Zenith Bank has announced the retirement of its founder and Group Chairman, Mr. Jim Ovia, following the expiration of his tenure.
The announcement was made on Tuesday during the bank’s 35th Annual General Meeting (AGM) and subsequently detailed in an official statement.
According to the bank, Ovia stepped down after successfully completing the mandatory 12-year term as a non-executive director and chairman, in full compliance with the Central Bank of Nigeria’s corporate governance guidelines.
Ovia, who founded Zenith Bank, first served as Group Managing Director and CEO from 1990 to 2010. He later returned as Chairman on July 16, 2014, bringing his wealth of experience to the role for a second time.
The bank described his tenure as one defined by strong leadership, strategic vision, and effective board oversight.
“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions,” the statement read. “His visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation have significantly strengthened the group’s strategic positioning and reputation.”
Ovia was further praised for his extensive leadership experience, deep understanding of corporate governance and regulatory expectations, as well as his proven track record in driving organisational growth, integrity, independence, and sound judgment.
To ensure a smooth leadership transition, the board had earlier approved the appointment of Mr. Mustafa Bello as the new Chairman on April 27. Bello, an engineer who joined the board on December 29, 2017, is currently the longest-serving director on Zenith Bank’s board.
The bank stated that Bello’s appointment is expected to sustain the high standards of governance, ensure continuity and stability, and facilitate a seamless handover of leadership.
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