Zenith Bank founder and largest individual shareholder, Jim Ovia, has said he is shifting his full attention to real estate following his exit as chairman of the bank, arguing that the property sector offers stronger returns than banking.
The 74-year-old entrepreneur is expanding his footprint through Quantum Luxury Properties Ltd., where he is currently developing two high-end residential projects in Lagos.
The projects included the 26-storey Metropolitan Towers, with apartment units reportedly starting at $1.85 million, and the 44-unit Quantum Luxury Towers, where prices are said to begin from $2.8 million.
Speaking from his office at Civic Towers in Lagos, Ovia said both developments had attracted strong interest from buyers, noting that significant sales had already been recorded.
“Real estate is more profitable than banking.
“I’m moving into real estate full-time,” Ovia said.
His decision comes amid a surge in demand within Lagos’ luxury property market, driven by high-net-worth investors seeking protection from inflation, currency depreciation and limited alternative investment options.
Estate surveying firm Diya Fatimilehin & Co. reported that rental values in Lagos’ premium locations, including Banana Island, Ikoyi and Victoria Island, rose by 51 per cent between 2024 and 2025, underscoring sustained demand for upscale housing.
Chief Executive Officer of IRON Capital Partners and former Zenith Bank investment banking executive, Jubril Enakele, said Ovia’s interest in real estate was not new, noting that it had existed long before his recent announcement.
“Mr. Ovia’s interest in real estate started much earlier than just now,” he said.
Enakele added that Ovia’s long-standing focus on design quality, infrastructure and asset value had been evident in several projects linked to the banker over time.
Ovia stepped down as Zenith Bank chairman on May 5 after completing the maximum 12-year tenure permitted by regulatory rules. He remains the bank’s largest individual shareholder.
His exit marked the end of an era for the bank he founded in 1990 with an initial capital base of about N20 million, which has since grown into one of Nigeria’s most valuable and profitable financial institutions.
Under his leadership, Zenith Bank became the country’s largest lender by market value and reported profits exceeding N1 trillion in both 2024 and 2025.
Beyond banking, Ovia has built a diversified investment portfolio that includes Civic Centre and Civic Towers in Lagos, the sale of Visafone to MTN Group, and early backing of fintech firm Moniepoint.
His latest move highlights growing confidence in Nigeria’s real estate sector, where rising construction costs, rapid urbanisation and a housing deficit estimated at over 20 million units continue to drive demand across both affordable and luxury segments.
With this shift, Ovia appears set to deepen his focus on luxury property development as the next phase of his business career.
