Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,567,547 members, 5,939,313 topics. Date: Sunday, 25 October 2020 at 05:57 AM

Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder (1986 Views)

Jim Ovia Earns N1.52 Billion As Top Bank Chiefs Earn N2.3bn In Interim Dividend / Adegoke Olubusi, Bolatito Ovia, Dimeji Sofowora Who Launched Helium Health / Jim Ovia Withdraws From The World Economic Forum (2) (3) (4)

(1) (Reply) (Go Down)

Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder by jerrybone(f): 12:45am On Jun 07, 2019
Some call him the “Mafia Banker” others call him “The Godfather” but only a few know him by his real name, James Nzemeke alias “Akatukpo”, the third son of the first wife of the Olihe of Agbor, Chief Nzemeke who was born on a Sunday, the 4th day of November 1951. Unlike most wealthy families, we learnt James had to start earning pennies weeding people’s farms as the burden of sending him to school fell on his mother after the demise of his father Chief Nzemeke who was a farmer and quite successful by the local standards of those days. A reliable source who gave us a history of young James disclosed that he attended the local primary school in the village, Igwe Primary School which was then known as Pilgrims Baptist Primary School from where he proceeded to Ika Grammar School, Agbor later on, sat and obtained good grades in his West African School Certificate Examination. James migrated to Lagos shortly after he finished his secondary education as he was hired as a clerical staff by the Ikeja branch of Barclays Bank, now Union Bank. With zeal to excel academically, young James set out to the United States of America where he secured admission with the Southern University, Baton Rouge Louisiana for his Bachelor’s degree in Business Administration. He also went further to work as a part-time operator at the local Baton Rouge Bank and Trust company and also obtained his MBA from the University of Louisiana with valuable experience in Information and Communication Technology.

A return to Nigeria in 1980 saw him landing a job with the international Merchant Bank, where he steadily climbed the administrative ladder as he soon became a senior manager by 1987.

He also worked with the Merchant Bank of Africa as the head of the corporate finance department where he subsequently set up a thriving corporate division which later paid off, as three years later he became a shareholder in the now thriving Zenith bank and its first Managing Director after the deregulation of the banking sector by General Ibrahim Babangida’s administration in the late 1980s. Amongst James’ achievements is a sprawling project about four hundred meters away from a prominent landmark in the Obi Olihe Quarters of Ime-Obi on the Obi Ikechukwu road where he grew up as a child, the James Hope College, an edifice that is by far the most modern architectural structure in the area housing a magnificent American Styled Secondary School owned by Jim Ovia, the billionaire that James Nzemeke transformed to. Yes, the Jim Ovia we know now was not his given name from birth. He was known as James Nzemeke. The banking godfather begins his mafia style of taking over the now famed Zenith Bank with the change of name.

THE TRUE ORIGIN OF ZENITH

In 1986 following the sharp fall in oil revenues which accumulated trade arrears and increased debt service, the Babangida Administration, under pressure from the International Monetary Fund and the World Bank, launched a vital programme aimed at achieving a balance of payment viability by restructuring the payment and consumption pattern of Nigeria’s economy. An integral part of the program known as the Structural Adjustment Programme (SAP) by the military administration of General Ibrahim Badamasi Babangida was the deregulation of the banking system which liberalized bank licensing policy thereby giving rise to a proliferation of banks and other financial institutions among which was Zenith International Bank. SecretReporters is in possession of the original CAC documents that detailed the actual owner and original founder of Zenith Bank. Incorporated on 31st May 1990 few years after the deregulation of the banking sector, Zenith International Bank started its operation with an initial capital of twenty million shares and Dr Godfrey Otubu, Chief Alfred Nzemeke and Mr Jim Ovia as its inaugural shareholders each holding a million shares. Godfrey Otubu, Macaulay Pepple, Alfred Nzemeke and Mr Jim Ovia were also listed as the directors of the bank at incorporation. SecretReporters learned that the bank which formally opened for business in July 1990 had Baba Aladura Godfrey Otubu as its Pioneer Chairman and actual founder of the bank while Jim Ovia served as the Managing Director contrary to the official account given by Zenith Bank propagating Jim as its founder. We had earlier revealed in a previous report that Jim Ovia original name is James Nzemeke. We are unable to ascertain why he suddenly changed his name and wipes out the family name of Nzemeke.

Our source disclosed that Baba Aladura Godfrey Itse Mene Otubu, a former accountant in the Loans Board of the Ministry of Commerce and Industry, Enugu, former chairman of Bitumen Marketing Company of Nigeria, a former credit manager of Eastern Nigeria Development Corporation, and a one-time controller of finance and accounts in the Federal Ministry of Defense, Nigeria , had recruited Jim Ovia from Merchant Bank of Africa to run his new Zenith International bank but unfortunately after he died in 2004, Jim Ovia took over the bank and wiped the history slates clean. Godfrey Otubu “Oritshegbeyiwa” (a name he was given at birth meaning “prayer of God brought this”) was born on Sunday, February 24, 1924, into the Otubu royal family of the Ohenhen Kingdom in Oghara, Ethiope Local Government Area of Delta State allegedly under an unusual circumstance according to our source.

This was because unlike a normal pregnancy, his mother carried him for over two years until his worried family met a pastor who revealed that he would grow to become a prophet of God. The prophesy was later fulfilled as he joined the Eternal Sacred Order of the Cherubim and Seraphim Church in 1943 where he climbed the spiritual ladder of the church to attain the headship position, going from being a prophet in 1947 to becoming the Baba Aladura (prelate) on September 12, 1986 as a result of his hard work and loyalty to the church. With his higher diploma from the London School of Accountancy in 1949, Godfrey Otubu worked in various establishments at various capacities until his retirement where he proceeded to establish a flourishing consultancy and financial management firm, the Senforce Group of companies and later Zenith International bank. Nine years after its establishment, a month after the first term inauguration of President Olusegun Obasanjo, the bank he founded, grew to more than twenty-three branches which saw it’s profit after tax in 1999 rising to N1.352billion, an increase of 27 percent compared to the previous financial year. A feat that propelled Zenith bank to the top of the banking ladder as it was then ranked the third most profitable bank in Nigeria and the fifth largest bank in terms of assets and profitability. Following its initial public offer of 2004, a group known as Institutional Investors surprisingly amassed the highest number of shares edging the founder Baba Aladura with almost one billion shares.

The emergence of this company as the highest shareholder we learnt was how Dr Godfrey Itse Mene Otubu, prelate of the Eternal Sacred Order of Cherubim and Seraphim Church, founding chairman of Zenith international bank who later passed away in November of the same year was pushed out. Sources disclosed that Ovia brought in the company to buy the highest shares unknown to the founder that Ovia and his immediate family owns Institutional Investors Limited.

Read more at: https://secretsreporter.com/the-ruthless-ceo-is-jim-ovia-really-his-name-the-untold-early-days-of-the-mafia-banker/

1 Like 1 Share

Re: Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder by Dalexicographer(m): 1:44am On Jun 07, 2019
Igbo Amaka! grin
Re: Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder by essenceplus: 2:06am On Jun 07, 2019
Hm
Re: Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder by weyreypey: 3:12am On Jun 07, 2019
Truth can never be hidden
Re: Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder by Nobody: 3:40am On Jun 07, 2019
Dalexicographer:
Igbo Amaka! grin
he's not Igbo

3 Likes 1 Share

Re: Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder by Drshobz(m): 5:57am On Jun 07, 2019
Igbobyblood:
he's not Igbo

so nzemeke na yoruba name abi south south na ethnic group
agbor is Igbo because they bear Igbo names
speak Igbo ( the dialect is different)
if not for the shoddy state creation my Gowon
we will not be having these issues
Re: Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder by Nobody: 6:57am On Jun 07, 2019
Drshobz:


so nzemeke na yoruba name abi south south na ethnic group
agbor is Igbo because they bear Igbo names
speak Igbo ( the dialect is different)
if not for the shoddy state creation my Gowon
we will not be having these issues
he's ika. My mum is ika too and I'm not Igbo.

What is ovia in Igbo language?

1 Like

Re: Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder by gman55(m): 11:18am On Jun 09, 2019
An uncle told me this same story, I thought he was babbling. The other part not told here was how Jim fell ill after the takeover he was bedridden for a very long while.
Re: Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder by bulalakoboko(m): 10:50am On Jun 10, 2019
Funny we attended the same primary school, Igwe primary school.

1 Like

Re: Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder by Drshobz(m): 11:30am On Jun 16, 2019
Igbobyblood:
he's ika. My mum is ika too and I'm not Igbo.

What is ovia in Igbo language?

ogbeni did u see anywhere I mentioned ika on my post , I said agbor, abeg dey comprehend well b4 commenting

1 Like

Re: Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder by Rapidpolystyren(m): 1:35pm On Jun 16, 2019
jerrybone:
Some call him the “Mafia Banker” others call him “The Godfather” but only a few know him by his real name, James Nzemeke alias “Akatukpo”, the third son of the first wife of the Olihe of Agbor, Chief Nzemeke who was born on a Sunday, the 4th day of November 1951. Unlike most wealthy families, we learnt James had to start earning pennies weeding people’s farms as the burden of sending him to school fell on his mother after the demise of his father Chief Nzemeke who was a farmer and quite successful by the local standards of those days. A reliable source who gave us a history of young James disclosed that he attended the local primary school in the village, Igwe Primary School which was then known as Pilgrims Baptist Primary School from where he proceeded to Ika Grammar School, Agbor later on, sat and obtained good grades in his West African School Certificate Examination. James migrated to Lagos shortly after he finished his secondary education as he was hired as a clerical staff by the Ikeja branch of Barclays Bank, now Union Bank. With zeal to excel academically, young James set out to the United States of America where he secured admission with the Southern University, Baton Rouge Louisiana for his Bachelor’s degree in Business Administration. He also went further to work as a part-time operator at the local Baton Rouge Bank and Trust company and also obtained his MBA from the University of Louisiana with valuable experience in Information and Communication Technology.

A return to Nigeria in 1980 saw him landing a job with the international Merchant Bank, where he steadily climbed the administrative ladder as he soon became a senior manager by 1987.

He also worked with the Merchant Bank of Africa as the head of the corporate finance department where he subsequently set up a thriving corporate division which later paid off, as three years later he became a shareholder in the now thriving Zenith bank and its first Managing Director after the deregulation of the banking sector by General Ibrahim Babangida’s administration in the late 1980s. Amongst James’ achievements is a sprawling project about four hundred meters away from a prominent landmark in the Obi Olihe Quarters of Ime-Obi on the Obi Ikechukwu road where he grew up as a child, the James Hope College, an edifice that is by far the most modern architectural structure in the area housing a magnificent American Styled Secondary School owned by Jim Ovia, the billionaire that James Nzemeke transformed to. Yes, the Jim Ovia we know now was not his given name from birth. He was known as James Nzemeke. The banking godfather begins his mafia style of taking over the now famed Zenith Bank with the change of name.

THE TRUE ORIGIN OF ZENITH

In 1986 following the sharp fall in oil revenues which accumulated trade arrears and increased debt service, the Babangida Administration, under pressure from the International Monetary Fund and the World Bank, launched a vital programme aimed at achieving a balance of payment viability by restructuring the payment and consumption pattern of Nigeria’s economy. An integral part of the program known as the Structural Adjustment Programme (SAP) by the military administration of General Ibrahim Badamasi Babangida was the deregulation of the banking system which liberalized bank licensing policy thereby giving rise to a proliferation of banks and other financial institutions among which was Zenith International Bank. SecretReporters is in possession of the original CAC documents that detailed the actual owner and original founder of Zenith Bank. Incorporated on 31st May 1990 few years after the deregulation of the banking sector, Zenith International Bank started its operation with an initial capital of twenty million shares and Dr Godfrey Otubu, Chief Alfred Nzemeke and Mr Jim Ovia as its inaugural shareholders each holding a million shares. Godfrey Otubu, Macaulay Pepple, Alfred Nzemeke and Mr Jim Ovia were also listed as the directors of the bank at incorporation. SecretReporters learned that the bank which formally opened for business in July 1990 had Baba Aladura Godfrey Otubu as its Pioneer Chairman and actual founder of the bank while Jim Ovia served as the Managing Director contrary to the official account given by Zenith Bank propagating Jim as its founder. We had earlier revealed in a previous report that Jim Ovia original name is James Nzemeke. We are unable to ascertain why he suddenly changed his name and wipes out the family name of Nzemeke.

Our source disclosed that Baba Aladura Godfrey Itse Mene Otubu, a former accountant in the Loans Board of the Ministry of Commerce and Industry, Enugu, former chairman of Bitumen Marketing Company of Nigeria, a former credit manager of Eastern Nigeria Development Corporation, and a one-time controller of finance and accounts in the Federal Ministry of Defense, Nigeria , had recruited Jim Ovia from Merchant Bank of Africa to run his new Zenith International bank but unfortunately after he died in 2004, Jim Ovia took over the bank and wiped the history slates clean. Godfrey Otubu “Oritshegbeyiwa” (a name he was given at birth meaning “prayer of God brought this”) was born on Sunday, February 24, 1924, into the Otubu royal family of the Ohenhen Kingdom in Oghara, Ethiope Local Government Area of Delta State allegedly under an unusual circumstance according to our source.

This was because unlike a normal pregnancy, his mother carried him for over two years until his worried family met a pastor who revealed that he would grow to become a prophet of God. The prophesy was later fulfilled as he joined the Eternal Sacred Order of the Cherubim and Seraphim Church in 1943 where he climbed the spiritual ladder of the church to attain the headship position, going from being a prophet in 1947 to becoming the Baba Aladura (prelate) on September 12, 1986 as a result of his hard work and loyalty to the church. With his higher diploma from the London School of Accountancy in 1949, Godfrey Otubu worked in various establishments at various capacities until his retirement where he proceeded to establish a flourishing consultancy and financial management firm, the Senforce Group of companies and later Zenith International bank. Nine years after its establishment, a month after the first term inauguration of President Olusegun Obasanjo, the bank he founded, grew to more than twenty-three branches which saw it’s profit after tax in 1999 rising to N1.352billion, an increase of 27 percent compared to the previous financial year. A feat that propelled Zenith bank to the top of the banking ladder as it was then ranked the third most profitable bank in Nigeria and the fifth largest bank in terms of assets and profitability. Following its initial public offer of 2004, a group known as Institutional Investors surprisingly amassed the highest number of shares edging the founder Baba Aladura with almost one billion shares.

The emergence of this company as the highest shareholder we learnt was how Dr Godfrey Itse Mene Otubu, prelate of the Eternal Sacred Order of Cherubim and Seraphim Church, founding chairman of Zenith international bank who later passed away in November of the same year was pushed out. Sources disclosed that Ovia brought in the company to buy the highest shares unknown to the founder that Ovia and his immediate family owns Institutional Investors Limited.

Read more at: https://secretsreporter.com/the-ruthless-ceo-is-jim-ovia-really-his-name-the-untold-early-days-of-the-mafia-banker/
a big lie

1 Like

Re: Jim Ovia's Real Name And How He Took Zenith Bank From Original Founder by Ugosample(m): 2:02pm On Jun 16, 2019
wow shocked

(1) (Reply)

With Waseet, Kola Abiola Bounces Back Into Media Business / Become A U-mo Agent / Liberty Reserve Trading: Is It A Scam?

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2020 Oluwaseun Osewa. All rights reserved. See How To Advertise. 133
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.