Zenith Bank Plc has appointed Engr. Mustafa Bello as its new Chairman, following the retirement of its founder and long-serving chairman, Jim Ovia, after the expiration of his tenure.
The transition, disclosed in a corporate notice issued in Lagos on May 5, 2026, comes in line with regulatory requirements mandating a 12-year tenure limit for chairmen of financial institutions.
Bello, who joined the Board in December 2017 and is currently the longest-serving director, steps into the role at a critical time as the bank seeks to sustain its market leadership and strategic growth.
The Board credited Ovia with providing strong leadership, strategic direction, and effective oversight, noting that his contributions significantly strengthened the bank’s position in Nigeria’s financial services sector.
- In announcing Bello’s appointment, the bank said he brings extensive leadership experience, a deep understanding of corporate governance, and a proven track record in strategic oversight and organisational growth.
- According to the bank, Bello has demonstrated integrity, independence, and sound judgment during his time on the Board, positioning him to lead the institution into its next phase.
The appointment has received the approval of the Central Bank of Nigeria and is expected to ensure continuity, stability, and alignment with the bank’s long-term objectives.
Mustafa Bello’s career experience
The 72-year-old engineer and public sector leader brings decades of experience spanning engineering, public service, and investment promotion.
Bello, who is a cousin of the retired army officer Colonel Sani Bello, began his career in the Directorate of Quartering and Engineering Services of the Nigerian Army between 1978 and 1979, before moving to the Niger State Housing Corporation, where he worked as a Senior Civil Engineer from 1980 to 1983.
- Bello rose to national prominence when he was appointed Minister of Commerce under former President Olusegun Obasanjo, serving between 1999 and 2002. He worked closely with Obasanjo, who described him as a “dutiful minister” in one of his books.
- After leaving the administration, he became the candidate of the newly registered People’s Redemption Party (PRP) for governor of Niger State in December 2002. He came second in the 2003 election, behind the then-incumbent governor, Abdulkadir Kure.
However, his role in economic policy and investment promotion remains more defining, shaping much of his national relevance and reputation.
He later transitioned into investment promotion, serving as Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC) from 2003 to 2014.
- At the NIPC, Bello was instrumental in driving foreign direct investment into Nigeria, facilitating partnerships with global institutions, and positioning the country as a competitive investment destination.
- His tenure saw increased engagement with international investors across sectors such as manufacturing, agriculture, and tourism, while also promoting policies aimed at economic growth and poverty reduction.
Beyond public service, Bello currently serves as Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle focused on driving economic transformation in Northern Nigeria.
