Zenith Bank Plc has announced the appointment of Engr. Mustafa Bello as its new Group Chairman following the retirement of its founder, Jim Ovia, after completing the maximum 12-year regulatory tenure as a non-executive director and chairman.
The development was disclosed in a corporate notice issued in Lagos on Tuesday, May 5, 2026. Ovia’s retirement aligns with Central Bank of Nigeria (CBN) corporate governance guidelines, which limit non-executive directors and chairmen in financial institutions to a maximum of 12 years (three terms of four years each).
The bank’s Board, at its meeting on April 27, 2026, approved Bello’s appointment to ensure continuity, stability, and sustained high standards of governance during the leadership transition.
Bello, an engineer, joined the Zenith Bank Board on December 29, 2017, making him the longest-serving director.
He brings extensive leadership experience across board and executive levels, with a strong background in corporate governance, regulatory matters, and economic development.
He previously served as Minister of Commerce and has held key roles including Chairman of Invest-in-Northern Nigeria Limited.
In its statement, the Board commended Jim Ovia for his visionary leadership, strategic direction, and pivotal role in building Zenith Bank into one of Nigeria’s most successful and profitable financial institutions over more than three decades.
Under Ovia’s guidance, the bank has grown significantly in assets, profitability, and market standing.
The seamless transition has been widely welcomed as a demonstration of the bank’s robust succession planning and strong corporate governance framework.
Zenith Bank remains one of Nigeria’s leading commercial banks, known for its consistent strong performance and innovation in the financial services sector.
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