Zenith Bank Plc confirmed a major boardroom shift on May 5, 2026, with founder Jim Ovia retiring as Chairman at the conclusion of the bank’s Annual General Meeting in Lagos.
The move complies with Central Bank of Nigeria rules that cap the tenure of non-executive directors at 12 years. Ovia, who established the lender in 1990, resumed as Chairman in 2014 after leading the bank as Chief Executive Officer until 2010.
Taking over is Mustafa Bello, an engineer and former Minister of Commerce between 1999 and 2002. Bello has been a member of Zenith Bank’s board since December 29, 2017, making him the longest-serving director before his elevation. He also previously headed the Nigerian Investment Promotion Commission as Executive Secretary.
The bank said the succession plan was designed to guarantee stability and build on Ovia’s legacy. Under his chairmanship, Zenith Bank expanded into one of Africa’s top financial institutions, recording strong profitability and accelerating its digital infrastructure rollout.
Bello is known for his background in public service, investment facilitation, and corporate governance. His appointment, effective May 5, 2026, keeps board continuity intact as Zenith Bank pursues further growth across African markets and strengthens its retail and technology-driven banking platforms.
Ovia was commended at the AGM for deepening the institution’s resilience and competitiveness. “He transformed the bank into a leading African financial institution, with significant growth in profitability and digital infrastructure during his tenure,” the bank noted.
