Zenith Bank appoints Mustafa Bello as Chairman as Jim Ovia retires

Zenith Bank has confirmed the retirement of its founder and Group Chairman, Jim Ovia, following the completion of his tenure in line with regulatory requirements.

The announcement was made on Tuesday during the bank’s 35th Annual General Meeting and detailed in an official statement issued by the institution.

According to the bank, Ovia stepped down after serving the maximum 12 years allowed for a non-executive director and chairman under the corporate governance guidelines of the Central Bank of Nigeria.

Ovia assumed the role of chairman on July 16, 2014, after previously serving as the bank’s founder and Group Managing Director/Chief Executive Officer from 1990 to 2010.

The bank commended his tenure, describing it as one marked by strong strategic direction, sound corporate governance, and effective board oversight.

“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions,” the statement read, highlighting his leadership, integrity, and commitment to stakeholder value.

Meanwhile, Zenith Bank disclosed that its board has approved the appointment of Mustafa Bello as the new chairman.

Bello, an engineer by profession, joined the bank’s board on December 29, 2017, and is currently the longest-serving director.

The bank said his appointment is expected to ensure continuity, stability, and the sustenance of strong governance standards, while also guaranteeing a smooth transition in leadership.