Zenith Bank has confirmed the retirement of its founder and former 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 contained in an official statement issued by the financial institution.
According to the bank, Ovia stepped down after reaching the maximum 12-year tenure allowed for a non-executive director and chairman under the Central Bank of Nigeria’s corporate governance regulations.
Ovia became chairman on July 16, 2014, after previously serving as the institution’s founder and Group Managing Director/Chief Executive Officer from 1990 to 2010.
Zenith Bank commended his leadership and contributions, stating that his tenure as chairman was marked by strategic direction, strong governance, and effective board oversight.
“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 further announced the appointment of Mustafa Bello as the new chairman, a decision approved during a board meeting held on April 27.
Bello, an engineer by profession, joined the board on December 29, 2017, and is currently the longest-serving director on the board.
Zenith Bank said his appointment is aimed at ensuring continuity and stability within the institution, while sustaining strong governance practices and facilitating a smooth transition in leadership.
