Zenith Bank has officially announced the retirement of its founder and Group Chairman, Jim Ovia, following the completion of his tenure in line with regulatory guidelines.
The announcement was made during the bank’s 35th Annual General Meeting on Tuesday, where it was confirmed that Ovia stepped down after serving the maximum 12 years allowed for a non executive chairman under the regulations of the Central Bank of Nigeria.
Ovia, who assumed the role of chairman on July 16, 2014, previously served as the bank’s founder and Group Managing Director and Chief Executive Officer from 1990 to 2010. His leadership has been widely credited with shaping Zenith Bank into one of Nigeria’s leading financial institutions.
In its statement, the bank commended Ovia for his visionary leadership, strong commitment to corporate governance, and dedication to creating value for stakeholders. It noted that his tenure as chairman was marked by strategic direction, ility, and enhanced institutional reputation.
The board also announced the appointment of Mustafa Bello as the new chairman. Bello, an engineer by profession, joined the board on December 29, 2017, and is currently the longest serving director on the board.
According to Zenith Bank, Bello’s appointment is expected to ensure continuity, maintain strong governance standards, and facilitate a seamless transition in leadership.
The development marks the end of an era for Zenith Bank, as Ovia steps aside after decades of influence and service, leaving behind a legacy of growth and institutional strength.
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