Jim Ovia Out, Mustafa Bello Takes Over as Zenith Bank Chairman

JOEL OLADELE, Abuja

Jim Ovia has stepped down as chairman of Zenith Bank, with Mustafa Bello appointed as his successor, marking a leadership transition at one of the country’s leading financial institutions.

The development was announced in a corporate notice issued in Lagos on May 5, 2026, where the bank confirmed that Ovia’s retirement followed the completion of the 12-year maximum tenure allowed under corporate governance rules.

The bank said the move aligns with regulatory requirements guiding financial holding companies and other banking institutions in Nigeria.

Ovia, who founded Zenith Bank in 1990, was described by the board as a driving force behind the institution’s rise, credited with providing strategic direction and strong oversight during his time as chairman.

The board noted that his leadership helped strengthen the bank’s reputation and positioning in the financial services sector, while also enhancing stakeholder value.

Following his exit, Bello, who previously served as a non-executive director on the bank’s board, has been elevated to the role of chairman.

Bello, a civil engineering graduate of Ahmadu Bello University, began his professional career with the Nigerian Army’s Directorate of Quartering and Engineering Services before moving to the Niger State Housing Corporation as a senior civil engineer.

He later served as Minister of Commerce between 1999 and 2002, and subsequently as Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission from 2003 to 2014.

The new chairman is also involved in investment and development initiatives, including chairing Invest-in-Northern Nigeria Limited, a vehicle aimed at driving economic growth in the region.

Zenith Bank said the transition reflects its commitment to continuity, regulatory compliance, and strong corporate governance, adding that the new leadership is expected to sustain the institution’s growth trajectory.