Zenith Bank announced on Tuesday that founder Jim Ovia has retired as Group Chairman after completing the mandatory 12-year tenure for non-executive directors, in compliance with Central Bank of Nigeria corporate governance guidelines.

The retirement, disclosed during the bank’s 35th Annual General Meeting held on 5 May 2026, concludes Ovia’s second major leadership phase at the institution he founded in 1990. He became chairman on 16 July 2014, having previously served as Group Managing Director/CEO from inception until his retirement from executive management in July 2010.

The 12-year limit stems from the CBN’s Corporate Governance Guidelines for Commercial, Merchant, Non-Interest, Payment Services Banks and Financial Holding Companies issued in July 2023. The regulation caps tenure for managing directors, CEOs and non-executive directors at 12 years to strengthen governance standards across Nigeria’s banking sector.

Zenith Bank’s board acknowledged Ovia’s contributions, praising his “outstanding service and invaluable contributions.” It credited his “visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation” for strengthening the group’s strategic positioning and reputation.

To ensure continuity, the board approved the appointment of Mustafa Bello as the new Group Chairman at its 27 April 2026 meeting. The appointment received CBN approval and became effective upon Ovia’s retirement.

Bello joined Zenith Bank’s board on 29 December 2017, making him the longest-serving director. He holds a B.Engr. in Civil Engineering from Ahmadu Bello University (1978). His career includes serving as Federal Minister of Commerce (1999–2002) and Chief Executive Officer of the Nigerian Investment Promotion Commission (November 2003–February 2014). He contributed to projects such as the CAC online initiative in 2002 and the development of a WTO-consistent trade policy for Nigeria.

Ovia’s departure marks the end of an era for Zenith Bank, which grew from $4 million in shareholders’ funds at founding to become Nigeria’s largest bank by market capitalisation, recently crossing the ₦5 trillion threshold. Under his leadership spanning 34 years across executive and board roles, the bank achieved international recognition, with over $16 billion in assets and operations across the UK, Dubai, China, Ghana, Sierra Leone and The Gambia.

Ovia holds the national honours of Commander of the Order of the Federal Republic (CFR) and Commander of the Order of the Niger (CON). He is also the author of Africa Rise and Shine and founder of James Hope University, licensed in 2021.

The succession to Bello reflects Zenith Bank’s commitment to governance standards while maintaining stability through leadership continuity. The bank stated that Bello’s board and executive experience, alongside his understanding of regulatory expectations, positions him to sustain the institution’s trajectory.

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