Zenith Bank has announced the appointment of Mustafa Bello as its new Chairman, following the retirement of its Founder and Group Chairman, Jim Ovia.
The development was disclosed in a corporate notice issued in Lagos on May 5, 2026, confirming that Ovia’s exit followed the expiration of his tenure in line with corporate governance requirements governing financial institutions in Nigeria.
According to the bank, Ovia completed the mandatory 12-year tenure applicable to non-executive directors and chairmen of financial holding companies, non-interest banks, and payment service banks under regulatory guidelines issued in the country.
Before his appointment as Chairman, Bello served as a non-executive director on the bank’s board.
A civil engineer by training, Bello graduated from Ahmadu Bello University in 1978 with a Bachelor of Engineering in Civil Engineering, earning Second Class Upper Division honours and winning the Shell prize for best project and thesis in the Faculty of Engineering.
He began his career in public service with the Directorate of Quartering and Engineering Services of the Nigerian Army between 1978 and 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer from 1980 to 1983.
Bello later transitioned into federal service, serving as Minister of Commerce of the Federal Republic of Nigeria from 1999 to 2002. He was subsequently appointed Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission, a role he held between November 2003 and February 2014.
He is currently Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle focused on economic and social transformation in Northern Nigeria.
Over the years, Bello has been involved in several national initiatives, including the CAC online project in 2002 and the development of a WTO-consistent trade policy framework for Nigeria. He has also represented the Federal Government at various international conferences, missions, and economic engagements.
Zenith Bank said his appointment is expected to ensure continuity, stability, and strong governance, following Ovia’s long-standing leadership that helped shape the bank into one of Nigeria’s leading financial institutions.
