Nigeria’s financial institution giant, Zenith Bank, has announced the retirement of its founder and group chairman, Jim Ovia, following the expiration of his tenure.
The announcement was made on Tuesday during the bank’s ongoing 35th Annual General Meeting (AGM), according to a statement issued by Zenith Bank, Tuesday.
The bank said Ovia stepped down after completing the mandatory 12 years as a non-executive director and chairman, in compliance with the corporate governance guidelines issued by the Central Bank of Nigeria (CBN).
Ovia became the bank’s chairman on July 16, 2014. He returned to the position after previously serving as the bank’s founder and Group Managing Director/CEO from 1990 to 2010.
The bank described Ovia’s tenure as marked by strong leadership, strategic direction, and effective board oversights, and expressed its deep appreciation to him “for his outstanding service and invaluable contributions.”
Meanwhile, the Zenith bank board has approved the appointment of Mustafa Bello as the new chairman at a meeting on April 27 to ensure continuity.
According to the statement, Bello, an engineer who joined the board on December 29, 2017, is currently the bank’s longest-serving director.
Zenith Bank said Bello’s appointment is expected to ensure continuity, stability, and sustained high standards of governance, while facilitating a seamless leadership transition.
*Culled from a report by Punch
