Billionaire businessman and Zenith Bank founder Jim Ovia has identified real estate as a more lucrative investment than banking, revealing that some of his most profitable ventures have come from property development rather than financial services.
He made the remarks while reflecting on the role of real estate in his wealth-creation journey, highlighting how strategic investments in prime locations have generated substantial long-term value.
While Ovia is best known for building Zenith Bank into one of Nigeria’s most valuable financial institutions, his business interests extend beyond banking into property, technology, telecommunications and hospitality.
According to the businessman, carefully selected real estate developments have delivered returns that, in some cases, surpassed those generated by traditional banking activities.
Jim Ovia’s Extensive Real Estate Portfolio
Among Ovia’s most notable investments was the transformation of previously underutilised waterfront property along Ozumba Mbadiwe in Lagos into premium commercial and hospitality developments.
Projects such as Civic Centre and Civic Towers have become landmarks within Lagos’ commercial landscape, benefiting from the city’s rapid expansion and rising demand for premium office and event spaces.
Jim Ovia, is expanding his footprint in real estate with the construction of a 26-floor Metropolitan Towers residential development in Lagos, where units start at $1.85 million (N2.5 billion), as well as the completion of a 44-unit Quantum Luxury Towers high-rise, where apartments start from $2.8 million (N3.8 billion).
The investments illustrate a central principle of successful real estate investing: the ability to create value by identifying strategic locations before broader market appreciation occurs.
Unlike many financial assets, property can generate returns through multiple channels, including capital appreciation, rental income, redevelopment opportunities and ancillary commercial activities. For investors with a long-term horizon, these factors can compound significantly over time.
Why Real Estate Continues to Attract Capital
Nigeria’s rapid urbanisation, demographic expansion and persistent housing shortage continue to support demand for residential, commercial and mixed-use developments. The country’s housing deficit remains one of the largest in Africa, creating sustained demand for new housing stock and related infrastructure.
The real estate sector has also become an increasingly important contributor to economic activity. Industry estimates indicate that Nigeria’s real estate and construction sectors generated trillions of naira in economic output in 2025, reinforcing their role as major drivers of employment, investment and wealth creation.
For institutional investors, pension funds and high-net-worth individuals, property assets offer diversification benefits while providing a potential hedge against inflation and currency depreciation.
