Zenith Bank Plc has announced the retirement of its founder, Jim Ovia, as Group Chairman following the completion of his mandatory 12-year tenure, with Mustafa Bello appointed as his successor.
Zenith Bank Plc has officially announced the retirement of its founder and Group Chairman, Jim Ovia, following the expiration of his 12-year tenure. The disclosure was made in a corporate notice issued in Lagos on Tuesday, May 5, 2026. Ovia’s departure is in strict compliance with the Central Bank of Nigeria’s (CBN) corporate governance guidelines, which mandate a maximum 12-year limit for non-executive directors and chairmen of financial holding companies and commercial banks. Ovia, who became the bank’s chairman on July 16, 2014, previously served as the founding Group Managing Director and CEO from 1990 to 2010.
Throughout his time as chairman, Ovia was a central figure in Zenith Bank’s aggressive growth and international expansion. The Board of Directors credited him with providing the strong leadership and strategic oversight necessary to position the Group as a leader in the financial services sector. In an official statement, the Board noted that his commitment to governance standards and stakeholder value creation significantly enhanced the Group’s reputation, adding: “As the founder of Zenith Bank, he has been a central figure in its growth trajectory and was credited by the Board for providing strong leadership, strategic direction, and effective oversight throughout his time as chairman.”
Following Ovia’s retirement, the bank has appointed Engr. Mustafa Bello, a former Federal Minister of Commerce, as the new Group Chairman. Bello, who previously served as a non-executive director on the board, brings a wealth of experience from both the public and private sectors, including his tenure as the Executive Secretary of the Nigerian Investments Promotion Commission (NIPC). The Board expressed confidence that Bello’s appointment will ensure a seamless transition and sustained value for shareholders as the bank continues its trajectory toward global competitiveness and digital transformation.
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