Zenith Bank Plc has confirmed the retirement of its founder and group chairman, Jim Ovia, after completing a 12-year tenure. The announcement was made in a corporate filing to the Nigerian Exchange Ltd on Tuesday, citing compliance with Central Bank of Nigeria (CBN) corporate governance guidelines. These guidelines set a maximum term for non-executive directors and board chairmen. The bank stated, "Having served the mandatory 12 years as a non-executive director and the group chairman, we announce the retirement of Dr Jim Ovia, in compliance with regulatory provisions."
The bank praised Ovia for his leadership, strategic direction, and commitment to stakeholder value creation during his time in office. It credited his tenure with strengthening the group's strategic positioning and reputation. To ensure leadership continuity, the board appointed Mustafa Bello as the new chairman during a meeting held on April 27. Bello, who joined the board on December 29, 2017, is the longest-serving director and brings extensive boardroom and executive leadership experience.
The bank said Bello's understanding of corporate governance and regulatory requirements positions him to maintain high governance standards and support organisational growth. His appointment has received approval from the CBN.
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