Jim Ovia has retired as chairman of Zenith Bank following the completion of his tenure in line with regulatory requirements.
The announcement was made on Tuesday during the bank’s 35th Annual General Meeting and confirmed in an official statement.
According to the bank, Ovia stepped down after serving the maximum 12 years permitted as a non-executive director and chairman under corporate governance guidelines set by the Central Bank of Nigeria.
Ovia assumed the role of chairman on July 16, 2014, marking a return to leadership after previously serving as the bank’s founder and Group Managing Director and Chief Executive Officer from 1990 to 2010.
The bank credited his tenure with providing strong leadership, clear strategic direction, and effective board oversight.
“The board expresses its deep appreciation to Mr Jim Ovia for his outstanding service and invaluable contributions,” the statement said.
It added that his leadership strengthened the bank’s strategic positioning and reputation, citing his commitment to corporate governance, stakeholder value, and organisational growth.
Zenith Bank also announced the appointment of Mustafa Bello as the new chairman.
Bello, an engineer, joined the board on December 29, 2017, and is currently the longest-serving director of the bank.
The board said his appointment, approved on April 27, is expected to ensure continuity, stability, and sustained governance standards, while supporting a smooth leadership transition.