Zenith Bank Plc Tuesday announced the retirement of its Founder and Group Chairman, Jim Ovia. This followed the expiration of his tenure in line with regulatory requirements.
The bank disclosed this in a corporate notice issued in Lagos, stating that Ovia completed the mandatory 12-year tenure permitted under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.
In July 2023, the Central Bank of Nigeria (CBN) had approved a new code of corporate governance, specifying that the tenure of a bank’s managing director or chief executive officer (CEO) can only last for a maximum of 12 years.
Prior to this, the regulator issued a policy that made it compulsory for bank executive directors (EDs), deputy managing directors (DMDs), managing directors (MDs), and non-executive directors (NEDs) to only serve a cumulative tenure of 20 years across the banking industry.
Ovia, who founded Zenith Bank and has been a central figure in its growth trajectory, was credited by the Board for providing strong leadership, strategic direction, and effective oversight throughout his time as chairman.
The Board said his commitment to governance standards and stakeholder value creation significantly enhanced the Group’s positioning and reputation in the financial services sector.
In a move to ensure continuity, the Board also announced the appointment of Engr. Mustafa Bello as the new Chairman of the bank.
Bello, who joined the Board on December 29, 2017, is currently the longest-serving director on the board.
According to the bank, he brings extensive leadership experience, a deep understanding of corporate governance principles, and a track record in strategic oversight and organisational growth.
The bank added that Bello has demonstrated integrity, independence, and sound judgment during his time on the Board, positioning him to lead the institution through its next phase.
Zenith Bank confirmed that the appointment of Bello has received the approval of the CBN.
The transition is expected to ensure stability and a seamless continuation of the bank’s strategic objectives, as it navigates evolving regulatory and market dynamics.
Bello holds a bachelor’s degree in civil engineering from Ahmadu Bello University, where he graduated in 1978 with a second-class upper division and received the Shell prize for the best engineering project and thesis.
His early career included roles at the Directorate of Quartering and Engineering Services of the Nigerian Army and the Niger State Housing Corporation, where he worked as a senior civil engineer.
Bello later served as Nigeria’s Minister of Commerce between 1999 and 2002, before his appointment as executive secretary and chief executive officer of the Nigerian Investment Promotion Commission from 2003 to 2014, where he oversaw investment policy and promotion initiatives.
