Jim Ovia retires as Zenith Bank chairman after 12 years in charge

Zenith Bank PLC has announced the retirement of its founder and group chairman, Jim Ovia, following the expiration of his tenure.

The announcement was disclosed on Tuesday during the bank’s ongoing 35th Annual General Meeting.

The bank said Ovia stepped down after completing the mandatory 12 years as a non-executive director and chairman, in compliance with the corporate governance guidelines issued by the Central Bank of Nigeria.

Ovia assumed the position of the bank’s chairman on July 16, 2014. He returned to the position after previously serving as the bank’s founder and Group Managing Director/CEO from 1990 to 2010.

The Board noted that his commitment to governance standards and stakeholder value creation significantly enhanced the company’s positioning and reputation in the financial services sector.

Meanwhile, the board has announced Engr. Mustafa Bello as the new Chairman of the bank.

Bello, who joined the Board on December 29, 2017, is currently the longest-serving director on the board.

The bank disclosed that the new chairman brings with him extensive leadership experience, a deep understanding of corporate governance principles, and a track record in strategic oversight and organisational growth.

According to the board, Bello has demonstrated integrity, independence, and sound judgment during his time on the Board, positioning him to lead the institution through its next phase.

The bank also confirmed that the appointment of Bello has received the approval of the Central Bank of Nigeria.