JUST IN: Jim Ovia retires as Zenith Bank Chairman after 12-year tenure

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 bank disclosed this in a statement issued in Lagos on May 5, 2026, noting that Ovia stepped down after serving the maximum 12-year period allowed under governance guidelines applicable to financial holding companies, non-interest banks, and payment service banks in Nigeria.

According to the statement, Ovia played a key role in the growth and development of the bank since its inception. The Board commended his leadership, describing his tenure as one marked by strategic direction, strong oversight, and sustained value creation for stakeholders.

It added that his stewardship helped strengthen the institution’s governance structure and improved its standing within the Nigerian financial services industry.

Following his retirement, the bank bank said Engineer Mustafa Bello has been appointed as his replacement.

Mustafa Bello, before his appointment, was a non-executive director with extensive background in public service and engineering.

Bello is a graduate of Civil Engineering from Ahmadu Bello University, Zaria, where he earned a Second Class Upper degree in 1978 and received a Shell Prize for best project in his faculty.

His career includes service in the Nigerian Army’s Directorate of Quartering and Engineering Services between 1978 and 1979, as well as work with the Niger State Housing Corporation from 1980 to 1983 as a senior civil engineer.

He later served as Minister of Commerce between 1999 and 2002, and as Executive Secretary/Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC) from 2003 to 2014.

Bello currently serves as Chairman of Invest-in-Northern Nigeria Limited, an initiative focused on economic and social development in northern Nigeria. He has also participated in several national and international assignments, including trade policy development and investment promotion initiatives.