Jim Ovia, the billionaire founder of Zenith Bank Plc, has declared that real estate now offers better returns than banking as he channels his focus into luxury property development on the Lagos lagoon.
Ovia, 74, stepped down as Zenith Bank chairman on May 5 after completing the maximum 12-year tenure, but remains the lender’s largest individual shareholder. With banking leadership handed off, he is advancing two high-end residential projects through his Quantum Luxury Properties Ltd.
The first is Metropolitan Towers, a 26-floor development where units start at $1.85 million. The second is Quantum Luxury Towers, a 44-unit high-rise with apartments priced from $2.8 million. Both are located on the same Lagos lagoon where Ovia previously built Civic Towers and Civic Center. According to him, the new properties are already selling out to wealthy buyers and expatriates.
“Real estate is more profitable than banking,” Ovia said in an interview with Bloomberg. “I’m moving into real estate full-time.”
The shift comes as Nigeria grapples with a housing deficit of over 20 million units, a shortage that continues to push property values higher across all income levels. In Lagos, demand for premium housing has surged, creating lucrative opportunities for developers at the top end of the market.
Ovia’s pivot follows a track record of successful exits. A decade ago he sold Visafone Communications to MTN Group Ltd, and he was an early investor in Moniepoint Inc, the Nigerian fintech that became a unicorn last year. Those deals reinforced his reputation for identifying high-growth sectors and exiting at peak valuations.
With both Metropolitan Towers and Quantum Luxury Towers selling out at multi-million dollar price points, Ovia’s bet on Lagos luxury real estate underscores the profit potential driving capital away from traditional banking into Nigeria’s property market.
