Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the completion of his tenure in line with regulatory requirements.

In a corporate notice issued in Lagos on May 5, 2026, the bank said Ovia stepped down after fulfilling the mandatory 12-year tenure for non-executive directors and chairmen, as stipulated by the Central Bank of Nigeria (CBN).

The board commended Ovia’s leadership, describing his tenure as pivotal to the bank’s growth and strong reputation in the financial services sector.

“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions,” the statement read, noting that his leadership significantly strengthened the group’s strategic positioning and governance standards.

To ensure continuity, the board approved the appointment of Mustafa Bello as the new chairman at its meeting held on April 27.

Bello, who joined the board in December 2017, is currently the longest-serving director of the bank and brings extensive experience in governance, leadership, and public service.

According to Zenith Bank, he has demonstrated strong expertise in corporate governance, strategic oversight, and organisational growth, alongside a track record of integrity and sound judgment.

The bank added that his appointment has received regulatory approval from the CBN and is expected to ensure stability, continuity, and sustained high standards of governance.

Bello holds a degree in Civil Engineering from Ahmadu Bello University, Zaria, where he graduated with a Second Class Upper Division and received the Shell prize for best project in the Faculty of Engineering.

He previously served in the Nigerian Army’s Directorate of Quartering and Engineering Services, worked with the Niger State Housing Corporation, and later held key national roles, including Minister of Commerce (1999–2002) and Executive Secretary/CEO of the Nigerian Investments Promotion Commission (2003–2014).

He currently chairs Invest-in-Northern Nigeria Limited, an initiative focused on driving economic and social development in the region.

The leadership transition aligns with the CBN’s corporate governance framework, which sets a maximum tenure of 12 years for bank chairmen and chief executives, alongside a cumulative 20-year limit for top banking executives across the industry.

Zenith Bank said the transition marks a new phase for the institution while maintaining continuity in its governance structure and strategic direction.