Jim Ovia, the chairman and founder of Zenith Bank, and Tony Elumelu, the Chairman of UBA, are set to receive a staggering N25.4 billion and N12.71 billion dividend payout respectively for the 2024 financial year, an outcome of their banks’ record-breaking performance.
The Zenith payout, scheduled for April 15, 2025, follows a year in which the bank delivered an exceptional profit after tax of N1.03 trillion, a significant 52.5% increase from the N676.9 billion reported in the previous year.
The financial statements for the year ended December 31, 2024, reveal that the Board of Directors has proposed a final dividend of N4.00 per share. This, when combined with the N1.00 interim dividend per share paid earlier in the year, brings the total dividend payout to N5.00 per share.
Register for Tekedia Mini-MBA edition 17 (June 9 – Sept 6, 2025) today for early bird discounts. Do annual for access to Blucera.com.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register to become a better CEO or Director with Tekedia CEO & Director Program.
For Ovia, whose direct shareholding stands at 3,552,949,395 shares and indirect holding at 1,529,851,344 shares, the total shareholding of 5,082,800,739 shares translates to a windfall of N25,414,003,695.
The increased dividend payout reflects the bank’s strong earnings performance, which saw gross earnings rise to N3.9 trillion, a sharp increase from N2.39 trillion in the previous year. A significant driver of this revenue boost was interest income, which more than doubled to N2.7 trillion, compared to N1.14 trillion in 2023.
The high-interest-rate environment in Nigeria, fueled by the Central Bank of Nigeria’s (CBN) aggressive monetary policy stance, has allowed tier-one banks like Zenith to capitalize on rising yields on government securities while expanding their loan books.
Zenith Bank’s net interest income climbed to N1.73 trillion, supported by strong earnings from loans and advances as well as strategic investments in low-risk government securities such as treasury bills. The bulk of the bank’s revenue came from its Nigerian operations, which generated N3.5 trillion out of the total N3.97 trillion in net consolidated revenue.
Meanwhile, its African and European operations recorded a revenue increase to N510 billion, up from N281.1 billion in the prior year, demonstrating the bank’s growing international footprint.
Tony Elumelu to Receive N12.71 Billion Dividend from UBA
Meanwhile, another prominent name in Nigeria’s financial sector, billionaire investor Tony Elumelu, is also set to receive a significant dividend payout of N12.71 billion from United Bank for Africa (UBA) following the bank’s robust financial performance in 2024.
Elumelu, who serves as Chairman of UBA, owns a total of 2,542,511,824 shares in the bank, spread across both direct and indirect holdings. His direct shareholding stands at 195,124,581 shares, while his indirect holdings are spread across three investment entities: HH Capital Limited, Heirs Holdings Limited, and Heirs Alliance Limited. The sheer size of his holdings secures him one of the highest individual dividend earnings from UBA’s latest financial results.
UBA declared a total dividend of N5.00 per share, marking a significant increase from the previous year. The final dividend of N3.00 per share, combined with an interim dividend of N2.00 per share, resulted in a total payout ratio of 26.6%, a significant jump from the 16.32% recorded in 2023. Consequently, UBA’s total dividend payout surged to N147.05 billion, compared to N47.88 billion in the prior year, reflecting the bank’s record-breaking financial performance.
The bank reported a pre-tax profit of N803.7 billion, a 6% increase from N757.6 billion in 2023. After-tax profit climbed by 26.14% to N766.5 billion, marking the highest annual profit in the bank’s history. UBA also recorded substantial growth in key financial metrics, with gross earnings surging by 53.6% to N3.19 trillion, up from N2.08 trillion in 2023.
UBA, one of Nigeria’s five largest banks, known as FUGAZ (FirstHoldCo, UBA, GTCO, Access Holdings, and Zenith Bank), also witnessed a remarkable expansion in total assets, which grew to N30.3 trillion, an increase of N9.7 trillion from the N20.65 trillion reported in the previous year. The bank’s 2024 full-year results were highly anticipated by investors, especially amid a declining stock market.
Over the last two years, UBA has posted a cumulative profit of N1.37 trillion, a striking contrast to the N570.4 billion recorded over the preceding five-year period. This rapid growth highlights the bank’s improved operational efficiency and strategic execution. Despite economic challenges, UBA has managed to maintain strong performance, driven by its pan-African presence and an expanding balance sheet.
For Elumelu, this dividend payout reinforces his deep investment in UBA’s success, a testament to his role in driving the bank’s expansion across Africa and beyond.
The performances of both Zenith Bank and UBA highlight a booming Nigerian banking sector, one that is thriving despite economic headwinds. With record profits, increasing revenues, and substantial dividend payouts, these banks continue to solidify their positions as leading financial institutions in Africa.
The high-interest-rate environment, fueled by the CBN’s stringent monetary policy, has proven beneficial for banks, driving interest income growth and strong financial performance. Analysts anticipate that, with inflationary pressures persisting, tier-one banks like Zenith and UBA will continue to enjoy elevated earnings, even as economic uncertainty remains a concern.
The record payouts to Jim Ovia and Tony Elumelu demonstrate the massive wealth accumulation among Nigeria’s top banking executives, reinforcing their financial status as key players shaping the country’s financial sector.