Jim Ovia has retired as Founder and Group Chairman of Zenith Bank Plc following the expiration of his tenure in line with regulatory requirements. In industry news, Jim Ovia Retires as Zenith Bank Chairman, a development closely watched by financial stakeholders.
The bank disclosed this in a corporate notice issued in Lagos on May 5, 2026, noting that Ovia completed the mandatory 12-year tenure stipulated under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.
Ovia, widely regarded as a driving force behind the bank’s growth, was credited by the Board for providing strong leadership, strategic direction, and effective oversight during his time as chairman. The Board also acknowledged his commitment to corporate governance and stakeholder value, which it said strengthened the Group’s reputation in the financial services sector. Jim Ovia Retires as Zenith Bank Chairman, closing an important era for the institution.
Following his retirement, Mustafa Bello has been appointed as the new Chairman. In the wake of Jim Ovia Retires as Zenith Bank Chairman, Bello previously served as a non-executive director of the bank prior to his elevation.
Bello holds a Bachelor’s degree in Civil Engineering from Ahmadu Bello University, Zaria, graduating in 1978 with a Second Class Upper Division. He also received the Shell Prize for the best project and thesis in the Faculty of Engineering that year.
He began his career with the Directorate of Quartering and Engineering Services of the Nigerian Army between 1978 and 1979 before moving to the Niger State Housing Corporation, where he worked as a Senior Civil Engineer from 1980 to 1983.
Bello later served as Nigeria’s Minister of Commerce between 1999 and 2002. He was subsequently appointed Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission, where he served from November 2003 to February 2014.
He is currently Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle focused on the economic and social transformation of Northern Nigeria. Over the years, Bello has contributed to several national initiatives, including the Corporate Affairs Commission’s online project and the development of trade policies aligned with World Trade Organization standards. Jim Ovia Retires as Zenith Bank Chairman, signaling a significant shift in company leadership.
The transition marks a new phase in Zenith Bank’s leadership as it continues to build on its legacy in Nigeria’s banking industry. Jim Ovia Retires as Zenith Bank Chairman, ushering in the next chapter for the financial institution.
