With Marshmallow, this answer changes. Got to Settings / Security, as stated above, but look for "Lock Screen Message" instead of "Owner Info".
How to Add Owner Info to Lock screen on Nexus 4
Android users with ICS and Jelly Bean can type and write some text to display on the lock screen. To customize or add owner info to lock screen on nexus 4 do as follows:
1. Open "Settings" app
2. Go to "Security"
3. Tap "Owner Info"
4. Type the text and mark "Show owner info on lock screen"
Update: If you have already updated to Marshmallow, look for the Lock Screen Message option, instead of the Owner Info.
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