The founder of Zenith Bank Plc, Jim Ovia, has recounted how the financial institution began operations in 1990 with a modest startup capital of ₦20m, describing the journey as proof that determination, focus and resilience can transform small beginnings into global success.
Ovia disclosed this in an interview shared on X (formerly Twitter), where he reflected on the early days of the bank and the realities of doing business in Nigeria at the time.
According to him, the ₦20m startup capital was equivalent to about $4m–$5m when the naira exchanged at roughly ₦4 to the dollar, a period he said was marked by very different economic conditions.
He noted that despite the challenges, Zenith Bank steadily grew over the years, recording remarkable expansion in assets, operations and shareholder value.
Ovia said that about two decades after its establishment, the bank’s shareholders’ funds had risen to approximately $4bn, representing an extraordinary return on investment.
“From about $4m to $4bn, you can do the mathematics,” he said, adding that such growth levels are rare in many developed economies.
The banker used the opportunity to encourage young Nigerians not to be discouraged by the country’s economic and infrastructural difficulties, stressing that Nigeria still offers unique opportunities for entrepreneurs who are willing to persevere.
“These kinds of returns are not common in places like Europe or America,” he said. “You can still achieve them in Nigeria if you remain focused and determined.”
Ovia acknowledged that Zenith Bank’s success did not come without setbacks, noting that adversity is an unavoidable part of business anywhere in the world. He explained that at various stages, the bank had to provide basic infrastructure for itself in order to operate efficiently.
According to him, Zenith Bank often constructed access roads to its branches, generated its own electricity through generators and power plants, and drilled boreholes to ensure water supply. He described the approach as “bring your own infrastructure,” a strategy he said many Nigerian businesses have had to adopt to survive and grow.
Despite these obstacles, Ovia maintained that abandoning Nigeria is not the solution for young entrepreneurs, urging them instead to innovate and remain committed to their goals. He said many promising business ideas fail not because they are unviable, but because their promoters give up too early when confronted with difficulties.
Zenith Bank, now one of Africa’s leading financial institutions, operates across several countries and is consistently ranked among Nigeria’s top banks by assets and profitability, a journey Ovia said began with vision, discipline and the courage to start small
