Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia, marking the end of a defining era for one of Nigeria’s leading financial institutions.
The development was disclosed in a corporate notice issued in Lagos on May 5, 2026, with the bank stating that Ovia stepped down following the completion of the mandatory 12-year tenure prescribed under corporate governance guidelines for financial holding companies, non-interest banks and payment service banks in Nigeria.
Ovia, widely regarded as the architect of Zenith Bank’s rise from a modest startup into a tier-one banking group, was commended by the Board for his “visionary leadership, strategic direction and effective oversight” throughout his tenure as chairman.
The Board added that his stewardship significantly strengthened the Group’s governance framework and enhanced its reputation within Nigeria’s financial services sector.
His exit represents a major transition point for Zenith Bank, given his longstanding influence on the institution’s culture, strategy and expansion both locally and internationally.
In a swift leadership succession, the Board confirmed the appointment of Mustafa Bello as the new Group Chairman.
Bello, who previously served as a non-executive director of the bank, brings decades of experience spanning engineering, public service and investment promotion.
A graduate of Ahmadu Bello University, Zaria, Bello holds a Bachelor’s degree in Civil Engineering, graduating with a Second Class Upper Division and earning the Shell Prize for best project and thesis in 1978.
He began his career with the Nigerian Army’s Directorate of Quartering and Engineering Services before moving to the Niger State Housing Corporation as a Senior Civil Engineer.
Bello later transitioned into public service, serving as Nigeria’s Minister of Commerce between 1999 and 2002, where he played a role in shaping trade policy.
He subsequently led the Nigerian Investment Promotion Commission (NIPC) as Executive Secretary and Chief Executive Officer from 2003 to 2014, driving investment initiatives and reforms aimed at improving Nigeria’s business environment.
He is currently Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle focused on economic transformation in the region, and has been involved in several national development projects, including the digitalisation of the Corporate Affairs Commission.
