Jim Ovia, founder and largest individual shareholder of Zenith Bank Plc, is making a decisive move into luxury real estate, betting that premium property development offers stronger long-term returns than the banking sector that made him one of Nigeria’s most influential businessmen.
The 74-year-old billionaire, who recently stepped down as chairman of Zenith Bank after completing the maximum 12-year tenure imposed by regulators, is deepening investments through Quantum Luxury Properties Ltd., where he is developing two high-end residential towers in Lagos.
According to Bloomberg, Ovia is spearheading the development of Metropolitan Towers, a 26-floor luxury residential project with units starting from $1.85 million, alongside Quantum Luxury Towers, a 44-unit development where apartments are priced from $2.8 million.
The projects represent Ovia’s most ambitious residential investments to date and underscore its growing confidence in Nigeria’s upscale property market, particularly in Lagos, where affluent local investors and diaspora Nigerians are increasingly turning to real estate as a hedge against inflation and currency volatility.
“Real estate is more profitable than banking,” Ovia said during an interview from his office at Civic Towers in Lagos, signalling a major shift in focus after more than three decades of building one of Africa’s most successful banking franchises.
