By Ghazali Ibrahim
Zenith Bank has announced the retirement of its founder and Group Chairman, Jim Ovia, marking the end of his tenure after 12 years in compliance with regulatory requirements.
The development was disclosed on Tuesday at the bank’s 35th Annual General Meeting, where the board confirmed that Ovia stepped down in line with the Central Bank of Nigeria’s corporate governance guidelines, which stipulate a maximum tenure for non-executive directors and chairmen.
Ovia, who assumed the role of chairman on July 16, 2014, returned to the position after previously serving as the bank’s founding Group Managing Director and Chief Executive Officer from 1990 to 2010.
The board credited him with strengthening the bank’s governance framework and enhancing stakeholder value, noting that his leadership further solidified Zenith Bank’s reputation within Nigeria’s financial services industry.
Following his exit, the board announced the appointment of Engr. Mustafa Bello as the new Chairman.
Bello, who joined the board in December 2017, is currently its longest-serving member. According to the bank, he brings significant leadership experience, a strong grasp of corporate governance, and a proven track record in strategic oversight.
The board expressed confidence in Bello’s ability to guide the institution through its next phase, citing his integrity, independence, and sound judgment during his time as a director.
Zenith Bank also confirmed that Bello’s appointment has been approved by the Central Bank of Nigeria.
