Zenith Bank has announced the retirement of its founder and Group Chairman, Jim Ovia, following the expiration of his tenure. The announcement was made on Tuesday during the bank’s 35th Annual General Meeting.
His retirement follows strict compliance with corporate governance rules set by the Central Bank of Nigeria, which mandates a maximum tenure of 12 years for non-executive directors and chairpersons in Nigerian financial institutions.
Ovia, who had served as Group Chairman since July 2014, completed this tenure, making his exit mandatory and structured rather than voluntary.
The bank’s board expressed deep appreciation for Ovia’s contributions, describing his leadership as visionary and noting that his unwavering commitment to good governance and dedication to stakeholder value creation significantly strengthened the group’s strategic positioning and reputation.
Ovia had previously served as the bank’s founder and Group Managing Director/CEO from 1990 to 2010 , making his career at Zenith Bank a decades-long legacy that helped shape modern banking in Nigeria.
To ensure continuity in leadership, the board at its meeting of April 27, 2026, approved the appointment of Engr. Mustafa Bello as the new Group Chairman. Bello, who joined the board on December 29, 2017, is currently the longest-serving director on the board.
He served as Nigeria’s Federal Minister of Commerce between 1999 and 2002, and was later appointed Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission between 2003 and 2014.
His appointment has been approved by the Central Bank of Nigeria, reinforcing the transition’s full compliance with national banking regulations.
