Zenith Bank founder and former chairman Jim Ovia is set to receive approximately ₦8.70 billion in interim dividends for the first half of 2026, following a 20 percent increase in the bank’s dividend per share. The lender proposed an interim dividend of ₦1.50 per share, compared with ₦1.25 declared for the corresponding period of 2025. Ovia’s estimated dividend income after 10 percent withholding tax stands at ₦7.83 billion, with payment scheduled for October 30, 2026.
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 through direct and indirect investments, making him one of its largest individual shareholders. His direct shareholding accounts for 4,145,107,627 shares, which would translate into approximately ₦6.22 billion in interim dividends at the proposed rate of ₦1.50 per share. His indirect holdings of 1,656,130,705 shares would generate an additional ₦2.48 billion.
The proposed dividend comes against the backdrop of a mixed earnings performance by Zenith Bank in the first half of 2026. The bank reported profit before tax of ₦637.6 billion, representing a 1.9 percent increase from ₦625.6 billion recorded in the corresponding period of 2025. However, profit after tax declined to ₦430.8 billion from ₦532.2 billion a year earlier, representing a fall of approximately 19.1 percent.
Ovia has consistently ranked among Nigeria’s major individual beneficiaries of bank dividends, reflecting his substantial stake in Zenith Bank. In September 2025, he was reported to be entitled to ₦5.18 billion in interim dividends from his direct holdings, excluding approximately ₦2.06 billion attributable to his indirect investments. Earlier, in March 2025, he was reported to be entitled to approximately ₦25.4 billion in dividends for the 2024 financial year.
Zenith Bank has fixed October 23, 2026, as the qualification date for the proposed interim dividend, with payment scheduled for October 30. Based on the bank’s 41.07 billion outstanding shares, the proposed ₦1.50 dividend per share translates into an estimated total distribution of ₦61.60 billion to eligible shareholders. The payment is subject to applicable withholding tax and completion of the required e-dividend registration process.
The dividend comes months after Ovia retired from the bank’s board on April 29, 2026, while retaining a substantial ownership interest in the financial institution he founded in 1990. His indirect investments are held through Institutional Investors Limited, Lurot Burca Limited, Jovis Nigeria Limited, Veritas Registrars Limited and Quantum Zenith Securities Limited.
The proposed interim dividend remains subject to ratification at the bank’s next Annual General Meeting. Ovia’s history of dividend earnings reflects his significant stake in Zenith Bank, and the recent increase in dividend per share will likely have a positive impact on his earnings.
Key points
- Jim Ovia will receive approximately ₦8.70 billion in gross interim dividends from his direct and indirect shareholdings in Zenith Bank.
- The proposed ₦1.50 per-share dividend represents a 20 percent increase from the ₦1.25 paid for the first half of 2025.
- Zenith Bank reported profit before tax of ₦637.6 billion for the first half of 2026, representing a 1.9 percent increase from the corresponding period of 2025.
