The founder and chairman of Zenith Bank, Jim Ovia, will receive a ₦25.4 billion dividend payout for the 2024 financial year, following the bank’s record earnings.
The payout, set for April 15, 2025, comes as Zenith Bank’s profit after tax surged by 52.5% to ₦1.03 trillion, up from ₦676.9 billion the previous year.
According to Zenith Bank’s financial statements for the year ended December 31, 2024, the Board of Directors has proposed a final dividend of ₦4.00 per share. Combined with the ₦1.00 interim dividend, this brings the total dividend to ₦5.00 per share.
This represents an increase from the previous year’s total dividend of ₦4.00 per share (₦0.50 interim and ₦3.50 final).
Ovia, with 3,552,949,395 direct shares and 1,529,851,344 indirect shares—totaling 5,082,800,739 shares—will receive ₦25,414,003,695 in dividends based on the ₦5.00 per share payout.
Zenith Bank’s total dividend payout for 2024 is ₦141.28 billion, up from ₦106.74 billion in 2023, reflecting strong earnings growth.
As per Nigerian tax regulations, a 10% withholding tax applies to these dividends.
Zenith Bank’s strong performance highlights the resilience of Nigeria’s banking sector, driven by rising yields on government securities and a growing loan book. With inflationary pressures ongoing, analysts expect the CBN’s tight monetary policy to support tier-one banks’ profitability in the near term.
