Zenith Bank has confirmed the retirement of its founder and group chairman, Jim Ovia, following the completion of his tenure in line with regulatory requirements.
The announcement was made on Tuesday during the bank’s 35th Annual General Meeting and was also detailed in an official statement released by the financial institution.
According to the bank, Ovia stepped down after serving the maximum 12 years permitted for a non-executive director and chairman under the Central Bank of Nigeria’s corporate governance regulations.
Ovia assumed the role of chairman on July 16, 2014, after serving as the institution’s founder and Group Managing Director/Chief Executive Officer from 1990 to 2010.
Zenith Bank praised his leadership and contributions, noting that his period as chairman was defined by strategic guidance, sound governance, and strong oversight of the board.
“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions.
His visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation significantly strengthened the group’s strategic positioning and reputation during his tenure.
“He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations and a proven track record in strategic oversight and organisational growth. He has also demonstrated integrity, independence, and sound judgment,” the statement read.
The bank also disclosed that the board approved the appointment of Mustafa Bello as the new chairman during a meeting held on April 27.
Bello, an engineer by profession, joined the bank’s board on December 29, 2017, and is presently the longest-serving director on the board.
Zenith Bank said his appointment would help preserve continuity and stability within the institution while maintaining strong governance standards and ensuring a smooth transfer of leadership responsibilities.
