Jim Ovia has retired as Chairman of Zenith Bank following the expiration of his tenure, the bank has announced.
The development was disclosed on Tuesday during the bank’s 35th Annual General Meeting, with the decision said to be in line with corporate governance guidelines issued by the Central Bank of Nigeria.
According to the bank, Ovia stepped down after completing the mandatory 12 years as a non-executive director and chairman. He assumed the role on July 16, 2014, after previously serving as the bank’s founder and Group Managing Director/Chief Executive Officer from 1990 to 2010.
The bank described his tenure as one defined by strong leadership, strategic direction, and effective board oversight.
“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions,” the statement read, noting that his leadership significantly strengthened the bank’s strategic positioning and corporate reputation.
Zenith Bank also announced the appointment of Mustafa Bello as the new chairman, following board approval at a meeting held on April 27.
Bello, an engineer, joined the board on December 29, 2017, and is currently the longest-serving director of the bank.
The institution said his appointment is expected to ensure continuity, stability, and sustained high standards of corporate governance, while enabling a seamless leadership transition.
The leadership change marks the end of an era for Zenith Bank, with Ovia widely credited for laying the foundation of one of Nigeria’s leading financial institutions and steering its growth over decades.
