Zenith Bank has announced a leadership transition, with Mustafa Bello assuming the role of chairman, succeeding the bank’s founder, Jim Ovia, after the completion of his tenure.
The change follows Ovia’s exit after serving the maximum 12-year period permitted for a non-executive director and chairman, in line with corporate governance regulations set by the Central Bank of Nigeria.
The bank confirmed his retirement on Tuesday during its 35th Annual General Meeting, noting that his tenure had officially come to an end.
Ovia, who assumed the chairmanship on July 16, 2014, returned to the position after previously leading the institution as its founding Group Managing Director and Chief Executive Officer from 1990 to 2010.
In a statement, the bank commended his impact, highlighting his strategic leadership, commitment to governance, and role in strengthening the institution’s market standing and reputation.
The board expressed appreciation for his service, citing his contribution to value creation, strong oversight, and adherence to high governance standards throughout his time as chairman.
To ensure continuity, the board had earlier approved Bello’s appointment at a meeting held on April 27.
Bello, an engineer by training, joined the board on December 29, 2017, and is currently the longest-serving director on the board.
According to the bank, his emergence as chairman is expected to provide stability, maintain governance excellence, and support a smooth transition in leadership.