Jim Ovia Retires as Zenith Bank Chairman After 12-Year Tenure, Mustafa Bello Appointed Successor
Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Mr. Jim Ovia, following the expiration of his tenure in line with regulatory requirements.
The bank disclosed this in a corporate notice issued in Lagos on May 5, 2026.
Ovia completed the mandatory 12-year tenure permitted under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.
As the founder of Zenith Bank, he has been a central figure in its growth trajectory. The Board credited him with providing strong leadership, strategic direction, and effective oversight throughout his tenure as chairman.
The Board further noted that his commitment to governance standards and stakeholder value creation significantly enhanced the Group’s positioning and reputation within the financial services sector.
His successor, Engr. Mustafa Bello, was previously a non-executive director of the bank prior to his appointment as chairman.
Bello holds a Bachelor of Engineering (B.Engr.) in Civil Engineering from Ahmadu Bello University (ABU), Zaria, where he graduated in 1978 with a Second Class Upper Division. In the same year, he received the Shell Prize for the best project and thesis in the Faculty of Engineering.
He served in the Directorate of Quartering and Engineering Services of the Nigerian Army between 1978 and 1979. He subsequently joined the Niger State Housing Corporation, where he worked as a Senior Civil Engineer from 1980 to 1983.
Bello later served as Minister of Commerce of the Federal Republic of Nigeria from 1999 to 2002. He was subsequently appointed Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC), a position he held from November 2003 to February 2014.
He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle established to drive the economic and social transformation of Northern Nigeria.
Over the course of his career, Bello has been involved in several national projects, including the Corporate Affairs Commission (CAC) online project in 2002 and the development of a World Trade Organization (WTO)-compliant trade policy for Nigeria. He has also participated in numerous conferences, missions, and high-level meetings, representing the Federal Government of Nigeria.
