Jim Ovia has stepped down as Group Chairman of Zenith Bank Plc following the completion of his 12-year tenure, a period defined by corporate governance guidelines for Nigerian financial institutions. The bank confirmed his retirement in a corporate notice released in Lagos on May 5, 2026, marking the end of an era for the institution Ovia founded. His leadership was credited by the board with driving the bank's growth, reinforcing its reputation, and maintaining high standards of governance and stakeholder value. Ovia's tenure aligns with regulatory limits set for executives in financial holding companies, non-interest banks, and payment service banks in Nigeria.
Engr. Mustafa Bello has been appointed as the new Group Chairman, succeeding Ovia. Bello, who previously served as a non-executive director at the bank, holds a B.Engr. in Civil Engineering from Ahmadu Bello University, Zaria, where he graduated in 1978 with Second Class Upper Division and won the Shell Prize for best project and thesis in the Faculty of Engineering. His career includes service in the Nigerian Army's Directorate of Quartering and Engineering Service from 1978 to 1979, a role as Senior Civil Engineer at Niger State Housing Corporation from 1980 to 1983, and later key federal appointments. He served as Federal Minister of Commerce from 1999 to 2002 and led the Nigerian Investment Promotion Commission (NIPC) as Executive Secretary/CEO from November 2003 to February 2014. Bello currently chairs Invest-in-Northern Nigeria Limited, a special purpose vehicle dedicated to advancing economic and social development in Northern Nigeria. He also contributed to the CAC online project in 2002 and helped shape a WTO-consistent trade policy for Nigeria, representing the federal government at multiple international forums.
The bank described the leadership transition as a milestone, noting that Bello's appointment brings fresh strategic oversight as Zenith Bank builds on the foundation established under Ovia's guidance.
