Zenith Bank Names Mustafa Bello Chairman as Jim Ovia Retires

ByNewsmakers

May 6, 2026 #Central Bank of Nigeria guidelines, #corporate governance Nigeria banks, #Jim Ovia retirement, #Mustafa Bello appointment, #Nigerian banking sector leadership, #Zenith Bank chairman, #Zenith Bank leadership change

Jim Ovia hands over to Mustafa Bello

Segun Atanda/

Zenith Bank Plc has appointed Mustafa Bello as its new Group Chairman following the retirement of its founder, Jim Ovia.

The lender disclosed the development in a statement signed by its secretary, Michael Otu, on Tuesday, stating that Ovia’s exit was in line with the corporate governance guidelines of the Central Bank of Nigeria (CBN).

According to the bank, Ovia retired after completing the mandatory 12-year tenure as a Non-Executive Director and Group Chairman.

“Zenith Bank Plc is pleased to announce the retirement of its Founder and Group Chairman, Mr Jim Ovia, CFR, following the expiration of his tenure in line with the CBN Corporate Governance Guidelines,” the statement said.

The bank noted that Ovia provided leadership and strategic direction during his tenure, contributing to the group’s growth and market position.

To ensure continuity, the board approved Bello’s appointment at its meeting of April 27, 2026. The bank said Bello, who joined the board on December 29, 2017, is currently its longest-serving director.

“His appointment is expected to ensure continuity, stability, and sustained high standards of governance,” the statement added.

Zenith Bank said Bello has extensive experience at board and executive levels, with a strong understanding of corporate governance and regulatory requirements. It added that he has a track record in strategic oversight and organisational growth.

Bello holds a degree in Civil Engineering from Ahmadu Bello University. He served in the Nigerian Army’s Directorate of Quartering and Engineering Services and later worked with the Niger State Housing Corporation.

He was Minister of Commerce between 1999 and 2002 and subsequently served as Chief Executive Officer of the Nigerian Investment Promotion Commission from 2003 to 2014.

The bank said the appointment has been approved by the Central Bank of Nigeria.