Jim Ovia Takes Over Femi Otedola’s Zenon House

Former Zenith Bank’s Managing Director, Mr. Jim Ovia is really showing to the world that he’s a man of influence and affluence. And this is evident with the ex banker’s taking over of one of the properties of billionaire Femi Otedola.

The structure in question is located on Ajose Adeogun, Victoria Island, Lagos and a stone throw from the corporate headquarters of the financial institution where he used to hold sway.

It is christened Zenon House with Wale Tinubu led Oando plc as one it’s tenants- Otedola bought the arresting edifice from the Federal government for 2.1 billion naira sometimes in 2006. Those in the know of the transaction then maintained it is worth billions of naira. It was rumoured that Zenith bank under Jim Ovia had one or two thing to do with the deal.

According to sources, the recent taking over of the place by ex bank chief, Ovia came to be as a result of Mr Otedola’s indebtedness to Zenith Bank. It is a public knowledge that the front person of Zenon Oil is one of the listed men of means that is hugely indebted to some of Nations banks- including Zenith Bank.

According to sources, Otedola agreed to release the property to Ovia because the arrangement will definitely take care of part of his indebtedness to Zenith Bank.

But what is unclear in the arrangement is how Mr. Jim Ovia was able to perfect the deal and cornered the property for himself rather than the bank. It is whispered in certain quarters that the property was collateral of sort for part of the loan the chairman of Zenon Group got from the bank when Jim Ovia was in charge.

Information pieced together by Societynow.ng.com revealed that the newly acquired edifice would serve as the wealthy ex-bank chief’s personal office. We equally gathered that all his businesses are expected to operate from the building in days to come.

A reliable source further confirmed to us that the respected banker is currently occupying the 8th floor of the structure. The source went further that it’s equally part of his plan to eject all the tenants inside the building in other to have enough space to operate with.

Sources also disclosed his choice of acquiring the 11 floors edifice and converting it to his personal office as a strategic move to be near the bank he helped to nurture as possible.

Informants maintained that Ovia believes that his nearness to his former office and headquarter of Zenith bank will give him the advantage of closely monitoring activities at the heartbeat of the bank to be in tandem with his business pursuits.
Zenith bank spokes person Mr Victor Adoji did not pick his calls nor respond to text message about the development.