Zenith Bank Plc has announced the retirement of its founder and long-serving chairman, Jim Ovia, marking the end of an era for one of Nigeria’s most successful financial institutions.
The bank confirmed the development in a corporate notice released in Lagos on May 5, 2026. According to the statement, Ovia stepped down after completing the mandatory 12-year tenure allowed under Nigeria’s corporate governance rules for financial holding companies, non-interest banks, and payment service banks.
His exit closes a remarkable chapter in Nigerian banking history. As founder of Zenith Bank Plc, Ovia played a key role in transforming the lender into one of Africa’s most respected banking brands. Under his leadership, Zenith Bank expanded aggressively, strengthened governance systems, and built a strong reputation for profitability and innovation.
The board praised Ovia for his steady leadership, strategic vision, and dedication to stakeholder value. It also credited him with elevating the group’s profile in Nigeria and across Africa’s financial sector.
Meanwhile, the bank has appointed Mustafa Bello as the new chairman. Bello previously served as a non-executive director of the bank and now takes over at a critical time for the institution.
Mustafa Bello brings decades of leadership experience in both public and private sectors. He graduated from Ahmadu Bello University in 1978 with a degree in Civil Engineering and earned recognition for academic excellence, including the Shell prize for best engineering project and thesis.
He later served in the Nigerian Army’s Directorate of Quartering and Engineering Services before joining the Niger State Housing Corporation as a senior civil engineer. His career later moved into national leadership when he became Nigeria’s Federal Minister of Commerce between 1999 and 2002.
In addition, Bello served as Executive Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission from 2003 to 2014, where he worked to attract investments into Nigeria. He currently chairs Invest-in-Northern Nigeria Limited, an initiative focused on economic transformation in Northern Nigeria.
The leadership transition comes at a time when investors are closely watching Nigeria’s banking industry for growth, digital innovation, and regional expansion. Therefore, Bello’s appointment signals continuity, governance stability, and fresh strategic direction for Zenith Bank.
For shareholders and market observers, this handover is more than a boardroom change. It represents the passing of responsibility from a banking pioneer to a new leader expected to shape Zenith Bank’s next growth phase.
