By Tony Obiechina, Abuja
Zenith Bank has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the expiration of his regulatory tenure.
In a corporate notice issued in Lagos on May 5, 2026, the bank said Ovia completed the mandatory 12-year tenure allowed under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.
The Board praised Ovia for his pivotal role in the institution’s evolution, crediting him with strong leadership, strategic direction, and effective oversight that significantly strengthened Zenith Bank’s market position and reputation in Nigeria’s financial sector.
According to the bank, Ovia’s dedication to governance excellence and stakeholder value creation helped shape Zenith Bank into one of the country’s leading financial institutions.
To ensure continuity, the Board appointed Engr Mustafa Bello as the new Chairman of the Group.
Bello, who joined Zenith Bank’s Board on December 29, 2017, is currently its longest-serving director. The bank described him as an experienced leader with deep corporate governance expertise, strategic oversight capabilities, and a proven record of organisational growth.
Zenith Bank noted that Bello’s integrity, independence, and sound judgment during his years on the Board positioned him to guide the institution through its next phase of growth.
The appointment has received approval from the Central Bank of Nigeria.
Under Ovia’s chairmanship, Zenith Bank consistently recorded strong financial performance despite economic and regulatory challenges.
For the 2025 full-year financial period, the Group posted a pre-tax profit of N1.26trn, representing a slight 4.78 percent decline, largely due to compliance with the CBN’s directive on the liquidation of COVID-19-related forbearance liabilities.
Interest income, however, surged significantly to N3.6trn from N2.7trn in 2024, supported by robust earnings from loans and advances, which generated N1.8trn, and treasury bills, which contributed N1.1trn.
After tax, profit stood at N1.04trn while earnings per share declined to N25.32 from N32.87.
Zenith Bank also began 2026 on a positive trajectory, reporting an unaudited pre-tax profit of N360.92bn for the first quarter ended March 31, 2026, reflecting a 2.87 percent year-on-year increase from N350.82Bn recorded in Q1 2025.
Profit after tax rose by 0.69 percent to N314.02bn, demonstrating resilience despite higher loan impairments and continued cost pressures.
The leadership transition is expected to provide stability as Zenith Bank continues to pursue its strategic objectives amid evolving regulatory and market conditions.
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.
As the founder of Zenith Bank, he has been a central figure in its growth trajectory and was credited by the Board for providing strong leadership, strategic direction, and effective oversight throughout his time as chairman.
The Board noted that his commitment to governance standards and stakeholder value creation significantly enhanced the Group’s positioning and reputation in the financial services sector.
Until he was appointed Chairman, Bello was a non-executive director in the bank.
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PROFILE:
Engr. Mustafa Bello graduated with B.Engr. (Civil Engineering), from the Ahmadu Bello University (ABU), Zaria, in 1978 with Second Class Upper Division, and won the Shell prize for best project and thesis for Faculty of Engineering in 1978.
He served in the Directorate of Quartering and Engineering Service (Nigerian Army) between 1978 and 1979. He later joined the Niger State Housing Corporation between 1980 and 1983 as a Senior Civil Engineer.
He served as a cabinet Minister of the Federal Republic of Nigeria as the Federal Minister of Commerce between 1999 and 2002. He was subsequently appointed Executive Secretary/Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC) between November 2003 and February 2014.
He is currently the Chairman of Invest-in-Northern Nig. Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian Economy.
He has been involved in several projects in Nigeria, including the CAC online project in 2002, developing a WTO-consistent Trade Policy for the Federal Republic of Nigeria, etc.
He has attended several conferences, missions, and meetings and represented the Federal Government of Nigeria.
