Zenith Bank Plc has announced the retirement of its founder and Group Chairman, Jim Ovia, following the expiration of his tenure. The leadership transition was confirmed on Tuesday, May 5, 2026.

Ovia stepped down after completing the mandatory 12 years as a non-executive director and chairman, adhering to the corporate governance guidelines set by the Central Bank of Nigeria (CBN) for financial holding companies.

The bank's Board expressed deep appreciation for Ovia's service, acknowledging his strong leadership, strategic direction, and effective oversight throughout his tenure. His commitment to good governance and stakeholder value creation was noted for significantly strengthening the Group’s strategic positioning and reputation.

Leadership Transition

To ensure continuity, the Board has approved the appointment of Engr. Mustafa Bello as the new Group Chairman. Bello joined the Zenith Bank Board on December 29, 2017, making him the longest-serving director.

According to the bank, Bello brings extensive leadership experience at both board and executive levels, with a strong understanding of corporate governance principles and regulatory expectations. His track record in strategic oversight and organizational growth, demonstrated integrity, independence, and sound judgment, positions him to lead the institution.

The appointment of Mustafa Bello has received the approval of the Central Bank of Nigeria. The transition is expected to ensure stability and a seamless continuation of the bank’s strategic objectives.