Zenith Bank Plc has announced the retirement of its founder and Group Chairman, Jim Ovia, following the completion of his tenure in line with regulatory guidelines.
In a statement released on Tuesday, the bank confirmed that Ovia stepped down after serving the maximum 12-year term as a non-executive director and chairman, in compliance with corporate governance rules set by the Central Bank of Nigeria. The policy is designed to promote boardroom renewal, strengthen oversight, and enhance governance standards across Nigeria’s banking sector.
Ovia, who founded Zenith Bank in 1990, played a pivotal role in building the institution into one of Nigeria’s leading financial services providers. His legacy is marked by sustained growth, operational stability, and strong corporate leadership.
Following his retirement, Mustafa Bello has been appointed as the new Chairman of Zenith Bank Plc. The announcement was made in a corporate notice issued in Lagos on May 5, 2026.
Before his appointment, Bello served as a non-executive director at the bank and brings decades of experience spanning engineering, public service, and economic development. An alumnus of Ahmadu Bello University, he earned a Bachelor’s degree in Civil Engineering in 1978 with a Second Class Upper Division and received the Shell Prize for the best engineering project and thesis.
He began his career with the Nigerian Army’s Directorate of Quartering and Engineering Services between 1978 and 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer from 1980 to 1983.
Bello later transitioned into public service, serving as Nigeria’s Federal Minister of Commerce from 1999 to 2002. He also held the position of Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC) from 2003 to 2014.
He currently serves as Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle focused on driving economic and social transformation in Northern Nigeria. Throughout his career, Bello has contributed to key national initiatives, including the CAC online project launched in 2002 and the development of a WTO-compliant trade policy for Nigeria, while also representing the country at several international engagements.
