According to Ripples Nigeria analysis, their investment in
the firm comes amid -3.57% slump in Zenith Bank’s year-to-date share value,
reflecting a reversed movement in shareholders investment, as the capital
market’s confidence around the lender stay low – considering its -2.21% decline
between January 2021 to Monday, May 9, 2022.
With investors not being bullish about Zenith Bank, amid
blurry growth prospects, the investment from Ovia and Onyeagwu could be seen as
the management’s effort trying to convert pessimistic investors and save the
firm’s shares.
Ovia, who owns the largest individual and institutional
stakes in Zenith Bank, acquired one million shares on Tuesday, May 9, through
his investment company, Quantum Zenity Securities & Investment Limited.
The shares acquired are worth N24.35 million. He previously
held 1.52 billion indirect shares both in 2021, as well as 2020, through five
companies, which includes Quantum Zenith.
The godfather of Nigerian banking industry, as he’s quietly
known, also holds 3.54 billion direct shares. This brings his total investment
in Zenith Bank to N122.7 billion, when his total stake is pegged with the
lender’s closing stock price of N24.25kobo per share.
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