- Jim Ovia would receive N25.4 billion in dividend payout for the 2024 financial year
- This follows Zenith Bank’s Board of Directors’ declaration to pay N5.00 as dividend per share
- Zenith Bank will pay N141.28 billion as total dividend payouts for the 2024 financial year
Jim Ovia, the chairman and founder of Zenith Bank, will see his dividend payout for the 2024 financial year soar to N25.4 billion, following the bank’s declaration of N5 as dividend per ordinary share.
The payout, scheduled for April 15, follows the bank’s significant performance in 2024, as it reported a 52.5 per cent increase in profit after tax.
Zenith Bank’s profit after tax increased from N676.9 billion in 2023 to N1.03 trillion in 2024, according to its financial statements for the year ended December 31, 2024.
Zenith Bank declared a N5.00 per share dividend
The bank’s financial statement disclosed that the bank’s Board of Directors proposed a final dividend of N4.00 per ordinary share, which, in addition to the N1.00 per share interim dividend, brings the total dividend to N5.00 per share.
The bank’s dividend per share increased by N1.00 from that recorded in 2023, when the total dividend stood at N4.00 per share, N0.50 at interim, and N3.50 as the final dividend.
Ovia’s total shareholding in the bank stands at 5,082,800,739 shares, comprising 3,552,949.395 direct shares and 1,529,851,344 indirect shares.
At a N5.00 per share payout, Ovia stands to receive N25,414,003,695 in dividends for the 2024 financial year.
Zenith Bank to pay N141.28 billion as total dividend payouts
For the 2024 financial year, Zenith Bank’s total dividend payout stands at N141.28 billion, increasing from the N106.74 billion recorded in 2023.
These dividends are subject to a 10 per cent withholding tax, in line with the Nigerian tax regulations.
The increase in the bank’s dividend payouts follows a rise in its gross earnings, which surged to N3.9 trillion, up from N2.39 trillion in 2023.
The bank’s gross earnings were largely driven by interest income, which more than doubled to N2.7 trillion from the N1.14 trillion recorded in 2023.
Most of the bank’s income was generated within Nigeria, accounting for N3.5 trillion out of the N3.97 trillion in net consolidated revenue. Income from its African and European operations increased to N510 billion, up from N281.1 billion in 2023.
Agba baller: Otedola buys N17.2bn shares to increase his lead as FBN’s largest shareholder
Meanwhile, TheRadar earlier reported that the Chairman of FBN Holdings, Femi Otedola, purchased an additional N17.2 billion worth of shares on Monday, June 24, to maintain his lead as the largest shareholder of the company.
With the purchase of 797,946,415 shares at N21.48 kobo, Otedola increased his stake in the financial services group to 11.63 per cent, a 2.22 per cent increase from an initial 9.41 per cent he had last week.
