Zenith Bank Plc has announced a major leadership shift with the retirement of its founder and Group Chairman, Jim Ovia, after serving the maximum 12 years as prescribed by the corporate governance requirements of the Central Bank of Nigeria. Engr. Mustafa Bello has been appointed as Chairman of the bank effective immediately.
The bank revealed the leadership transition in a corporate notice released in Lagos on May 5, 2026 and was also publicly announced at the bank’s 35th Annual General Meeting. The retirement was in strict line with the rules regulating commercial banks, non-interest banks, payment service banks and financial holding companies in Nigeria which limits non-executive directors and chairmen to 12 years.
Zenith Bank in an official statement issued by the bank’s secretary, Michael Otu, expressed heartfelt appreciation for the decades of service rendered by Ovia. “Mr. Jim Ovia, CFR served the Board with distinction, providing strong leadership, strategic direction and effective oversight during his tenure. The Board would like to record its profound appreciation to Mr. Ovia for his excellent services and useful inputs. His visionary leadership and unshakeable commitment to good governance and shareholder value generation added considerably to the Group’s strategic positioning and reputation during his time with the Group,” the statement said.
Zenith Bank, founded in 1990 by Ovia, grew from a startup to become one of Nigeria’s tier-one financial giants with assets in trillions of naira. Interest income increased from N2.7 trillion in 2024 to N3.6 trillion in 2025, while the bank posted a pre-tax profit of N1.26 trillion in 2025 under his supervision. The bank also had great momentum going into 2026, posting an unaudited pre-tax profit of N360.92 billion in Q1.
See also DIASPORA REMITTANCES SOAR TO $600M MONTHLY, NIDCOM BOSS LAUDS CBN
The Board at its meeting of 27th April, 2026, accepted the appointment of Mustafa Bello as the new Chairman, a decision that has received the full agreement of the Central Bank of Nigeria, in order to guarantee continuity and stability. Bello joined the Zenith Bank Board on December 29, 2017, and is the longest serving director on the board, providing substantial institutional expertise to his new role.
The bank said Bello’s appointment is a strategic one for sustained leadership effectiveness. “The Board at its meeting of 27 April 2026 approved the appointment of Engr. Mustafa Bello as the new Chairman of the Board, to ensure continuity in the leadership and sustained effectiveness of the Board. His nomination “is expected to ensure continuity, stability and sustained high standards of governance and facilitate a seamless transition and organisational success,” said the bank.
Bello “brings a wealth of leadership experience at the board and executive levels and has a deep understanding of corporate governance principles and regulatory expectations,” the bank said. “He also has a proven track record in strategic oversight and organisational growth, demonstrating integrity, independence and sound judgement over the years.”
Mustafa Bello, a 72-year-old civil engineer, graduated with a Bachelor of Engineering in Civil Engineering from Ahmadu Bello University, Zaria in 1978, bagging a Second Class Upper Division and the prestigious Shell Prize for the best engineering project and thesis in the Faculty of Engineering.
He began his career in public service at the Directorate of Quartering and Engineering Services of the Nigerian Army between 1978 and 1979 and later worked as a Senior Civil Engineer at the Niger State Housing Corporation from 1980 to 1983. Later, he served as a cabinet minister of the Federal Republic of Nigeria as the Federal Minister of Commerce from 1999 to 2002 under President Olusegun Obasanjo, who praised him as a “dutiful minister” in one of his books.
He was later appointed Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission from November 2003 to February 2014 heading investment policy and promotion initiatives that helped to position Nigeria as a destination for foreign direct investment. He is the current Chairman, Invest-in-Northern Nigeria Limited, a vehicle for economic development in the Northern area.
The hiring of Bello is a deliberate move to provide strong leadership and governance as the bank navigates changing regulatory and market dynamics. The transfer is anticipated to sustain the institutional culture and governance standards that Zenith developed under Ovia while guiding the bank through its next chapter of growth in an environment of increased loan costs, regulatory pressure and Nigeria’s broader macroeconomic volatility.
About the Author
