Jim Ovia has officially retired as Chairman of Zenith Bank Plc.
His retirement took effect on May 5, 2026.
The decision follows the completion of his mandatory 12-year tenure.
This limit applies to non-executive directors and chairmen under CBN corporate governance guidelines.
Engr. Mustafa Bello has been appointed as the new Chairman of the Board.
Bello has served as a non-executive director on Zenith’s board since December 2017.
He is also a former Nigerian Minister of Commerce.
The transition was confirmed during the bank’s 35th Annual General Meeting.
The AGM was held in Lagos on Tuesday, May 5, 2026.
Ovia founded Zenith Bank in 1990.
He served as Group Managing Director and CEO for 20 years, from 1990 to 2010.
He then transitioned to Chairman on July 16, 2014.
The board credited his leadership with transforming Zenith into a leading Tier-1 financial institution.
Under his tenure, the bank’s assets grew to exceed $20 billion.
Despite stepping down, Ovia remains the bank’s largest individual shareholder.
He is also set to receive billions in dividends following Zenith’s record-breaking profits.
Bello’s appointment has received approval from the Central Bank of Nigeria.
The board said the change is aimed at ensuring long-term strategic stability for the bank.
