Zenith Bank Plc has confirmed the retirement of its Founder and Group Chairman, Jim Ovia, after the completion of his tenure in accordance with regulatory guidelines.
The announcement was contained in a corporate disclosure released in Lagos on May 5, 2026.
Ovia’s exit follows the mandatory 12-year tenure limit stipulated under corporate governance rules governing financial holding companies, non-interest banks, and payment service banks in Nigeria.
As the bank’s founder, he played a major role in its expansion and was commended by the Board for his leadership, strategic input, and strong oversight throughout his period as chairman.
The Board also highlighted that his dedication to governance standards and value creation for stakeholders significantly strengthened the Group’s standing in the financial services industry.
Mustafa Bello, who previously served as a non-executive director of the bank, has now been appointed as the new Chairman.
Bello, an engineer and former public servant, brings extensive experience spanning engineering, public administration, and investment promotion.