Zenith Bank has announced the retirement of Jim Ovia, its founder and group chairman, following the expiration of his tenure.
In a statement on Tuesday, the bank said Ovia stepped down after completing the mandatory 12 years as a non-executive director and chairman, in compliance with the corporate governance guidelines issued by the Central Bank of Nigeria (CBN).
The lender described Ovia’s tenure as one marked by strong leadership, 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 reads.
“His visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation significantly strengthened the group’s strategic positioning and reputation during his tenure.”
To ensure continuity, the financial institution said its board approved the appointment of Mustafa Bello as the new chairman at a meeting on April 27.
According to the statement, Bello, an engineer who joined the board on December 29, 2017, is currently the bank’s longest-serving director.
“He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations and a proven track record in strategic oversight and organizational growth,” the bank said.
“He has also demonstrated integrity, independence, and sound judgment.”
Zenith said Bello’s appointment is expected to ensure continuity, stability, and sustained high standards of governance, while facilitating a seamless leadership transition.
The bank also said the appointment has been approved by the CBN.
In July 2023, the CBN approved a new code of corporate governance, specifying that the tenure of a bank’s managing director or chief executive officer (CEO) can only last for a maximum of 12 years.
Prior to this, the regulator issued a policy that mandated bank executive directors (EDs), deputy managing directors (DMDs), managing directors (MDs), and non-executive directors (NEDs) to only serve a cumulative tenure of 20 years across the banking industry.