Zenith Bank has announced the retirement of its founder and Group Chairman, Jim Ovia, following the completion of his tenure.
The development was disclosed on Tuesday during the bank’s 35th Annual General Meeting and later confirmed in an official statement.
According to the bank, Ovia stepped down after serving the maximum 12 years allowed for a non-executive director and chairman, in line with corporate governance regulations set by the Central Bank of Nigeria.
Ovia assumed the role of chairman on July 16, 2014, after previously leading the institution as its founder and Group Managing Director/Chief Executive Officer from 1990 to 2010.
The bank praised his years of service, noting that his leadership helped shape its growth and corporate direction.
“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions.
“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.
“He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations and a proven track record in strategic oversight and organisational growth. He has also demonstrated integrity, independence, and sound judgment,” the statement read.
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Zenith Bank also announced that Mustafa Bello has been appointed as the new chairman.
The decision was approved at a board meeting held on April 27, with the bank noting that Bello, who joined the board in December 2017, is currently its longest-serving director.
The statement added that his appointment is aimed at ensuring a smooth leadership transition while maintaining stability and strong governance standards within the organisation.