Zenith Bank Plc has announced the retirement of its founder and long-serving chairman, Jim Ovia, bringing an end to an era for one of Nigeria’s leading financial institutions.
The bank confirmed the development in a corporate notice released in Lagos on May 5, 2026. According to the statement, Ovia stepped down after completing the mandatory 12-year tenure set by Nigeria’s corporate governance rules for financial holding companies, non-interest banks, and payment service banks.
His exit closes a notable chapter in Nigerian banking history. As founder of Zenith Bank Plc, Ovia was instrumental in building the lender into one of Africa’s most respected banking brands. Under his leadership, Zenith Bank expanded aggressively, strengthened governance systems, and earned a strong reputation for profitability and innovation.
The board commended Ovia for his steady leadership, strategic vision, and commitment to stakeholder value. It also credited him with raising the group’s profile in Nigeria and across Africa’s financial sector.
Meanwhile, the bank has appointed Mustafa Bello as the new chairman. Bello previously served as a non-executive director and now takes over at a critical time for the institution.
Mustafa Bello brings decades of leadership experience in both the public and private sectors. He graduated from Ahmadu Bello University in 1978 with a degree in Civil Engineering, earning recognition for academic excellence, including the Shell prize for best engineering project and thesis.
He served in the Nigerian Army’s Directorate of Quartering and Engineering Services before joining the Niger State Housing Corporation as a senior civil engineer. He later became Nigeria’s Federal Minister of Commerce between 1999 and 2002.
Bello also served as Executive Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission from 2003 to 2014, where he worked to attract investments into Nigeria. He currently chairs Invest-in-Northern Nigeria Limited, an initiative focused on economic transformation in Northern Nigeria.
The leadership transition comes as investors closely watch Nigeria’s banking industry for growth, digital innovation, and regional expansion. Bello’s appointment signals continuity, governance stability, and a fresh strategic direction for Zenith Bank.
For shareholders and market observers, the handover marks the passing of responsibility from a banking pioneer to a new leader expected to guide Zenith Bank’s next phase of growth.
