Zenith Bank has announced the retirement of its founder and group chairman, Jim Ovia, following the expiration of his tenure.
In a statement on Tuesday, the bank said Ovia stepped down after completing the mandatory 12 years as a non-executive director and chairman, in compliance with the corporate governance guidelines issued by the Central Bank of Nigeria (CBN).
The Board credited Ovia with providing strong leadership and strategic direction, noting that his stewardship significantly shaped the bank’s growth and strengthened its position in Nigeria’s financial services sector.
“To ensure continuity, the Board has approved the appointment of Engr. Mustafa Bello as the new Chairman,” the statement said.
Bello, who joined the Board in December 2017, is currently its longest-serving director. The bank said he brings “extensive leadership experience, a deep understanding of corporate governance principles, and a track record in strategic oversight and organisational growth.”
It added that his appointment has received regulatory approval from the Central Bank of Nigeria, paving the way for a seamless leadership transition.
Under Ovia’s chairmanship, Zenith Bank maintained strong financial performance. The lender posted a pre-tax profit of N1.26 trillion for the 2025 financial year, supported by growth in interest income and improved asset quality.
Despite a slight dip linked to regulatory adjustments, the bank recorded interest income of N3.6 trillion, up from N2.7 trillion in 2024, while loans and advances to customers rose significantly.
The bank also sustained its performance into 2026, reporting a pre-tax profit of N360.92 billion in the first quarter, reflecting resilience amid prevailing economic challenges.
The transition is expected to ensure stability as Zenith Bank continues to navigate evolving regulatory and market conditions.
