Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the expiration of his tenure in line with regulatory requirements.
The bank disclosed this in a corporate notice issued in Lagos on May 5, 2026.
“The board expresses its deep appreciation to Jim Ovia for his outstanding service and invaluable contributions.
“His visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation significantly strengthened the group’s strategic positioning and reputation during his tenure,” it said.
Ovia completed the mandatory 12-year tenure permitted under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.
As the founder of Zenith Bank, he has been a central figure in its growth trajectory and was credited by the Board for providing strong leadership, strategic direction, and effective oversight throughout his time as chairman.
READ ALSO:
- Five Key Issues That Shaped Zenith Bank Performance in 2025
- FCMB Pensions Disburses Over N200bn to RSA Holders, As AUM Reaches N1tn
- African Subsidiaries Drive Profit Surge for Zenith, GTBank
- Group Slams Moniepoint, Demands Proof of 500 Jobs Claim
- DMO Opens May Savings Bond at 14.5% Peak Return
The Board noted that his commitment to governance standards and stakeholder value creation significantly enhanced the Group’s positioning and reputation in the financial services sector.
The board has appointed Mustafa Bello as chairman to replace Ovia. Until he was appointed Chairman, Bello was a non-executive director in the bank.
Mustafa Bello’s Profile
Bello graduated with a B.Eng. (Civil Engineering) from Ahmadu Bello University (ABU), Zaria, in 1978 with Second Class Upper Division, and won the Shell Prize for the best project and thesis in the Faculty of Engineering in 1978.
He served in the Directorate of Quartering and Engineering Service (Nigerian Army) between 1978 and 1979. He later joined the Niger State Housing Corporation between 1980 and 1983 as a Senior Civil Engineer.
He served as a cabinet Minister of the Federal Republic of Nigeria as the Federal Minister of Commerce between 1999 and 2002. He was subsequently appointed Executive Secretary/Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC) between November 2003 and February 2014.
He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian Economy.
He has been involved in several projects in Nigeria, including the CAC online project in 2002, developing a WTO-consistent Trade Policy for the Federal Republic of Nigeria, among others.
He has attended several conferences, missions, and meetings and represented the Federal Government of Nigeria.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X