By Adesakin Adefemi
Zenith Bank has announced the retirement of its founder and group chairman, Jim Ovia, bringing to a close defining chapter in the bank’s 35-year history. The announcement was made on Tuesday during the bank’s Annual General Meeting.
The bank said Ovia stepped down after completing the mandatory 12 years as a non-executive director and chairman, in line with corporate governance guidelines issued by the Central Bank of Nigeria.
Ovia assumed the chairmanship on July 16, 2014. He returned to the position after serving as the bank’s founder and Group Managing Director/CEO from 1990 to 2010, a period that saw Zenith Bank grow into one of Africa’s largest financial institutions.
In a statement, the board praised Ovia’s tenure as one marked by strong leadership, strategic direction, and effective oversight. “His visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation significantly strengthened the group’s strategic positioning and reputation,” the bank said.
The board credited him with deepening corporate governance standards and steering the bank through periods of regulatory change and economic volatility. “He has extensive leadership experience at board and executive levels, a strong understanding of corporate governance principles and regulatory expectations and a proven track record in strategic oversight and organisational growth,” it added.
To ensure continuity, the board approved the appointment of Mustafa Bello as the new chairman at its meeting on April 27. Bello, an engineer, joined the Zenith Bank board on December 29, 2017, and is currently its longest-serving director.
Zenith Bank said Bello’s elevation is expected to deliver stability and sustain high standards of governance while facilitating a seamless leadership transition. The bank described him as a director with “demonstrated integrity, independence, and sound judgment.”
Ovia’s exit closes a 36-year association with the institution he founded in May 1990. Under his watch, Zenith Bank expanded from a single branch to a multinational group with operations in Ghana, Sierra Leone, Gambia, the UK, UAE, and China.
Shareholders at the AGM paid tribute to Ovia’s legacy, citing the bank’s consistent dividend record, digital innovation push, and resilience during banking sector reforms. The board said his impact on Nigerian banking would remain a reference point for years to come.
