Zenith Bank has confirmed that its founder and Group Chairman, Jim Ovia, has stepped down from his position after reaching the end of his tenure.
The announcement was made on Tuesday during the bank’s 35th Annual General Meeting and was also detailed in an official statement released afterward.
The bank explained that Ovia exited the role after fulfilling the maximum 12-year term allowed for a non-executive director and chairman, in accordance with corporate governance rules set by the Central Bank of Nigeria.
He had resumed the chairmanship on July 16, 2014, after previously leading the institution as its founder and Group Managing Director/Chief Executive Officer between 1990 and 2010.
Zenith Bank highlighted that his period as chairman was characterised by decisive leadership, a clear strategic vision, and effective 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.
In the same statement, the bank disclosed that Mustafa Bello has been appointed as the new chairman following board approval at a meeting held on April 27.
Bello, an engineer, joined the board on December 29, 2017, and is currently its longest-serving member.
The bank noted that his appointment is aimed at maintaining continuity, ensuring stability, and preserving strong governance practices, while allowing for a smooth transition in leadership.
