Zenith Bank Plc has announced the retirement of its founder and Group Chairman, Jim Ovia, following the expiration of his 12-year tenure. The transition, announced on Tuesday, aligns with the corporate governance guidelines mandated by the Central Bank of Nigeria (CBN).
In a statement, the financial powerhouse praised Ovia’s tenure as an era defined by strategic direction and robust board oversight. The bank credited his “visionary leadership” and commitment to stakeholder value for significantly strengthening the group’s global reputation.
“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions,” the statement read.
To ensure a smooth transition, the board has approved the appointment of Mustafa Bello as the new Chairman. An engineer by profession, Bello joined the board in December 2017 and is currently the bank’s longest-serving director.
According to the lender, Bello’s appointment—which has already received CBN approval—is expected to maintain the bank’s stability and high governance standards. The board cited his “proven track record in strategic oversight” and “sound judgment” as key factors in his selection.
The leadership change follows the CBN’s July 2023 revised code of corporate governance, which caps the tenure of bank heads and directors at a maximum of 12 years to foster fresh leadership within the banking sector.
