Jim Ovia, founder and largest individual shareholder of Zenith Bank Plc, is making a decisive move into luxury real estate, betting that premium property development offers stronger long-term returns than the banking sector that made him one of Nigeria’s most influential businessmen.
The 74-year-old billionaire, who recently stepped down as chairman of Zenith Bank after completing the maximum 12-year tenure imposed by regulators, is deepening investments through Quantum Luxury Properties Ltd., where he is developing two high-end residential towers in Lagos.
According to Bloomberg, Ovia is spearheading the development of Metropolitan Towers, a 26-floor luxury residential project with units starting from $1.85 million, alongside Quantum Luxury Towers, a 44-unit development where apartments are priced from $2.8 million.
The projects represent Ovia’s most ambitious residential investments to date and underscore its growing confidence in Nigeria’s upscale property market, particularly in Lagos, where affluent local investors and diaspora Nigerians are increasingly turning to real estate as a hedge against inflation and currency volatility.
“Real estate is more profitable than banking,” Ovia said during an interview from his office at Civic Towers in Lagos, signalling a major shift in focus after more than three decades of building one of Africa’s most successful banking franchises.
“I’m moving into real estate full-time,” he added.
His confidence reflects broader trends reshaping Nigeria’s property market. Rising inflation, persistent naira depreciation, and limited investment alternatives have pushed wealthy individuals toward premium real estate assets, especially in Lagos’ most exclusive districts.
Data from property intelligence firm Estate Intel shows that about 135 homes in Lagos are currently valued above $1 million, with nearly 1,400 additional luxury units expected to enter the market by 2029. Developers have increasingly concentrated on affluent locations such as Ikoyi, Victoria Island, and Eko Atlantic, where demand has remained resilient despite economic headwinds.
The surge in demand has also translated into stronger rental yields. According to estate surveying firm Diya Fatimilehin & Co., rental prices in Lagos’ prime residential neighbourhoods, including Banana Island, Ikoyi, and Victoria Island, rose by 51 percent between 2024 and 2025.
For Ovia, the transition into real estate is not entirely new. Long before he retired from Zenith Bank’s board, he had established a foothold in the sector through Quantum Luxury Properties, which developed Civic Centre and Civic Towers, two landmark waterfront properties on Ozumba Mbadiwe Avenue in Victoria Island.
In 2012, he partnered with Marriott International to bring the global hospitality brand to Lagos, highlighting his longstanding interest in premium real estate and hospitality investments.
Ovia’s latest projects are aimed at ultra-high-net-worth individuals who might otherwise channel capital into property markets in London, Dubai, or Accra.
“Ovia’s interest in real estate started much earlier than just now,” said Jubril Enakele, chief executive officer of IRON Capital Partners and a former executive within Zenith Bank’s investment banking operations. “His attention to design, infrastructure, and asset quality has always been evident in the bank’s physical developments.”
Ovia’s pivot comes after a remarkable banking career that transformed Zenith Bank from a startup lender launched in 1990 into Nigeria’s largest bank by market capitalisation. Established with an initial capital base of about N20 million, the bank grew into one of Africa’s most profitable financial institutions, recording profits exceeding N1 trillion in both 2024 and 2025.
Beyond banking, Ovia has built a reputation for identifying high-growth opportunities. His investments include Visafone, which was later acquired by MTN Group, and an early stake in Moniepoint, the fintech unicorn.