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 ongoing 35th Annual General Meeting and further communicated in an official statement.
The bank confirmed that Jim Ovia stepped down after completing the mandatory 12 years as a non-executive director and chairman, a move in strict compliance with the corporate governance guidelines issued by the Central Bank of Nigeria (CBN).
Jim Ovia became the bank’s chairman on July 16, 2014. This followed his foundational role as the bank’s Group Managing Director and CEO from 1990 to 2010. Under his guidance, the institution grew into one of Africa’s leading financial powerhouses.
The bank described the tenure of Jim Ovia as one marked by strong leadership, strategic direction, and effective board oversight.
“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions. His visionary leadership and unwavering commitment to good governance significantly strengthened the group’s strategic positioning,” the statement read.
To ensure continuity and stability, the financial institution announced that the board has approved the appointment of Mustafa Bello as the new chairman.
The decision for his appointment was finalized during a board meeting on April 27.
Bello is an engineer who has served on the board since December 29, 2017 as he is currently the bank’s longest-serving director.
Zenith Bank stated that the transition from Jim Ovia to Mustafa Bello is expected to maintain sustained high standards of governance and facilitate a seamless leadership change for the group’s stakeholders.
