Jim Ovia Retires from Zenith Bank; Mustafa Bello Steps In

By Maryanne Awuya

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

In a statement issued on Tuesday, the bank said Ovia stepped down after serving the maximum 12 years as a non-executive director and chairman, in compliance with corporate governance guidelines set by the Central Bank of Nigeria.

The bank described his exit as the end of a significant era marked by strategic leadership and strong corporate governance.

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

“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.”

To ensure continuity, the board approved the appointment of Mustafa Bello as the new chairman at its meeting held on April 27.

According to the bank, Bello, who joined the board on December 29, 2017, is currently the longest-serving director and brings extensive experience in leadership and corporate governance.

“He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations, and a proven track record in strategic oversight and organizational growth,” the statement said.

Zenith Bank added that Bello’s appointment is expected to ensure stability and a seamless transition, while maintaining high standards of governance.

The bank also confirmed that the appointment has received approval from the Central Bank of Nigeria.

Persecondnews reports that this development follows the Central Bank’s 2023 corporate governance code, which limits the tenure of bank executives and non-executive directors, reinforcing efforts to strengthen oversight and accountability in Nigeria’s banking sector.