 5 after completing the maximum 12-year tenure permitted by regulators. Although he remains the bank’s largest individual shareholder, the transition marks the end of an era for the institution he founded in 1990 with an initial capital base of about N20 million.
Under his leadership, Zenith Bank evolved from a startup lender into Nigeria’s largest bank by market capitalization and one of its most profitable financial institutions. The bank posted profits exceeding N1 trillion in both 2024 and 2025, establishing its position among the country’s most successful corporate entities.
Ovia’s latest move is consistent with a long-standing interest in real estate and infrastructure development. His previous projects include Civic Centre and Civic Towers, two landmark developments on the Lagos waterfront that have become prominent fixtures in the city’s commercial landscape.
Beyond banking and real estate, Ovia has built a track record of successful investments, including the sale of Visafone to MTN Group and an early investment in Moniepoint, which achieved unicorn status in recent years.
For Ovia, however, the next chapter appears firmly rooted in bricks and mortar. With Lagos’ luxury real estate market continuing to attract wealthy investors seeking protection from inflation and currency volatility, the veteran banker believes the sector offers greater upside than the industry that made him one of Nigeria’s most influential businessmen.
