Zenith Bank founder Jim Ovia is set to receive approximately N8.7 billion in interim dividends for the first half of 2026 after the lender proposed a 20 per cent increase in its payout to shareholders.
The proposed dividend of N1.50 per share represents an increase from the N1.25 paid for the corresponding period last year. Ovia’s substantial shareholding in the bank makes him one of the biggest beneficiaries of the higher payout.
Brandspur Banking News Desk reports that Zenith Bank’s half year financial statements show that Ovia holds 5.8 billion shares, representing approximately 14.13 per cent of the lender. Based on the proposed dividend, his gross entitlement is estimated at N8.7 billion before tax. After the applicable 10 per cent withholding tax, the amount would fall to approximately N7.83 billion.
The dividend is scheduled for electronic payment on October 30, 2026, to shareholders whose names appear on the bank’s register as of October 23, subject to the required e-dividend registration and payment instructions.
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The increased payout comes as Zenith Bank reported a profit before tax of N637.6 billion for the six months ended June 30, 2026, up from N625.63 billion in the same period last year. However, profit after tax declined to N430.76 billion from N532.18 billion, reflecting a weaker bottom line despite the improvement in pre-tax earnings.
The bank’s gross earnings also fell to N1.90 trillion from N2.52 trillion in the first half of 2025, according to its financial statements. The proposed dividend increase therefore comes against a mixed earnings picture, with pre-tax profit rising while revenue and after-tax profit declined.
Ovia retired as chairman of Zenith Bank in April 2026 after completing his tenure on the board. His departure from the chairmanship did not end his position as a major shareholder, and his substantial stake continues to expose him to the bank’s dividend decisions and financial performance.
The proposed interim dividend will be presented for ratification at the bank’s next annual general meeting. If approved and paid as scheduled, it will provide Ovia with another significant return from the financial institution he founded in 1990.
