Zenith Bank Plc has distanced its Group Chairman, Dr Jim Ovia, from an online investment scheme circulating on social media, describing the content as fraudulent and warning members of the public to disregard it.
In a disclaimer, the bank said its attention had been drawn to doctored videos and images purporting to show Ovia endorsing a scheme known as “Wealth Bridge”. The materials, reportedly shared via a Facebook handle called “Greece Island”, claim that investors can earn up to ₦2 million in weekly returns from a ₦380,000 contribution.
The bank categorically denied any association with the scheme, stating that neither its chairman nor the institution has entered into any partnership with the promoters behind the platform.
According to the statement, the circulating videos falsely suggest that the scheme has the backing of the (CBN) and redirect unsuspecting users to what appears to be an “Arise News” webpage containing registration links.
Zenith Bank described these claims as entirely untrue.
“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 said in the statement.
The bank further warned that anyone who conducts business with the individuals or entities linked to the scheme does so at their own risk. It listed several handles and names allegedly associated with the promotion, including “Wealth Bridge”, “delicious sitee”, “AfriQuantumX” and “Stock market analyst 1”.
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The development reflects a broader trend of fraudulent actors deploying manipulated videos, including AI-generated content, to impersonate prominent business leaders and financial institutions. Such schemes often rely on promises of unusually high returns within short periods, a common red flag identified by financial regulators.
Zenith Bank reiterated that it does not solicit investments through social media platforms or informal online channels and urged customers to verify financial information directly through its official communication channels.
Dr Ovia, who founded Zenith Bank and currently serves as its Group Chairman, remains one of Nigeria’s most recognisable figures in the banking sector. The bank’s management stressed that his image and name had been used without authorisation in the misleading promotional content.
The lender advised the public to exercise caution when encountering online investment opportunities that promise guaranteed or outsized returns. It also encouraged individuals who come across suspicious communications to report them to appropriate authorities.
As financial scams grow increasingly sophisticated, banks and regulators have continued to emphasise vigilance and verification. Zenith Bank’s latest warning underscores the risks posed by digital impersonation and the importance of confirming the legitimacy of investment schemes before committing funds.