Zenith Bank Plc. has announced a major leadership transition following the retirement of its founder and long-serving Group Chairman, Jim Ovia, marking the end of a 12-year tenure in line with corporate governance requirements.
The development was confirmed in a statement released in Lagos on May 5, 2026, indicating that Ovia stepped down in compliance with regulatory guidelines governing financial holding companies, non-interest banks, and payment service banks in Nigeria.
The Board of Directors described his exit as the conclusion of a defining era for the institution, noting that his leadership played a central role in shaping Zenith Bank’s growth trajectory, governance structure, and strong market presence over the years.
To ensure a smooth transition and operational continuity, the Board has approved the appointment of Mustafa Bello as the new Chairman of the Bank, a decision that has also received the endorsement of the Central Bank of Nigeria.
Bello is not new to the institution, having served on the board since December 2017, making him the longest-serving director currently on the team. His appointment is expected to provide stability as the Bank navigates evolving regulatory and market conditions.
A seasoned public servant and administrator, Bello holds a degree in civil engineering from Ahmadu Bello University, graduating in 1978 with distinction. Early in his career, he worked with the Nigerian Army’s Directorate of Quartering and Engineering Services, as well as the Niger State Housing Corporation, where he served as a senior civil engineer.
He later transitioned into public administration, serving as Nigeria’s Minister of Commerce from 1999 to 2002. Between 2003 and 2014, he led the Nigerian Investment Promotion Commission as Executive Secretary and Chief Executive Officer, where he oversaw investment promotion and policy reforms aimed at improving the country’s business environment.
Beyond public service, Bello currently chairs Invest-in-Northern Nigeria Limited, an initiative focused on driving economic development across the northern region.
In its statement, Zenith Bank expressed confidence in his leadership capacity, noting that his extensive experience in governance, investment promotion, and policy coordination positions him to steer the bank through its next phase of growth.
The Institution added that the transition reflects its commitment to strong corporate governance and long-term stability, assuring stakeholders that operations will continue seamlessly under the new leadership structure.