Zenith Bank has officially announced the retirement of its founder and Group Chairman, Jim Ovia, following the completion of his tenure as chairman of the financial institution.
The announcement was made on Tuesday during the bank’s 35th Annual General Meeting and was further confirmed in an official statement released by the institution.
According to the bank, Ovia’s exit follows the completion of the mandatory 12-year tenure allowed for non-executive directors and chairmen under the corporate governance guidelines established by the Central Bank of Nigeria.
Ovia assumed the role of chairman on July 16, 2014, after previously serving as the bank’s founder and Group Managing Director/Chief Executive Officer from 1990 to 2010. His return to the board marked a significant chapter in the bank’s leadership history, during which Zenith Bank further consolidated its position as one of Nigeria’s leading financial institutions.
Reflecting on his time as chairman, the bank described Ovia’s leadership as one defined by strategic vision, strong oversight, and unwavering commitment to sound corporate governance.
“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions.
“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.
“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 organisational growth. He has also demonstrated integrity, independence, and sound judgment,” the statement said.
The bank acknowledged that Ovia played a central role in shaping Zenith Bank into a major force in Nigeria’s banking sector, with his leadership helping to drive stability, growth, and investor confidence over the years.
To ensure a seamless transition, Zenith Bank disclosed that its board approved the appointment of Mustafa Bello as the new chairman during a board meeting held on April 27.
Bello, an engineer by profession, joined the bank’s board on December 29, 2017, and is currently the longest-serving director on the board.
The institution expressed confidence that his appointment would preserve continuity and uphold the bank’s established governance standards.
Zenith Bank noted that Bello’s emergence as chairman is expected to guarantee stability in leadership while supporting the institution’s long-term strategic direction.
The transition marks the end of an era for Zenith Bank, as Ovia steps away after decades of influence that began with the bank’s founding and continued through his return as chairman.
What You Should Know
Jim Ovia is widely regarded as one of Nigeria’s most prominent banking figures and the founder of Zenith Bank, which has grown into one of the country’s top-tier financial institutions.
His retirement follows strict compliance with Central Bank of Nigeria corporate governance rules that limit tenure for non-executive directors. Ovia previously served as CEO before transitioning to chairman, maintaining a long-standing influence on the bank’s strategic direction.
His departure signals a governance transition aimed at strengthening leadership succession and regulatory compliance within Nigeria’s banking sector.
