Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the completion of his tenure in line with regulatory corporate governance requirements.
The announcement was contained in a corporate disclosure issued in Lagos on Tuesday.
The bank said Ovia’s exit follows the expiration of the mandatory 12-year tenure applicable to chairpersons of financial holding companies, non-interest banks, and payment service banks in Nigeria.
A pioneer and central figure in Zenith Bank’s establishment and growth, Ovia was praised by the Board for his leadership, strategic direction, and oversight during his tenure as chairman.
“The Board noted his commitment to governance standards and stakeholder value creation, which significantly strengthened the Group’s reputation in the financial services sector,” the statement said.
Following his retirement, Engr. Mustafa Bello has been appointed as the new Chairman of the bank. Until his appointment, Bello served as a non-executive director of Zenith Bank.
Bello brings extensive public and private sector experience to the role. He is a graduate of Civil Engineering from Ahmadu Bello University, Zaria, where he graduated with a Second Class Upper and won the Shell Prize for Best Project and Thesis in 1978.
He began his career in the Nigerian Army’s Directorate of Quartering and Engineering Services before moving into public infrastructure development with the Niger State Housing Corporation.
Bello later served as Nigeria’s Minister of Commerce between 1999 and 2002 and was subsequently appointed Executive Secretary/CEO of the Nigerian Investment Promotion Commission (NIPC), a position he held from 2003 to 2014.
He currently chairs Invest-in-Northern Nigeria Limited and has been involved in several national policy and development initiatives, including trade policy reform and investment promotion projects.
The bank expressed confidence that the leadership transition would further strengthen its governance structure and strategic direction.
