Nigerian Banking Billionaire Says Real Estate Delivers Better Returns Than Banks
Written on
The founder of Nigeria’s biggest bank says property now outperforms banking as an investment. He’s backing that belief with luxury residential towers worth billions in Lagos.
Nigerian billionaire and Zenith Bank founder Jim Ovia says real estate offers stronger returns than banking, marking a notable shift from one of the country’s most influential financial figures.
After stepping down as chairman of Zenith Bank, Ovia is expanding his property portfolio through luxury residential developments in Lagos, including high-rise projects targeting ultra-high-net-worth buyers.
His move comes as Nigeria’s premium property market continues to attract wealthy investors seeking protection from currency volatility and limited investment alternatives.
Analysts say luxury real estate has remained one of the country’s most resilient asset classes despite broader economic pressures and financing challenges facing the wider housing sector.
The developments are expected to compete with some of the most expensive residential projects in West Africa, signaling continued confidence in Lagos’ high-end property market.
Read the full story at Business Insider Africa →