Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the expiration of his tenure in line with regulatory requirements.
The bank disclosed this in a corporate notice issued in Lagos on May 5, 2026.
Ovia retired after completing the mandatory 12-year tenure permitted under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.
As founder of Zenith Bank, Ovia has been a central figure in the bank’s growth and transformation into one of Nigeria’s leading financial institutions.
The Board, in its notice, credited him with providing strong leadership, strategic direction, and effective oversight during his tenure as chairman.
It also noted that his commitment to sound corporate governance and stakeholder value creation significantly strengthened the Group’s positioning and reputation in the financial services sector.
Following Ovia’s retirement, the Board announced the appointment of Engr. Mustafa Bello as Chairman of Zenith Bank Plc.
Until his appointment, Bello served as a non-executive director of the bank.
Bello is a civil engineer, public administrator, and former federal minister with decades of experience in public service, investment promotion, trade policy, and corporate governance.
He graduated from Ahmadu Bello University, Zaria, in 1978 with a Bachelor of Engineering degree in Civil Engineering, obtaining Second Class Upper Division. He also won the Shell Prize for the best project and thesis in the Faculty of Engineering in 1978.
He began his career with the Directorate of Quartering and Engineering Service of the Nigerian Army between 1978 and 1979 before joining the Niger State Housing Corporation, where he served as Senior Civil Engineer between 1980 and 1983.
Bello later served as Federal Minister of Commerce between 1999 and 2002.
He was subsequently appointed Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission, NIPC, a position he held from November 2003 to February 2014.
He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle established for the economic and social transformation of the Northern Nigerian economy.
Over the years, Bello has been involved in several national projects, including the Corporate Affairs Commission online project in 2002 and the development of a World Trade Organisation-consistent trade policy for Nigeria.
He has also attended several conferences, missions, and meetings, where he represented the Federal Government of Nigeria.
The appointment marks a major leadership transition at Zenith Bank, as the institution moves into a new phase following Ovia’s exit from the board leadership after more than a decade as chairman.
