Zenith Bank appoints Mustafa Bello as Jim Ovia retires as Group Chairman

Zenith Bank Plc, a cornerstone of Nigeria's financial sector, is undergoing a significant leadership transition with the retirement of its visionary founder and Group Chairman, Mr. Jim Ovia. This move, while marking the end of an era, is presented as a necessary step in adhering to the Central Bank of Nigeria's corporate governance guidelines, specifically the twelve-year tenure limit for Non-Executive Directors and Group Chairmen. The bank's announcement extols Ovia's remarkable leadership and achievements, underscoring his pivotal role in shaping Zenith Bank into a formidable institution.

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Zenith Bank Plc is pleased to announce the retirement of its Founder and Group Chairman, Mr. Jim Ovia, CFR. This follows the expiration of his tenure in line with the Central Bank of Nigeria (CBN) Corporate Governance Guidelines (“the Guidelines”) for Commercial, Merchant, Non-Interest, Payment Services Banks and Financial Holding Companies in Nigeria.

The baton of leadership passes to Engr. Mustafa Bello, who has been appointed as the new Group Chairman. Bello's appointment is strategically positioned to ensure continuity and stability within the bank's leadership. As the longest-serving director on the board, having joined in December 2017, Bello brings extensive experience in board and executive leadership, a deep understanding of corporate governance, and a proven track record in strategic oversight and organizational growth. Zenith Bank expresses confidence that his integrity, independence, and sound judgment will facilitate a seamless transition and sustain the bank's high standards of governance and success.

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The Board expresses its deep appreciation to Mr Ovia CFR for his outstanding service and invaluable contributions. His visionary leadership, unwavering commitment to good governance, and dedication to stakeholders’ value creation significantly strengthened the Group’s strategic positioning and reputation during his tenure.

From a Nigerian perspective, Jim Ovia's tenure at Zenith Bank is a story of entrepreneurial success and significant contribution to the nation's economic development. His retirement, while regulatory-driven, is viewed with a mixture of respect for his legacy and anticipation for the future under new leadership. The emphasis on continuity under Mustafa Bello reassures stakeholders that the bank's strategic direction and commitment to value creation will remain steadfast. This transition is closely watched as a reflection of the robustness of Nigeria's banking sector and its adherence to evolving regulatory frameworks, ensuring continued stability and growth.

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To ensure continuity in leadership and sustained effectiveness of the Board, the Board at its meeting of 27 April 2026 approved the appointment of Engr. Mustafa Bello is the new Chairman of the Board.