JUST IN: Jim Ovia Retires as Zenith Bank Chairman, Mustafa Bello Takes Over

Founder and Group Chairman of Zenith Bank, Jim Ovia, has retired from the bank’s board following the expiration of his tenure.

The announcement was made on Tuesday during the bank’s 35th Annual General Meeting, where it was confirmed that Ovia stepped down after completing the mandatory 12-year tenure as a non-executive director and chairman in line with corporate governance guidelines issued by the Central Bank of Nigeria.

The National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, confirmed the development, saying, “Yes, he did at the AGM.”

Following Ovia’s exit, the bank appointed Mustafa Bello as the new chairman, with approval from the Central Bank of Nigeria. Bello, who joined the board in December 2017, is now the longest-serving director of the institution.

The retirement comes amid stricter regulatory reforms in Nigeria’s banking sector. In July 2023, the Central Bank introduced a revised corporate governance code limiting the tenure of managing directors and chief executive officers to 12 years.

Earlier guidelines also restricted cumulative service of executive and non-executive directors to 20 years across the banking industry, aimed at strengthening governance and accountability in financial institutions.