Cover Stories, People

JIM OVIA set to build Nmulti-million luxury hotel


MONTHS after the completion of an eye-popping building complex along Ozumba Mbadiwe Avenue, Lagos, the Civic Centre Towers, billionaire mogul, Mr. Jim Ovia is about to erect yet another magnificent structure.

And not far away from the Civic Centre, also owned by the former GMD and Group Managing Director and now chairman of Zenith Bank, ENCOMIUM Weekly scooped the structure is a luxury hotel.

“Jim Ovia is about to build a luxury hotel to complement the skeletal accommodation services offered to special guests at the mini suites at the Civic Centre. And with pilling completed, the next stage is the commencement of the building already designed by a consortium of civil engineers and architects,” a source told ENCOMIUM Weekly.

Jim Ovia is one of the richest men in Nigeria.  The one-time Forbes billionaire is on the board of many corporate organizations, including Seplat Petroleum, Visafone Communications Limited, where he’s founding chairman. He is also the proprietor of the University of Information and Communication Technology, Agbor, Delta State.

Mr. Ovia also allegedly holds over 50 per cent shares at Zenith Bank Plc which he co-founded and served as its chief executive and GMD from 1990 to 2010.

Jim Ovia is again, chairman of Quantum Luxury Properties Limited, the arm of his investment that controls properties worth billions of naira.

In addition to Jim Ovia’s commercial exploit in the real estate sector, he is also a big player in the oil and gas industry.  In fact, Forbes reported last year he had commenced construction on a $1.5 billion petrochemical complex in Akwa Ibom State.

Jim Ovia, 62, was rated $850 million by Forbes in 2014, keeping him in the league of Africa’s richest.

The golden czar of Nigerian banking was, however, shoved aside the Forbes league of global billionaires in 2015.  He was dropped alongside compatriots Tony Elumelu, chairman of United Bank for Africa and Slok’s Orji Uzor Kalu.

Late last year, ENCOMIUM Weekly exclusively reported that the mogul has completed The Civic Centre Towers, a gold standard office development structure, featuring 8096 sqm of prime office spaces. A 16-storey affair, it’s located next to Civic Centre on Ozumba Mbadiwe, Victoria Island, Lagos.  The magnificent building was executed by highly experienced contractors, Capdal, while the developers are Quantum Luxury Properties Limited headed by Jim Ovia.

Though, the insatiable tycoon is yet to commission the multi-billion naira Civic Centre Towers, all is now set for yet another edifice that would house a luxury hotel in the Civic Centre neighbourhood.

–               UCHE OLEHI

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