Zenith Bank Plc has announced the appointment of Mustafa Bello as the new Chairman of its Board of Directors following regulatory approval from the Central Bank of Nigeria and ratification by shareholders at the bank’s Annual General Meeting held on May 5, 2026.
The appointment takes immediate effect and marks a significant leadership transition for one of Nigeria’s largest financial institutions.
In a statement released after the meeting, the bank said Bello’s emergence reflects its commitment to maintaining strong corporate governance, strategic oversight and operational stability as the institution continues to expand its footprint across Africa and international markets.
Bello joined the Board of Zenith Bank in December 2017 and has served on several key committees, including the Board Audit and Compliance Committee, the Board Governance, Nomination and Remuneration Committee and the Board Risk Management Committee, which he chaired prior to his latest appointment.
The bank described him as a seasoned administrator and corporate leader with decades of experience across both the public and private sectors.
“His appointment represents a strategic step to ensure the continuity, stability and sustained effectiveness of the Board,” Zenith Bank stated.
Bello previously served as Nigeria’s Minister of Commerce between 1999 and 2002 under former President Olusegun Obasanjo, where he played a key role in developing Nigeria’s World Trade Organization-compliant trade policy framework.
He also supervised the implementation of the Corporate Affairs Commission online registration project in 2002, a reform that modernised business registration processes in Nigeria.
Between 2003 and 2014, Bello served as Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission, where he led efforts aimed at attracting foreign direct investment into the country and strengthening Nigeria’s bilateral and multilateral investment partnerships.
A graduate of Ahmadu Bello University, Zaria, Bello earned a degree in Civil Engineering in 1978 and received the Shell Prize for the best engineering project and thesis in his faculty.
He currently chairs Invest-in-Northern Nigeria Limited and has previously served on the boards of Eskom Holdings Limited of South Africa and FrieslandCampina WAMCO Nigeria Plc as an Independent Non-Executive Director.
Zenith Bank said the new chairman brings extensive experience in governance, regulation, strategic planning and institutional leadership, qualities expected to support the bank’s long-term growth objectives.
Zenith Bank Plc remains one of Africa’s leading financial institutions with operations across Nigeria, the United Kingdom, the United Arab Emirates, Ghana, Sierra Leone, The Gambia and Côte d’Ivoire.