KEY POINTS

• Jim Ovia retired as chairman of Zenith Bank after completing the mandatory 12-year tenure.
• The bank praised his leadership, citing major contributions to growth, governance, and strategic positioning.
• Mustafa Bello has been appointed as the new chairman to ensure continuity and stability.

Zenith Bank has announced the retirement of its founder and Group Chairman, Jim Ovia, marking the end of his 12-year tenure in line with corporate governance rules set by the Central Bank of Nigeria.

The announcement was made during the bank’s 35th Annual General Meeting, where the institution confirmed that Ovia stepped down after reaching the maximum allowable period for serving as a non-executive director and chairman.

Ovia had assumed the role of chairman on July 16, 2014, after previously serving as the bank’s founding Managing Director and Chief Executive Officer from 1990 to 2010. His exit brings to a close decades of leadership that shaped the bank’s growth trajectory.

Zenith Bank credited Ovia with providing strong leadership, strategic direction, and effective oversight throughout his time as chairman.

According to the bank, his tenure was defined by a commitment to corporate governance, stakeholder value creation, and strengthening the institution’s reputation both locally and internationally.

The board highlighted his deep experience in leadership roles, noting his ability to guide the bank through changing financial landscapes while maintaining stability and growth. His influence helped position Zenith Bank as one of Nigeria’s leading financial institutions.

Mustafa Bello Appointed as New Chairman

To ensure a smooth leadership transition, the board approved the appointment of Mustafa Bello as the new chairman.

Bello, an engineer and seasoned board member, joined Zenith Bank in December 2017 and is currently its longest-serving director. His elevation is expected to maintain continuity and uphold the bank’s governance standards.

The bank expressed confidence that his leadership would sustain operational stability while driving future growth and strategic initiatives.

Zenith Bank emphasised that the leadership change aligns with regulatory requirements and reflects its commitment to strong corporate governance practices.

The transition is designed to preserve institutional stability while ensuring fresh leadership perspectives at the board level.

By adhering to governance guidelines and planning succession effectively, the bank aims to maintain investor confidence and continue delivering value to stakeholders.