Breaking: Mustafa Bello Replaces Jim Ovia as Zenith Bank Chairman

Ex-Zenith Bank Chairman, Jim Ovia and New Zenith Bank Chairman Mustafa Bello

Mustafa Bello has replaced the founder and Group Chairman of Zenith Bank, Jim Ovia, as the new chairman after 12 years.

This development followed  Ovia’s completion of the mandatory 12-year tenure as a non-executive director and chairman. 

Zenith Bank announced his retirement on Tuesday, following the expiration of his tenure.

The announcement was made during the bank’s ongoing 35th Annual General Meeting and was further communicated in an official statement.

The bank stated that Ovia stepped down after completing the required 12 years as a non-executive director and chairman, in compliance with corporate governance guidelines issued by the Central Bank of Nigeria.

Ovia became chairman on July 16, 2014. 

He returned to the position after previously serving as the bank’s founder and Group Managing Director/CEO from 1990 to 2010.

The bank described Ovia’s tenure as being marked by strong leadership, clear 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 both 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 statement read.

The financial institution further stated that the board approved the appointment of Mustafa Bello as the new chairman at a meeting held on April 27, 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.

Zenith Bank noted that Bello’s appointment is expected to ensure continuity, stability, and sustained high standards of governance, while facilitating a seamless leadership transition.