Jim Ovia has officially retired as Chairman of Zenith Bank following the completion of his tenure in line with regulatory guidelines.
The bank announced his retirement in a corporate statement issued in Lagos on May 5, 2026, noting that he had served the maximum 12-year period allowed under corporate governance rules for financial institutions in Nigeria.
Ovia, who founded Zenith Bank, was widely credited for steering the institution’s growth and strengthening its position within the financial services sector. The Board commended his leadership, highlighting his role in driving strategic direction, maintaining governance standards, and enhancing stakeholder value.
Following his exit, Mustafa Bello has been named as his successor. Prior to this appointment, Bello served as a non-executive director at the bank.
Bello, a civil engineering graduate of Ahmadu Bello University, Zaria, has had a diverse career spanning public service and the private sector. He previously worked with the Nigerian Army and the Niger State Housing Corporation before serving as Minister of Commerce between 1999 and 2002.
He also held the position of Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission from 2003 to 2014, where he played a key role in promoting investment policies and economic development initiatives.
The bank expressed confidence in Bello’s leadership, noting that his experience and track record position him well to lead the next phase of Zenith Bank’s growth.
