After 12 years on the board as a non-executive director, Mr Jim Ovia has retired as the chairman of Zenith Bank Plc, paving the way for Mr Mustafa Bello to take over.
Mr Ovia established Zenith Bank in 1990 and became its chief executive before retiring in 2010, and handing over to Mr Godwin Emefiele. He was appointed as the head of the board as a non-executive director in 2014 until his retirement.
At a board meeting held on April 27, 2026, the appointment of Mr Bello as the new chairman was approved to ensure continuity.
According to the statement, Bello, an engineer who joined the board on December 29, 2017, is currently the bank’s longest-serving director.
At the Annual General Meeting (AGM) of the lender in Lagos on Tuesday, Mr Ovia announced his retirement after completing the mandatory 12 years, and in compliance with the corporate governance guidelines of the Central Bank of Nigeria (CBN).
During his tenure as chairman, Mr Ovia gave direction to the financial institution and ensured 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, unwavering commitment to good governance, and dedication to stakeholder value creation significantly strengthened the group’s strategic positioning and reputation during his tenure.
“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 organisational growth. He has also demonstrated integrity, independence, and sound judgment,” the lender said.