FUNSHO AROGUNDADE
After stepping down as Chairman of Zenith Bank Plc, billionaire Jim Ovia is expanding his interests into Nigeria’s luxury residential real estate market with two waterfront towers on Lagos’ Victoria Island.
The 74-year-old founder of Zenith Bank announced his retirement from the bank’s board on May 5, ending a 35-year chapter at the institution he founded. He has since been increasing investments in real estate and hospitality in Lagos.
Metropolitan Towers
The first project is Metropolitan Towers, a 26-floor residential building on Ozumba Mbadiwe Avenue, Victoria Island.
The development is designed as waterfront living within one of Lagos’ most established residential areas.
The structure includes 25 floors of glass and steel with a limited number of 4, 5, and 6-bedroom apartments featuring floor-to-ceiling windows.
The project also includes duplex and triplex penthouses. Planned amenities include private gardens, a children’s playground, 24-hour concierge service, and security systems.
The building is positioned to offer views of the Lagos coastline.
Quantum Luxury Towers
Ovia’s second development on the same Ozumba Mbadiwe waterfront corridor is Quantum Luxury Towers, a 44-unit residential project.
Construction was handled by Cappa & D’Alberto, with interiors designed by DSGN Interior TM, the Swedish firm behind projects including St Regis Dubai and Waldorf Astoria Riyadh.
According to the developers, the structural work on Quantum Luxury Towers is complete, with delivery for occupancy scheduled for 2027.
Market focus
Both developments target the ultra-high-net-worth segment of Nigeria’s residential market.
Apartments in the towers are priced in millions of dollars. Units starting at $1.85 million in Metropolitan Towers and $2.8 million in Quantum Luxury Towers. Demand for dollar-denominated property has grown among Nigerian entrepreneurs who view premium real estate as a store of value amid naira volatility.
Ovia’s real estate ambitions are not new.
The banking magnate developed the Civic Centre Towers on the same Ozumba Mbadiwe Avenue through his Quantum Luxury Properties years ago, and in 2012 signed a partnership with Marriott Hotels to bring the brand to Lagos.
<em>Jim Ovia’s two new waterfront towers (during construction) with the Civic Centre Tower standing a little distance afar</em>
The Civic Centre Towers was developed as a premium commercial and events complex, established the Quantum brand’s identity in Lagos’s top-tier real estate segment.
The current residential push into Metropolitan Towers and Quantum Luxury Towers represents a deeper commitment to the sector and a more explicit statement about where Ovia believes value will be created in Nigeria’s next economic cycle.
In a recent interview, Ovia said real estate offers strong returns compared to banking, and he is directing more capital into the sector. Developers of the two projects report strong interest and significant pre-sales.
The shift reflects a broader focus for Ovia after more than three decades building Zenith Bank into one of Africa’s largest financial institutions.
With banking leadership concluded, his current investments center on premium residential and hospitality projects in Lagos.
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