– Nigerian billionaire, Jim Ovia has lost $64 million on paper in 6 months
According to the reports, Nigerian billionaire and Chairman of Zenith Bank, Jim Ovia has lost over $64 million on paper in 6 months.
This comes as the stock price of his bank (Zenith) shed 33% in value within the period, according to Forbes.
The report further revealed that on the 8th of February 2019, Zenith bank was trading at a share price of N24.4 ($0.06). But the share price dropped to N16.35 at the close of trading on Thursday.
Mr. Ademola Adeleke, an Abuja based stock broker while speaking on the situation said, “Foreign investors are not exactly complicated. All they are looking for a broader catalyst like government policy or macro announcement that suggest growth for the economy is becoming better. Buhari’s government has been slow in providing a coherent economic policy that will give foreign investors some sort of comfort, so they are taking to the hills.”
Aside Jim Ovia’s holding in Zenith Bank, the 65 year-old happens to be one of Nigeria’s largest property owners.