The 74-year-old billionaire businessman revealed that he is expanding investments through Quantum Luxury Properties Ltd., where he is currently developing two luxury residential projects in Lagos.
The projects include the 26-storey Metropolitan Towers, with residential units starting at $1.85m, and the 44-unit Quantum Luxury Towers, where apartments are priced from $2.8m. According to Ovia, both developments are experiencing strong market demand and have already recorded significant sales.
Speaking from Civic Towers in Lagos, Ovia said the decision marks a major transition after more than three decades in banking.
“Real estate is more profitable than banking,” he said, adding, “I’m moving into real estate full-time.”
His decision comes as Lagos’ property market continues to attract investors seeking protection against inflation, currency depreciation, and limited alternative investment opportunities.
Data from estate surveying firm Diya Fatimilehin & Co. showed that rental prices in Lagos’ upscale districts, including Banana Island, Ikoyi, and Victoria Island, rose by 51 per cent between 2024 and 2025, reinforcing real estate’s position as a preferred asset class for wealth preservation.
Commenting on the development, Jubril Enakele, Chief Executive Officer of IRON Capital Partners and a former Zenith Bank executive, said Ovia’s interest in real estate predates his latest investments.
“Mr. Ovia’s interest in real estate started much earlier than just now,” Enakele said, noting that Ovia’s attention to design, infrastructure, and asset quality had long been evident in the bank’s physical developments.
The expansion into luxury housing reflects broader trends in Nigeria’s real estate sector. Despite an estimated housing deficit of more than 20 million units nationwide, demand remains robust across both affordable and premium segments. Industry experts attribute the trend to rapid urbanisation, rising construction costs, and persistent housing shortages.
Ovia stepped down as chairman of Zenith Bank on May 5 after completing the maximum 12-year tenure allowed by banking regulators. While he remains the bank’s largest individual shareholder, his departure ended a leadership era that began with the bank’s establishment in 1990 with an initial capital base of about N20m.
Under his leadership, Zenith Bank grew into Nigeria’s largest bank by market capitalisation and one of the country’s most profitable financial institutions, posting profits exceeding N1tn in both 2024 and 2025.
Beyond banking, Ovia has built a diverse investment portfolio, including landmark developments such as Civic Centre and Civic Towers, the sale of Visafone to MTN Group, and an early investment in Moniepoint, which later attained unicorn status.
With Lagos’ luxury real estate market continuing to expand, Ovia believes the sector offers greater long-term opportunities than banking, positioning property development as the next phase of his business career.
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