By Mary Onyia
Zenith Bank has announced the retirement of its founder and Group Chairman, Jim Ovia, following the completion of his tenure in line with regulatory requirements. The development was disclosed on Tuesday at the bank’s 35th Annual General Meeting and in an official statement.
According to the bank, Ovia stepped down after serving the maximum 12 years permitted for a non-executive director and chairman under the guidelines of the Central Bank of Nigeria. He assumed the chairmanship on July 16, 2014, after previously serving as the bank’s Group Managing Director/Chief Executive Officer from 1990 to 2010.
Zenith Bank praised his legacy, stating: “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.”
The bank also confirmed the appointment of Mustafa Bello as the new chairman, following board approval on April 27. Bello, who joined the board in 2017 and is its longest-serving director, is expected to ensure continuity, stability, and sustained governance standards as the institution transitions to new leadership.