Jim Ovia Retires as Zenith Bank Chairman After 12-Year Tenure; Mustafa Bello Appointed Successor

Key facts

• Jim Ovia retired as Zenith Bank Group Chairman on May 5, 2026, after 12 years on the board.
• Ovia founded Zenith Bank in 1990 and served as CEO until 2010, then chairman from July 16, 2014.
• Mustafa Bello, an engineer and former Federal Minister of Commerce, was appointed chairman on April 27, 2026.
• Bello joined Zenith Bank's board on December 29, 2017, and is the longest-serving director.
• Ovia's retirement complies with CBN corporate governance guidelines limiting non-executive directors to 12 years.
• Bello graduated from Ahmadu Bello University in 1978 with a B.Engr. in Civil Engineering and won the Shell prize.
• Bello served as Executive Secretary/CEO of the Nigerian Investments Promotion Commission from 2003 to 2014.

A Founder's Departure

Jim Ovia, the founder and group chairman of Zenith Bank Plc, has retired after completing the mandatory 12-year tenure permitted under Nigeria's corporate governance guidelines for financial holding companies. The bank announced the retirement in a corporate notice issued in Lagos on May 5, 2026, and during its ongoing 35th Annual General Meeting on Tuesday. Ovia stepped down as both a non-executive director and chairman, in compliance with rules set by the Central Bank of Nigeria. His tenure as chairman began on July 16, 2014, following his earlier role as the bank's founder and Group Managing Director/CEO from 1990 to 2010.

The Board's Tribute and Transition

The board credited Ovia with providing strong leadership, strategic direction, and effective oversight throughout his chairmanship. In a statement, the board expressed deep appreciation for his outstanding service, noting that his visionary leadership and unwavering commitment to good governance significantly strengthened the group's strategic positioning and reputation. “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 statement read. The board also highlighted his extensive leadership experience, strong understanding of corporate governance principles, and proven track record in strategic oversight.

Mustafa Bello Takes the Helm

To ensure continuity, the board approved the appointment of Mustafa Bello as the new chairman at a meeting on April 27. Bello, an engineer who joined the board on December 29, 2017, is currently the bank's longest-serving director. The bank said his appointment is expected to ensure continuity, stability, and sustained high standards of governance, while facilitating a seamless leadership transition. Bello graduated with a B.Engr. in Civil Engineering from Ahmadu Bello University, Zaria, in 1978, earning Second Class Upper Division and the Shell prize for best project and thesis in the Faculty of Engineering. He served in the Nigerian Army's Directorate of Quartering and Engineering Service from 1978 to 1979, then as a Senior Civil Engineer at the Niger State Housing Corporation from 1980 to 1983.

A Career in Public Service and Business

Bello served as a cabinet minister of the Federal Republic of Nigeria, holding the portfolio of Federal Minister of Commerce from 1999 to 2002. He was subsequently appointed Executive Secretary/Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC), serving from November 2003 to February 2014. He is currently the Chairman of Invest-in-Northern Nig. Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian economy. His project involvements include the CAC online project in 2002 and developing a WTO-consistent Trade Policy for the Federal Republic of Nigeria. He has represented the Federal Government at numerous conferences, missions, and meetings.

Regulatory Context and Corporate Governance

Ovia's retirement follows the corporate governance guidelines issued by the Central Bank of Nigeria, which mandate a maximum tenure of 12 years for non-executive directors and chairmen of financial holding companies, non-interest banks, and payment service banks. The bank emphasized that Ovia's departure was in full compliance with these requirements. The transition comes amid broader reforms in Nigeria's banking sector, including the CBN's efforts to boost resilience against global shocks and promote digital innovation. Zenith Bank, founded by Ovia in 1990, has grown into one of Nigeria's largest commercial banks, with a strong presence across the country.

Outlook and Stability

With Bello's appointment, the bank aims to maintain the strategic direction and governance standards established under Ovia. Bello's extensive experience in both public service and corporate governance positions him to lead the board through the next phase of the bank's evolution. The seamless transition is expected to reassure investors and stakeholders, as Zenith Bank continues to navigate a competitive financial services landscape. The bank's statement underscored that Bello's tenure would ensure continuity and stability, building on the foundation laid by its founder.

The bottom line

• Jim Ovia retired as Zenith Bank chairman after 12 years, complying with CBN governance rules.
• Mustafa Bello, a former minister and engineer, was appointed chairman on April 27, 2026.
• Bello is the bank's longest-serving director, having joined the board in December 2017.
• Ovia founded Zenith Bank in 1990 and served as CEO for 20 years before becoming chairman.
• The transition is designed to ensure continuity and stability in the bank's governance.
• Bello's background includes federal ministerial roles and leadership of the NIPC.