Zenith Bank Disowns Fake Investment Scheme Using Jim Ovia’s Image

Zenith Bank Plc has dissociated its Group Chairman, Jim Ovia, from a fraudulent online investment scheme circulating on social media, warning members of the public to disregard the claims and avoid engaging with the promoters.

In a formal disclaimer issued on Friday, the bank said it had become aware of doctored videos and manipulated images falsely portraying Ovia as endorsing a platform known as “Wealth Bridge.”

The materials, allegedly shared through a Facebook account identified as “Greece Island,” promise investors weekly returns of up to ₦2 million from a ₦380,000 contribution.

Zenith Bank categorically denied any involvement in, or endorsement of, the scheme. It stressed that neither Dr Ovia nor the bank has entered into any partnership or arrangement with the individuals or entities behind the platform.

According to the statement, the fraudulent materials also falsely claim backing from the Central Bank of Nigeria (CBN) and redirect unsuspecting users to what appears to be a cloned “Arise News” webpage containing registration links.

“For the avoidance of doubt, all the videos and promotional materials referenced are fake and have nothing to do with Zenith Bank Plc or Dr Jim Ovia,” the bank stated.

The lender further warned that any person who transacts with the promoters of the scheme does so at their own risk. It identified several names and handles allegedly associated with the promotion, including “Wealth Bridge,” “delicious sitee,” “AfriQuantumX,” and “Stock market analyst 1.”

Growing Trend of Digital Impersonation

The development highlights a growing trend in which fraudsters deploy manipulated or AI-generated content to impersonate prominent business leaders and reputable financial institutions.

Such schemes typically lure victims with promises of unusually high or guaranteed returns within short timeframes a major red flag frequently flagged by financial regulators.

Zenith Bank reiterated that it does not solicit investments through social media platforms or informal online channels. Customers and prospective investors were advised to verify any financial information directly through the bank’s official communication platforms.

Dr Ovia, founder of Zenith Bank and one of Nigeria’s most recognisable figures in the banking industry, remains unaffiliated with the purported investment platform.

The bank emphasised that his name and image were used without authorisation.

The institution urged the public to exercise caution when confronted with online investment opportunities offering outsized or guaranteed returns.

It also encouraged individuals who encounter suspicious communications to report them to the appropriate authorities.

As digital financial scams grow more sophisticated, industry stakeholders continue to stress the importance of vigilance, independent verification, and engagement only through verified and regulated channels.