The founder and group chairman of Zenith Bank Jim Ovia, has retired following the expiration of his tenure, in compliance with the corporate governance guidelines issued by the Central Bank of Nigeria (CBN)
Penpushing reports that the management announced the retirement on Tuesday during the bank’s ongoing 35th Annual General Meeting) AGM) and further communicated in a statement, adding that he stepped down after completing the mandatory 12 years as a non-executive director and chairman.
The retiree became the bank’s chairman on July 16, 2014, and returned to the position after previously serving as the bank’s founder and Group Managing Director/Chief Executive Officer from 1990 to 2010.
Penpushing further reports that the management described Ovia’s tenure as marked by strong leadership, strategic direction, and effective board oversight, and equally expressed appreciation to him for his outstanding service and invaluable contributions.
“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.
“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. He has also demonstrated integrity, independence, and sound judgment’, it added.
Penpushing also reports that the financial institution explained that the board has approved the appointment of Mustafa Bello as the new chairman at a meeting on April 27, 2026 to ensure continuity.
The statement emphasized that, Bello, an engineer who joined the board on December 29, 2017, is currently the bank’s longest-serving director, stressing that with his appointment he is expected to ensure continuity, stability, and sustained high standards of governance, while facilitating a seamless leadership transition.
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