LAGOS, – Zenith Bank Plc founder Jim Ovia has retired as Chairman, marking the end of a multi-decade era at one of Africa’s largest financial institutions.
Mustafa Bello, a former Nigerian Minister of Commerce and veteran board member, was appointed as the new Chairman, according to a regulatory filing released Tuesday.
The leadership change follows the expiration of Ovia’s tenure under Central Bank of Nigeria (CBN) guidelines, which limit the terms of non-executive directors and chairmen to 12 years.
Ovia, who founded the bank in 1990, transformed it from a small commercial entity into a multinational powerhouse with operations in the United Kingdom and across several African nations.
Bello, a civil engineer by training, previously led the Nigerian Investment Promotion Commission. He has served on Zenith’s board since 2017, providing continuity during this transition period.
Despite his retirement from the board, Ovia remains the bank’s largest individual shareholder. His exit aligns with a broader industry-wide reshuffling of long-standing bank founders across Nigeria.
The financial institution reported a resilient performance in the first quarter of 2026; characterized by double-digit top-line growth and stable profitability. Gross Revenue was N1.01 trillion, representing a 6.14% year-on-year increase, while Profit after Tax (PAT) Edged up by 0.69% to N314.02 billion.
The bank’s shares remained stable on the Nigerian Exchange following the announcement, reflecting investor confidence in the board’s succession planning and the appointment of the veteran technocrat.
