Zenith Bank appoints Mustafa Bello as Jim Ovia retires

Zenith Bank Plc has appointed Mustafa Bello as its new Group Chairman as the bank’s founder and former Group Chairman, Jim Ovia, retires.

The bank disclosed the leadership transition in a statement signed by its secretary, Michael Otu, on Tuesday, extolling Mr Ovia’s leadership and achievements in the previous years.

According to Zenith Bank, Mr Ovia’s retirement is in line with regulatory compliance after working at the bank as Non-Executive Director and the Group Chairman.

“Zenith Bank Plc is pleased to announce the retirement of its Founder and Group Chairman, Mr. Jim Ovia, CFR. This follows the expiration of his tenure in line with the Central Bank of Nigeria (CBN) Corporate Governance Guidelines (“the Guidelines”) for Commercial, Merchant, Non-Interest, Payment Services Banks and Financial Holding Companies in Nigeria.

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“In view of the above, having served the mandatory twelve (12) years as a Non-Executive Director and the Group Chairman, we announce the retirement of Mr Jim Ovia CFR in compliance with regulatory provisions,” the statement read.

The bank acknowledged the former chairman’s service at Zenith Bank PLC, stating that he served with distinction and effective oversight throughout his tenure in the last decade.

The bank said Mr Ovia was dedicated to the bank’s stakeholders’ value creation, which strengthened the Group’s strategic positioning and reputation during his tenure.

“As the Group Chairman, Mr. Ovia CFR served the Board with distinction, providing strong leadership, strategic direction, and effective oversight throughout his tenure.

“The Board expresses its deep appreciation to Mr Ovia CFR for his outstanding service and invaluable contributions.

“His visionary leadership, unwavering commitment to good governance, and dedication to stakeholders’ value creation significantly strengthened the Group’s strategic positioning and reputation during his tenure,” Zenith Bank stated.

Continuity

The newly appointed Group Chairman, Mr Bello, is expected to ensure continuity of the bank leadership.

“To ensure continuity in leadership and sustained effectiveness of the Board, the Board at its meeting of 27 April 2026 approved the appointment of Engr. Mustafa Bello is the new Chairman of the Board. Engr. Mustafa Bello joined the Board on 29 December, 2017 and is currently the longest serving director,” the bank noted.

According to Zenith Bank, Mr Bello has extensive leadership experience at the board and executive levels, with a strong understanding of corporate governance principles and regulatory expectations.

The bank added that the new chairman also has a proven track record in strategic oversight and organizational growth, noting his demonstrated integrity, independence, and sound judgment over the years.

“His appointment is expected to ensure continuity, stability, and sustained high standards of governance as well as facilitate a seamless transition and organizational success,” the bank said.

ALSO READ: Jim Ovia: A blessing to NELFUND, By Frederick Femi Akinfala

The appointment, which represents a strategic step in sustaining strong leadership and governance in the bank, has been approved by the Central Bank of Nigeria (CBN).

Profile

Mr Bello joined the Board on 29 December 2017 and is currently the longest serving director of Zenith Bank. He graduated with a B.Engr. (Civil Engineering), from the Ahmadu Bello University (ABU), Zaria in 1978.

The new Zenith Bank chairman served in the Directorate of Quartering and Engineering Service (Nigerian Army) between 1978 / 1979 and later joined the Niger State Housing Corporation between 1980 and 1983 as a Senior Civil Engineer.

He served as a cabinet Minister of the Federal Republic of Nigeria as the Federal Minister of Commerce between 1999 and 2002.

Mr Bello was subsequently appointed Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC) between November 2003 and February 2014.

He has been involved in several projects in Nigeria, including the CAC online project in 2002, and developed a WTO-consistent Trade Policy for the Federal Republic of Nigeria.

Mr Bello has attended several conferences, missions, and meetings on behalf of the Nigerian government.