Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the expiration of his tenure in line with regulatory requirements.
The bank disclosed this in a corporate notice issued in Lagos on May 5, 2026, noting that Ovia completed the mandatory 12-year tenure permitted under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.
As founder of Zenith Bank, Ovia has played a pivotal role in shaping the institution’s growth and reputation. The Board credited him with providing strong leadership, strategic direction, and effective oversight throughout his tenure, adding that his commitment to corporate governance and stakeholder value significantly strengthened the Group’s position in the financial services sector.
Following his retirement, Mustafa Bello has been appointed as the new Chairman of the bank. Prior to this role, Bello served as a non-executive director.
Bello holds a Bachelor of Engineering degree in Civil Engineering from Ahmadu Bello University, graduating in 1978 with a Second Class Upper Division. He also received the Shell Prize for the best project and thesis in the Faculty of Engineering that same year.
His early career included service in the Directorate of Quartering and Engineering Services of the Nigerian Army between 1978 and 1979, followed by a role as Senior Civil Engineer at the Niger State Housing Corporation from 1980 to 1983.
Bello later served as Nigeria’s Federal Minister of Commerce between 1999 and 2002. He went on to become the Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC), a position he held from November 2003 to February 2014.
He is currently Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle focused on driving economic and social transformation in Northern Nigeria. Over the years, he has been involved in several national projects, including the Corporate Affairs Commission’s online initiative and the development of a WTO-consistent trade policy for Nigeria.
Bello has also represented the Federal Government at numerous international conferences, missions, and strategic meetings, bringing extensive public and private sector experience to his new role at Zenith Bank.
