Zenith Bank Chairman Ovia Retires, Bello Appointed

Jim Ovia, founder of Zenith Bank Plc, retired as the bank's group chairman on Tuesday following the completion of his maximum 12-year tenure as a non-executive director, in line with Central Bank of Nigeria corporate governance regulations.

The announcement came during the bank's 35th Annual General Meeting in Lagos and was detailed in an official statement from the institution. Ovia, who established Zenith Bank in 1990 and served as its group managing director and chief executive officer until 2010, assumed the chairmanship role on July 16, 2014. The board commended his tenure, stating it featured "visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation," which strengthened the bank's strategic positioning and reputation.

To ensure continuity, the board approved the appointment of Mustafa Bello as the new group chairman during a meeting on April 27. The Central Bank of Nigeria has endorsed the change. Bello, an engineer and the bank's longest-serving director since joining on December 29, 2017, brings extensive experience in leadership, public service, and investment promotion.

A graduate of Ahmadu Bello University with a...