Jim Ovia has stepped down as the chairman of Zenith Bank following the completion of his tenure in line with regulatory requirements.
The development was announced on Tuesday during the bank’s 35th Annual General Meeting and further confirmed in an official statement issued by the institution.
According to the statement, Ovia’s retirement comes after serving the maximum 12 years allowed for a non-executive director and chairman under the corporate governance guidelines set by the Central Bank of Nigeria.
Ovia assumed the position of chairman on July 16, 2014, after previously serving as the bank’s founder and Group Managing Director/Chief Executive Officer from 1990 to 2010.
The bank commended his tenure, highlighting that his leadership was marked by strong strategic direction, sound corporate governance, and effective board oversight.
“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,” the statement read.
Zenith Bank also announced the appointment of Mustafa Bello as the new chairman. The decision was approved during a board meeting held on April 27.
Bello, an engineer, joined the bank’s board on December 29, 2017, and is currently the longest-serving director. The bank noted that his appointment is expected to ensure continuity, stability, and sustained adherence to strong governance standards, while facilitating a seamless transition in leadership.
Ovia Retires as Zenith Bank Chairman After 12-Year Tenure, Bello Takes Over
