Jim Ovia steps down from Zenith Bank role confirmed as founder exits chairmanship after 12 years, with Mustafa Bello appointed as new board chairman

Founder and long-serving chairman of Zenith Bank Plc, Jim Ovia, has stepped down from his role as the bank’s Group Chairman following the completion of his maximum tenure in line with regulatory guidelines.

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Jim Ovia’s retirement from Zenith Bank was announced on Tuesday during the institution’s 35th Annual General Meeting and confirmed in an official statement issued by the bank.

According to Zenith Bank, Jim Ovia’s exit follows the Central Bank of Nigeria’s corporate governance rule limiting non-executive directors and chairpersons to a 12-year tenure.

He assumed the chairmanship role on July 16, 2014, after previously serving as the bank’s founder and Group Managing Director/Chief Executive Officer between 1990 and 2010.

The bank described his leadership period as one marked by strategic direction, strong oversight, and adherence to sound governance principles, crediting him with strengthening the institution’s reputation and long-term stability.

“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions,” the statement read, highlighting his commitment to stakeholder value creation and corporate governance excellence.

Zenith Bank also announced the appointment of Mustafa Bello as the new chairman of the board, following a meeting held on April 27.

Bello, who joined the board in 2017, is currently its longest-serving director.

The bank noted that the leadership transition is aimed at maintaining continuity, reinforcing governance standards, and ensuring a smooth handover at the top level.

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Ovia’s departure marks the end of a significant chapter in the bank’s corporate history, as he remains widely regarded as a central figure in its rise to prominence in Nigeria’s financial sector.