Jim Ovia, the founder and largest individual shareholder of Zenith Bank Plc, says he is turning his attention fully to real estate after stepping down as chairman of the bank, arguing that the property sector offers better returns than banking.

The 74-year-old businessman is expanding his activities through Quantum Luxury Properties Ltd., where he is developing two high-end residential projects in Lagos.

The developments include the 26-storey Metropolitan Towers, where units start from $1.85 million, and the 44-unit Quantum Luxury Towers, with apartments priced from $2.8 million.

Speaking from his office at Civic Towers in Lagos, Ovia said both projects were attracting strong interest from buyers and had already recorded significant sales.

“Real estate is more profitable than banking,” Ovia said.

“I’m moving into real estate full-time,” he added.

The decision comes as Lagos’ luxury property market continues to attract wealthy investors seeking protection from inflation, currency depreciation and limited investment alternatives.

According to estate surveying firm Diya Fatimilehin & Co., rental prices in Lagos’ luxury districts of Banana Island, Ikoyi and Victoria Island rose by 51% between 2024 and 2025, reinforcing demand for premium real estate.

Jubril Enakele, Chief Executive Officer of IRON Capital Partners and a former executive within Zenith’s investment banking operations, said Ovia’s interest in the sector predates his latest move.

“Mr. Ovia’s interest in real estate started much earlier than just now,” Enakele said.

He added that Ovia’s focus on design, infrastructure and asset quality had long been evident in projects associated with the banker.

Ovia stepped down as chairman of Zenith Bank on May 5 after completing the maximum 12-year tenure allowed by regulators. While he remains the bank’s largest individual shareholder, his departure marks the end of a leadership era at the institution he founded in 1990 with an initial capital base of about N20 million.

Under his leadership, Zenith Bank grew into Nigeria’s largest lender by market value and one of the country’s most profitable financial institutions. The bank recorded profits exceeding ?1 trillion in both 2024 and 2025.

Beyond banking, Ovia has built a portfolio of investments that includes Civic Centre and Civic Towers in Lagos, the sale of Visafone to MTN Group, and an early investment in Moniepoint.

His latest move shows growing confidence in Nigeria’s property market, where rising construction costs, rapid urbanisation and a housing deficit estimated at more than 20 million units continue to support demand across both affordable and premium housing segments.

For Ovia, the next phase of his business career appears firmly rooted in real estate, with luxury housing developments at the centre of his expansion plans. (AriseNews TV)

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