How This Nigerian Entrepreneur Built A Multi-Billion Dollar Bank From A Garage
Having a dream is one thing. But having the tenacity to chase and make the dream a reality is a trademark of the highly-motivated who would do anything to succeed. Challenges will always arise, but the dogged and resilient never cower at rising storms but instead keep going till they reach their destination.
This is the success story of Jim Ovia, a Nigerian banking magnate whom though not born with a silver spoon went on to build a multi-billion dollar business.
Described by Forbes Africa as the ‘Godfather of Banking in Nigeria’, Jim Ovia is famous for his mastery of business and leadership skills, and it shows a lot in his story.
Early Life And Education Of Jim Ovia
Jim Ovia was born to the family of Obi Olihe of Agbor-Obi, in Agbor, Delta State, on November 4, 1951.
He was 4 years when his father died of a heart attack and had to grow up with a resilient entrepreneurial mother who was now left with the responsibility to carry the household.
After Jim’s elder brother got a job in Lagos, his contributions to the family ensured the training of Jim Ovia through elementary school. After which he attended Ika Grammar School, Bojiboji-Owa for his secondary education, before moving to Lagos to live with his brother.
In Lagos, he began his banking career in 1973 at Union Bank (formerly Barclays Bank), where he worked for three years as a bank clerk before moving to the USA to complete his tertiary education.
He currently holds a Master’s degree in Business Administration from the University of Louisiana, Monroe, Louisiana (1979) and a B.Sc. degree in Business Administration from Southern University, Baton Rouge, Louisiana (1977); all in the USA. He is also an Alumnus of Harvard Business School (OPM).
His Early Career
Jim Ovia returned to Nigeria after his university education and joined a branch of Union Bank of Nigeria for his National Youth Service Corps at 121 Broadstreet, Victoria Island.
Jim further went on to work for the International Merchant Bank (IMB) in 1980, after his compulsory youth service year, where he worked his way up from the position of a financial analyst to the bank manager.
He further worked with the establishment of the corporate division of the Merchant Bank of Africa and Lion Bank, where he rose to the rank of branch manager in Lagos.
Jim Ovia developed a strong interest in computer science and information technology while studying for a degree in business administration. Even then, it had become glaring to him that technology would change the way business was done in the coming decades. To further equip himself, he worked as a part-time computer operator at the defunct Baton Rouge Bank and Trust Company.
The Start of Zenith Bank
Following the deregulation of the banking sector in the late 1980s under the General Ibrahim Babangida’s military government, Jim Ovia applied for a banking license along with other investors. The deregulation gave the exclusive right to start a bank to foreign global financial institutions, federal or state institutions and certain Nigerians.
Private institutions were required to provide a chief executive with at least ten years of banking experience, raise the capital necessary and set up the requisite physical and governance structure, and Jim Ovia qualified for all of this.
In 1990, when Zenith Bank began operations, there were not many buildings explicitly built for commercial or corporate purposes. So, they started with a residential building which they shared with a married couple at Ajose Adeogun Lane, Victoria Island, Lagos.
They converted the garage into a customer service facility, as Ovia recalled, and then made teller points from the rooms. In time, the couple could no longer bear the noise that came with being a bank’s neighbour, and moved out, allowing the bank more room to work.
Some banks that began at the same time were forced to merge or sell out as the years passed but Zenith Bank remained independent and operational.
Ovia’s unique interest in technology was a major factor that worked in favour of the bank, as he was well ahead of others in that respect.
Zenith Bank Today
Today, Zenith bank remains one of the most successful banks in Nigeria. It is the second most valuable bank in Nigeria as of 2020 with a market cap of about N4.46 Trillion Naira (more than $10 billion) and a 4.4% increase in gross earnings within H1 2019 and H1 2020.
Zenith Bank has won several awards and in 2017, she was awarded the Most Valuable Banking Brand in Nigeria by The Banker, London, and the Bank of the Year and the Best Customer Service Bank in the country by BusinessDay Newspaper.
Jim Ovia Today
Jim Ovia made the Forbes list in 2015 as one of the richest men in Africa, with a networth of over $550 million. He is a member of the Lagos State University Governing Council, the Digital Bridge Institute (DBI) and Nigeria’s National Economic Management Committee. He is also a member of the Honorary Foreign Investor Council and Trustees’ Board, Redeemer’s University for Nations, Lagos.
Jim Ovia chairs a variety of boards including Nigerian Software Development Initiative (NSDI), NITAC, Quantum Markets Limited and Cyberspace Network Limited. Ovia also founded the Quantum Group, Inc.
He is married to Kay Ovia, who is the Chief Executive Officer of Quantum Markets Ltd and the initiator of Rising talent hunt for kids and teens. Their marriage is blessed with two kids.
Jim Ovia’s Impact on Society
The business mogul founded a foundation called the Jim Ovia Foundation, which has four arms: James Hope College, Jim Ovia Scholarship, Jim Ovia ICT Entrepreneurs Program and Empower Youth Program. For Ovia, his way of grooming the next generation is with these arms.
About 1,500 students have earned university scholarships courtesy of Jim Ovia Foundation. Since 2002, over 3,500 young people have been motivated, and over 500 entrepreneurs have been trained in various skills including ICT skills.
In 2018, Jim Ovia published his book titled “Africa Rise And Shine”, where he discusses all his business secrets and philosophies of life.
Jim Ovia’s Awards And Recognitions
Jim’s outstanding talents and accomplishments were recognised on various occasions. He holds the Professional Leadership Award at Zik Awards, 1999; Vanguard’s 20 Most Outstanding CEOs in Corporate Nigeria, 2002; Lifetime Achievement Award at Africans Bankers Award, 2015, as well as the prestigious Commander of Order of the Federal Republic of Nigeria which he received in 2011.
He retired from banking at the age of 53 and successfully runs other businesses in various industries like real estate and hospitality.
To Sum It Up
The tenacity of purpose is supreme, and as long as you have a goal and work towards it no matter what, you’d have a far higher chance of succeeding than others who simply dream about theirs.
With persistence, constant learning, innovation, and a readiness to exploit opportunities as they present themselves, you too, could someday be as successful as Jim Ovia.