Mustapha Bello Becomes Zenith Bank Chairman as Jim Ovia retires

Zenith Bank has confirmed that its founder and long-serving chairman, Jim Ovia, has stepped down following the completion of his tenure.

In a statement released on Tuesday, the bank explained that Ovia’s exit aligns with corporate governance rules set by the Central Bank of Nigeria (CBN), which limit non-executive directors and chairmen to a maximum of 12 years in office.

The bank praised Ovia’s time at the helm, highlighting his strong leadership, strategic vision, and commitment to sound governance. According to the statement, his contributions played a key role in strengthening Zenith Bank’s market position and overall reputation.

To maintain stability, the board has appointed Mustafa Bello as the new chairman. His appointment was approved during a board meeting held on April 27 and has also received regulatory clearance from the CBN.

Bello, an engineer by training, joined the board in December 2017 and is currently its longest-serving member. The bank noted that he brings significant experience in leadership, corporate governance, and strategic oversight, alongside a track record of integrity and sound judgment.

Zenith Bank expressed confidence that Bello’s leadership will ensure continuity and uphold high governance standards while guiding the institution through its next phase.

The development follows updated corporate governance guidelines introduced by the CBN in July 2023, which cap the tenure of bank CEOs at 12 years. Earlier regulations also set a cumulative 20-year limit for key banking roles, including executive and non-executive directors, across the industry.