Zenith Bank Plc has announced a leadership transition following the retirement of its founder and group chairman, Jim Ovia, who has completed the 12-year tenure stipulated under corporate governance regulations.
The bank disclosed in a notice issued in Lagos on May 5, 2026, that Ovia stepped down in line with guidelines governing financial holding companies, non-interest banks, and payment service banks in Nigeria.
The Board credited Ovia with shaping the institution’s growth and strengthening its governance framework, noting that his leadership contributed to the bank’s market positioning and stakeholder value creation over the years.
To ensure continuity, the Board appointed Mustafa Bello as the new chairman, with the approval of the Central Bank of Nigeria.
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Bello, who joined the board in December 2017 and is its longest-serving director, steps into the role with experience spanning public service, infrastructure, and investment promotion.
He holds a bachelor’s degree in civil engineering from Ahmadu Bello University, where he graduated in 1978 with a second-class upper division and received the Shell prize for the best engineering project and thesis.
His early career included roles at the Directorate of Quartering and Engineering Services of the Nigerian Army and the Niger State Housing Corporation, where he worked as a senior civil engineer.
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Bello later served as Nigeria’s Minister of Commerce between 1999 and 2002, before his appointment as executive secretary and chief executive officer of the Nigerian Investment Promotion Commission from 2003 to 2014, where he oversaw investment policy and promotion initiatives.
He currently chairs Invest-in-Northern Nigeria Limited, a vehicle focused on economic development across the northern region.
Zenith Bank said Bello’s track record in governance, policy, and strategic oversight positions him to lead the institution through evolving regulatory and market conditions, adding that the transition is expected to ensure stability and continuity in its operations.