Jim Ovia Bows Out As Zenith Bank Chairman After Over A Decade

By Gabriel Ogunlana

After over a decade at the helm of Zenith Bank, the founder and group chairman of the financial institution has retired from service.

The retirement follows the expiration of Ovia’s tenure as the bank’s group chairman.

This developm is disclosed in a statement issued on Tuesday by the management of the bank.

According to the statement, Ovia  stepped down after completing the mandatory 12 years as a non-executive director and chairman, in compliance with the corporate governance guidelines issued by the Central Bank of Nigeria (CBN).

The lender described Ovia’s tenure as one marked by strong leadership, strategic direction, and effective board oversight.

“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions,” the statement reads.

“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.”

To ensure continuity, the financial institution said its board approved the appointment of Mustafa Bello as the new chairman at a meeting on April 27.

According to the statement, Bello, an engineer who joined the board on December 29, 2017, is currently the bank’s longest-serving director.

“He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations and a proven track record in strategic oversight and organizational growth,” the bank said.

“He has also demonstrated integrity, independence, and sound judgment.”

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

The bank also said the appointment has been approved by the CBN.