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Zenith Bank founder and former chairman Jim Ovia is set to receive approximately N8.7 billion in interim dividends for the first half of 2026, following the bank’s decision to increase its dividend payout to shareholders.
The proposed payment represents a 20% increase from the N1.25 per share declared in the corresponding period of 2025, bringing the interim dividend to N1.50 per share.
According to Zenith Bank’s financial statements for the half-year ended June 30, 2026, Ovia holds a combined 5.80 billion shares in the bank, comprising direct and indirect investments.
The payout comes months after Ovia retired from the bank’s board on April 29, 2026, although he retains a substantial ownership interest in the financial institution he founded in 1990.
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The dividend is scheduled for payment on October 30, 2026, to eligible shareholders.
Jim Ovia’s combined shareholding
According to the bank’s financial disclosures, Ovia’s combined shareholding of 5,801,238,332 units represents approximately 14.13% of Zenith Bank’s 41.07 billion outstanding shares.
- His direct ownership stands at 4,145,107,627 shares, translating to approximately N6.22 billion in interim dividends.
- His indirect holdings of 1,656,130,705 shares are expected to generate an additional N2.48 billion.
- Combined, the holdings translate to approximately N8.70 billion in gross dividend income.
- After the applicable 10% withholding tax, his estimated net dividend entitlement would amount to N7.83 billion.
His indirect investments are held through Institutional Investors Limited, Lurot Burca Limited, Jovis Nigeria Limited, Veritas Registrars Limited and Quantum Zenith Securities Limited.
The payout follows Zenith Bank’s reported profit before tax of N637.6 billion for H1 2026, representing a 1.9% increase from N625.6 billion in the corresponding period of 2025.
However, profit after tax declined to N430.8 billion from N532.2 billion, reflecting higher tax expenses.
Jim Ovia among largest dividend beneficiaries
Ovia has consistently ranked among Nigeria’s biggest individual dividend beneficiaries, reflecting his substantial ownership in Zenith Bank.
- In September 2025, Ovia was set to receive N5.18 billion in interim dividends from his direct holdings, excluding approximately N2.06 billion attributable to his indirect investments.
- Earlier in March 2025, Nairametrics reported that Ovia was entitled to approximately N25.4 billion in dividends for the 2024 financial year, following the bank’s N1.03 trillion profit after tax.
- For the 2025 financial year, Zenith Bank subsequently approved a total dividend of N10.00 per share, comprising an interim dividend of N1.25 and a final dividend of N8.75.
- The final dividend was approved at the bank’s May 2026 Annual General Meeting, which also marked Ovia’s formal retirement as chairman and the ratification of Mustafa Bello as his successor.
What you should know
Zenith Bank’s proposed N1.50 interim dividend translates to an estimated total shareholder distribution of N61.60 billion, based on its 41.07 billion outstanding shares.
The bank has fixed October 23, 2026, as the qualification date, while payment is expected on October 30, subject to applicable withholding tax and completion of e-dividend registration.
The proposed dividend remains subject to shareholder ratification at the next Annual General Meeting.
