Zenith Bank Plc has announced a leadership change following the completion of the tenure of its founder and chairman, Jim Ovia.

The bank disclosed this in a corporate notice issued in Lagos on May 5, 2026.

According to the statement, Jim Ovia completed the mandatory 12-year tenure allowed under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.

“Zenith Bank Plc is pleased to announce the retirement of its Founder and Group Chairman, Mr. Jim Ovia, CFR. This follows the expiration of his tenure in line with the Central Bank of Nigeria (CBN) Corporate Governance Guidelines (“the Guidelines”) for Commercial, Merchant, Non-Interest, Payment Services Banks and Financial Holding Companies in Nigeria.

“In view of the above, having served the mandatory twelve (12) years as a Non-Executive Director and the Group Chairman, we announce the retirement of Mr Jim Ovia in compliance with regulatory provisions,” the statement read.

Ovia, who founded Zenith Bank, played a major role in the growth of the financial institution over the years.

The Board credited him with providing leadership, strategic direction, and oversight during his time as chairman.

The bank said Ovia was dedicated to the bank’s stakeholders’ value creation, which strengthened the Group’s strategic positioning and reputation during his tenure.

“As the Group Chairman, Mr. Ovia served the Board with distinction, providing strong leadership, strategic direction, and effective oversight throughout his tenure.

“The Board expresses its deep appreciation to Mr Ovia CFR for his outstanding service and invaluable contributions.

“His visionary leadership, unwavering commitment to good governance, and dedication to stakeholders’ value creation significantly strengthened the Group’s strategic positioning and reputation during his tenure,” Zenith Bank stated.

Following his exit, Mustafa Bello was appointed as the new chairman of the bank. Before his appointment, he served as a non-executive director at Zenith Bank.

Mustafa Bello graduated with a degree in Civil Engineering from Ahmadu Bello University in 1978.

He finished with a Second Class Upper Division and received the Shell prize for the best project and thesis in the Faculty of Engineering.

He served in the Directorate of Quartering and Engineering Service of the Nigerian Army between 1978 and 1979 before joining the Niger State Housing Corporation as a Senior Civil Engineer from 1980 to 1983.

Bello later served as Nigeria’s Federal Minister of Commerce between 1999 and 2002. He was also appointed Executive Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission from November 2003 to February 2014.

He currently serves as Chairman of Invest-in-Northern Nig. Limited, an organisation focused on economic and social development in Northern Nigeria.

Over the years, Mustafa Bello has participated in several national projects and government initiatives, including the CAC online project launched in 2002 and the development of a WTO-consistent trade policy for Nigeria.

He has also represented the Federal Government of Nigeria at conferences, meetings, and international engagements.

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