Zenith Bank has announced the retirement of its founder and Group Chairman, Jim Ovia, following the completion of his tenure in line with Central Bank of Nigeria guidelines.

The development was disclosed on Tuesday during the bank’s 35th Annual General Meeting.

Ovia exits after 12-year tenure

The bank said Ovia stepped down after serving the maximum 12 years as a non-executive director and chairman.

He assumed the role on July 16, 2014, returning after previously serving as the bank’s founder and Group Managing Director/CEO from 1990 to 2010.

The board commended his contributions, noting that his leadership strengthened governance standards and enhanced the bank’s reputation in the financial sector.

Board names Mustafa Bello as successor

Zenith Bank announced Engr. Mustafa Bello as the new chairman of the board.

Bello joined the board on December 29, 2017, and is currently its longest-serving director.

New chairman gets CBN approval

According to the bank, Bello brings extensive leadership experience and a strong understanding of corporate governance.

The board said his track record of integrity and strategic oversight positions him to lead the bank into its next phase.

The appointment has received approval from the Central Bank of Nigeria.

Transition signals new phase

The leadership change marks a significant transition for Zenith Bank, one of Nigeria’s leading financial institutions.

Industry observers say the move aligns with regulatory requirements and reflects ongoing efforts to strengthen corporate governance within the banking sector.