Jim Ovia, the founder of Zenith Bank, is expanding his footprint in Nigeria’s luxury real estate market, betting that high-end property offers stronger returns than traditional banking investments.
The 74-year-old billionaire, who built Zenith Bank from a $4 million startup in 1990 into Nigeria’s largest lender by market value, is developing two luxury residential towers in Lagos through his company, Quantum Luxury Properties Ltd, according to Bloomberg.
The first project, Metropolitan Towers, is a 26-floor residential development where units start at $1.85 million. Ovia is also nearing completion of Quantum Luxury Towers, a 44-unit high-rise with apartments priced from $2.8 million.
The developments come as Lagos experiences growing demand for premium residential properties, driven by wealthy local investors seeking to preserve wealth and Nigerians in the diaspora taking advantage of a weaker naira to acquire assets at home.
According to property intelligence firm Estate Intel, about 135 homes in Lagos are currently priced above $1 million. The market is expected to expand significantly over the next few years, with nearly 1,400 additional luxury homes projected to enter the market by 2029.
Developers have increasingly focused on high-end residential projects, particularly in affluent districts such as Victoria Island, Ikoyi, and Eko Atlantic, where demand has remained relatively resilient despite broader economic challenges.
Expanding beyond banking
Ovia’s interest in real estate predates his latest developments. Before stepping down as Zenith Bank chairman this year, he had already established a presence in the sector through Quantum Luxury Properties, developing the Civic Centre Towers on Ozumba Mbadiwe Avenue in Victoria Island.
In 2012, he also partnered with Marriott International to bring the global hospitality brand to Lagos, signalling his long-term ambition in premium real estate and hospitality.
However, Metropolitan Towers and Quantum Luxury Towers represent his most ambitious residential developments to date.
With apartments starting at up to $2.8 million, the projects are aimed at ultra-high-net-worth buyers who might otherwise invest in property markets such as London, Dubai, or Accra.