Zenith Bank has announced the retirement of its founder and Group Chairman, Jim Ovia, following the completion of his tenure in line with regulatory guidelines.
The announcement was made during the bank’s 35th Annual General Meeting, where it confirmed that Ovia stepped down after serving the maximum 12 years as a non-executive director and chairman, as required by the Central Bank of Nigeria corporate governance code.
End of an Era at Zenith Bank
Ovia, who became chairman on July 16, 2014, previously served as the bank’s founder and Group Managing Director/CEO from 1990 to 2010.
The bank credited his tenure with strengthening its strategic direction, governance framework, and overall market position.
In a statement, the board praised his leadership, noting that his “visionary leadership, commitment to good governance, and dedication to stakeholder value creation” played a key role in the bank’s growth and reputation.
Mustafa Bello Appointed New Chairman
To ensure continuity, the board has approved the appointment of Mustafa Bello as the new chairman.
Bello, an engineer, joined the board in December 2017 and is currently the longest-serving director on the board. His appointment was finalised at a board meeting held on April 27.
According to the bank, the leadership transition is expected to maintain stability and uphold high standards of corporate governance.
Focus on Governance and Stability
Zenith Bank emphasised that the transition reflects its commitment to regulatory compliance and structured leadership succession.
The institution added that Bello’s experience and familiarity with the bank’s operations position him to sustain its growth trajectory and governance standards.
The development marks a significant leadership shift for one of Nigeria’s leading financial institutions, with expectations of continuity in strategy and operations.
