Jim Ovia’s famous ‘real estate pays more than banking’ statement

Recently, billionnaire businessman and founder of Zenith Bank Plc. Jim Ovia, , has announced plans to focus fully on real estate development following his exit as chairman of the bank, citing stronger profitability prospects in the sector than in banking.

The 74-year-old billionaire businessman said he is deepening investments through Quantum Luxury Properties Ltd., where he is developing two high-end residential projects in Lagos, according to Bloomberg.

The Lagos projects are a 26-floor Metropolitan Towers, with units starting from $1.85 million, and the 44-unit Quantum Luxury Towers, where apartments are priced from $2.8 million.

Speaking from his office at Civic Towers in Lagos, Ovia said both developments are attracting strong demand and are already recording significant sales.

“Real estate is more profitable than banking,” Ovia said, revealing a major shift in focus after more than three decades of building one of Africa’s most successful banking franchises.

“I’m moving into real estate full-time,” he said.

His move comes at a time when Nigeria’s property market, particularly in Lagos, is benefiting from rising demand for premium real estate amid persistent inflation, naira depreciation, and limited investment alternatives.

The expansion into luxury housing also portrays broader trends in Nigeria’s property market with an estimated national housing deficit estimated at over 20 million units, demand remains strong across both affordable and premium segments.

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