Zenith Bank has announced the retirement of its founder and Group Chairman, Jim Ovia, following the expiration of his tenure in line with regulatory requirements.
The announcement was made on Tuesday during the bank’s 35th Annual General Meeting and subsequently confirmed in an official statement.
According to the bank, Ovia stepped down after completing the mandatory 12-year tenure permitted for non-executive directors and chairmen, in compliance with corporate governance guidelines issued by the Central Bank of Nigeria.
Ovia, who assumed the role of chairman on July 16, 2014, returned to the position after previously serving as the bank’s founder and Group Managing Director/Chief Executive Officer from 1990 to 2010. His exit marks the end of a significant leadership chapter in the institution he established.
The bank described his tenure as one defined by strong leadership, strategic clarity, and effective board oversight, noting that his contributions helped strengthen the group’s market position and corporate reputation.
“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions,” the statement said, highlighting his commitment to governance, stakeholder value creation, and institutional growth.
Zenith Bank also announced the appointment of Mustafa Bello as the new chairman. The decision was approved at a board meeting held on April 27 as part of efforts to ensure continuity and stability.
Bello, an engineer by training, joined the board on December 29, 2017, and is currently the bank’s longest-serving director. His elevation, the bank said, reflects confidence in his experience, leadership capacity, and deep understanding of the institution.
The transition is expected to maintain Zenith Bank’s governance standards while ensuring a seamless handover at the top level of its leadership structure.
