Zenith Bank has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the completion of his tenure.
The decision was disclosed on Tuesday during the bank’s 35th Annual General Meeting and further detailed in an official statement.
According to the bank, Ovia stepped down after serving the maximum 12 years allowed for a non-executive director and chairman, in line with corporate governance regulations set by the Central Bank of Nigeria.
Ovia assumed the role of chairman on July 16, 2014, returning after previously serving as the bank’s founder and Group Managing Director/Chief Executive Officer from 1990 to 2010.
The bank commended his tenure, describing it as one defined by strong leadership, clear strategic direction, and effective oversight of the board.
“The Board expresses its deep appreciation to Mr. Jim Ovia for his exceptional service and significant contributions.
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His visionary leadership, commitment to sound corporate governance, and dedication to creating stakeholder value greatly enhanced the group’s reputation and strategic growth,” the statement read.
Zenith Bank also highlighted his extensive experience at both executive and board levels, noting his deep understanding of governance frameworks and regulatory expectations, as well as his track record in driving organisational growth.
Meanwhile, the bank confirmed the appointment of Mustafa Bello as the new chairman, following approval by the board at its meeting on April 27.
Bello, an engineer, joined the board on December 29, 2017, and is currently the longest-serving director of the bank.
The institution expressed confidence that his appointment will ensure continuity, stability, and the maintenance of high governance standards, while enabling a smooth leadership transition.
