Jim Ovia has stepped down as chairman of Zenith Bank following the completion of his tenure, the bank announced on Tuesday.
The development was disclosed during the bank’s 35th Annual General Meeting and confirmed in an official statement. According to Zenith Bank, Ovia’s exit complies with the corporate governance regulations of the Central Bank of Nigeria, which set a maximum of 12 years for non-executive directors and chairmen.
Ovia, who assumed the chairmanship on July 16, 2014, previously served as the bank’s founder and Group Managing Director/Chief Executive Officer from 1990 to 2010. The bank credited his tenure as chairman with providing strong strategic direction, effective governance, and steady board oversight.
In its statement, the board expressed appreciation for Ovia’s contributions, highlighting his role in strengthening the bank’s reputation and strategic positioning through visionary leadership and commitment to stakeholder value.
Meanwhile, the board has approved the appointment of Mustafa Bello as the new chairman. His appointment was finalised at a board meeting held on April 27.
Bello, an engineer, joined the bank’s board in December 2017 and is currently its longest-serving director. Zenith Bank said his emergence is expected to ensure continuity, stability, and sustained adherence to strong corporate governance standards as the institution transitions to new leadership.
