“I Started Zenith Bank With ₦20 Million In 1990” — Jim Ovia

 

The founder of Zenith Bank Plc, Jim Ovia, has revealed how the bank was established in 1990 with a startup capital of ₦20 million, urging young Nigerians to remain focused and determined in the face of challenges.

Ovia disclosed this in an interview shared on X (formerly Twitter) on Thursday by user AjMachalaa, where he reflected on the bank’s humble beginnings and its growth into one of Africa’s leading financial institutions.

“I started Zenith Bank with ₦20 million in 1990. That is about $5 million at the same rate of ₦4 to the dollar,” he said, noting that economic realities were very different then.

The banker noted that about two decades later, the bank’s shareholders’ funds had risen to approximately $4 billion, describing the growth as a remarkable return on investment.

“From $4 million to $4 billion. You can do the math. It will give you some thousands percentage return,” Ovia added.

Speaking on the factors behind the bank’s success, he advised young people to remain committed to their goals and not to be discouraged by setbacks.

“They should remain focused. They should remain determined,” he said, adding that such returns are rare in developed economies.

“These kind of numbers, these kind of returns, you don’t get it even in God’s own country, America. You don’t get it in Europe. You don’t get it in Russia. You can get them in Nigeria,” he said.

Ovia, however, acknowledged that the journey had not been without challenges, stressing that adversity is inevitable in business, regardless of location.

“You will always experience adversity, challenges in any business initiatives, whether it’s in Europe or it’s in America,” he said, adding that many entrepreneurs abandon their dreams at that stage.

He explained that Zenith Bank often had to provide its own basic infrastructure to operate effectively, citing the construction of access roads to branches, independent power supply through generators and power plants, and boreholes for water.

“When we do all this, what I personally call it is BYOI, bring your own infrastructure or build your own infrastructure,” he said.

The banker urged young entrepreneurs not to give up on Nigeria despite the country’s infrastructural and economic challenges, stressing that perseverance and innovation remain key to success.