Jim Ovia Retires as Zenith Bank Chairman, Mustafa Bello Takes Over Leadership

Founder steps down after regulatory tenure limit as bank appoints new board chairman

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By Anita Babalola | Lagos, Nigeria | May 5, 2026

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

The development was confirmed in a corporate disclosure issued in Lagos on May 5, 2026.

According to the bank, Ovia’s exit follows the completion of the mandatory 12-year tenure allowed under corporate governance rules governing financial institutions in Nigeria, including holding companies, non-interest banks, and payment service banks.

The Board credited Ovia with playing a foundational role in Zenith Bank’s growth, describing his leadership as instrumental in shaping the institution’s strategic direction, stability, and reputation in the financial services industry.

Leadership Transition Announced

The bank also announced the appointment of Mustafa Bello as the new Chairman of the Board.

Bello previously served as a non-executive director of the bank before his elevation to the position of Chairman.

The Board expressed confidence in his ability to provide continuity and strengthen corporate governance structures within the institution.

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Profile of New Chairman

Mustafa Bello is a civil engineer by training, graduating from Ahmadu Bello University, Zaria, in 1978 with Second Class Upper Division in Civil Engineering, where he also won the Shell Prize for best engineering project.

He began his career in the Nigerian Army’s Directorate of Quartering and Engineering Services before moving into public infrastructure development roles in the Niger State Housing Corporation.

Bello later served as Nigeria’s Minister of Commerce between 1999 and 2002 and subsequently as Executive Secretary/CEO of the Nigerian Investment Promotion Commission (NIPC) from 2003 to 2014.

He currently chairs Invest-in-Northern Nigeria Limited, a development-focused initiative aimed at driving economic transformation in Northern Nigeria.

Governance and Institutional Continuity

The transition aligns with regulatory governance standards designed to ensure leadership rotation and institutional stability within Nigeria’s banking sector.

Zenith Bank reaffirmed its commitment to maintaining strong corporate governance, stakeholder value creation, and long-term financial performance.

The retirement of Jim Ovia marks the end of an era for Zenith Bank, while the appointment of Mustafa Bello signals a new phase of leadership. The transition is expected to reinforce continuity while sustaining the bank’s position as one of Nigeria’s leading financial institutions.