Dr. Jim Ovia Steps Down as Zenith Bank Chairman, Engr. Mustafa Bello Takes Over

 

Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Dr. Jim Ovia, CFR, following the expiration of his tenure in accordance with the Central Bank of Nigeria (CBN) Corporate Governance Guidelines. Dr. Ovia, who served the mandatory 12 years as a Non-Executive Director and Group Chairman, stepped down after providing distinguished leadership to the bank. The Board expressed deep appreciation for his visionary guidance, strategic direction, and commitment to good governance, which strengthened the Group’s market position and reputation. To ensure seamless leadership continuity, the Board at its meeting on April 27, 2026, approved the appointment of Engr. Mustafa Bello as the new Chairman of the Board. The appointment has received the approval of the Central Bank of Nigeria. Engr. Mustafa Bello, who joined the Zenith Bank Board on December 29, 2017, is currently the longest-serving director. He brings extensive leadership experience at both board and executive levels, with a strong background in corporate governance, regulatory compliance, strategic oversight, and organizational development. A graduate of Ahmadu Bello University (ABU), Zaria, where he earned a B.Eng. (Civil Engineering) with Second Class Upper Division in 1978, Engr. Bello won the Shell Prize for the best project and thesis in the Faculty of Engineering. His career spans public service and private sector leadership, including roles as Federal Minister of Commerce (1999–2002) and Executive Secretary/Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC) from 2003 to 2014. He currently serves as Chairman of Invest-in-Northern Nigeria Limited. The Board described Bello’s appointment as a strategic move to maintain stability, uphold high governance standards, and support continued organizational success at Zenith Bank.