Jim Ovia Expands into Luxury Real Estate in Lagos

Jim Ovia, the founder of Zenith Bank, announced his retirement as the bank's chairman last month and is now focusing on expanding his business portfolio into Nigeria's luxury real estate market. He plans to develop two major high-end residential towers in Lagos: the first, the Metropolitan Tower, is a 26-floor high-rise with apartments priced at $1.85 million, while the second, the Quantum Luxury Tower, will feature 44 apartments starting at $2.8 million.

Ovia entered the real estate business two decades ago with a successful event center in Victoria Island. Meanwhile, the Akwa Ibom State government is developing the 18-storey Ibom Tower, which will include various residential units and is expected to generate approximately $70 million in gross income.

Construction is set to begin in October 2024, with completion anticipated by 2027. The project aims to enhance the state's revenue stream and support social and economic programs.