By Our Correspondent
National News – Zenith Bank founder Jim Ovia has retired as Group Chairman following completion of the Central Bank of Nigeria mandated tenure limit.
The announcement was made at the bank’s 35th Annual General Meeting, marking a major leadership transition in the financial institution.
Zenith Bank confirmed the leadership change during its AGM held on May 5, 2026, stating that the retirement aligns with corporate governance standards set by the Central Bank of Nigeria.
The board expressed appreciation for Ovia’s decades-long contribution to the bank’s growth, stability, and reputation across the financial sector.
The transition was described as part of efforts to strengthen governance consistency and institutional continuity.
Jim Ovia previously served as Group Managing Director and Chief Executive Officer from 1990 to 2010 before returning as chairman in 2014.
During his tenure, he was credited with strengthening Zenith Bank’s governance structure, digital banking expansion, and consistent profitability, making the institution one of Nigeria’s most competitive financial brands.
His leadership supported major expansion in customer base, technological innovation, and market positioning within Africa’s banking sector.
The bank also announced Engineer Mustafa Bello as the new chairman, describing his appointment as a strategic move to ensure continuity and stability.
Bello, a long-serving board member since 2017, is expected to maintain the bank’s growth trajectory, strengthen oversight, and support ongoing innovation in banking services.
The board emphasized that the transition will reinforce investor confidence and sustain long-term strategic objectives.
Industry observers describe the development as a sign of strengthening governance practices within Nigeria’s banking sector, where leadership succession and regulatory compliance are increasingly prioritized.
Zenith Bank is expected to sustain operational performance and investor trust under the new leadership structure while continuing its focus on digital transformation and financial expansion.
