Jim Ovia built Zenith Bank Plc into one of Nigeria’s most dominant financial institutions. This week, that legacy took a fresh turn as the lender reclaimed its position as the country’s most valuable banking stock.
Shares of Zenith Bank climbed sharply by 7.91 percent to close at N111, marking an all time high and one of its strongest single day gains in recent weeks.
The rally lifted the bank’s market capitalization to N4.58 trillion, pushing it ahead of Guaranty Trust Holding Company Plc, which closed at N4.32 trillion.
The surge follows the bank’s announcement that it plans to pursue a full listing on the London Stock Exchange by 2027. Investors responded quickly, viewing the move as a signal of deeper global ambitions and stronger access to international capital.
Zenith Bank has maintained a presence in London since 2013 through global depositary receipts.
A full listing would significantly expand its visibility among global investors and improve liquidity, positioning the bank for a broader capital base as competition intensifies in Nigeria’s financial sector.
The bank’s rise comes amid a wider push by Nigerian lenders to tap foreign markets for growth capital. Guaranty Trust Holding Company Plc, for example, raised $105 million through its own London listing last year, underscoring the growing importance of offshore funding.
Zenith Bank opens branch in the UK
Zenith Bank is also deepening its footprint in the United Kingdom.
The lender recently opened a new branch in Manchester, complementing its long standing London operations. The expansion is expected to create about 30 jobs and will focus on corporate banking services such as trade finance and treasury operations for businesses operating between Africa and Europe.
The move aligns with broader efforts to strengthen commercial ties between Nigeria and the UK, where trade flows are estimated at £8.1 billion annually. The branch opening coincided with President Bola Ahmed Tinubu’s visit to the United Kingdom, where discussions centered on boosting bilateral investment.
Zenith Bank’s share price now places it among a select group of Nigerian lenders trading above N100, a threshold often seen by investors as a sign of market re-rating and sustained earnings strength.
The latest rally highlights the tightening race at the top of Nigeria’s banking sector. With valuations closely matched, Zenith Bank’s global strategy under Ovia’s founding vision signals a longer term shift toward international markets and a stronger role in facilitating cross border trade.
