Jim Ovia, the founder of Zenith Bank Plc, has officially stepped down as the bank’s Group Chairman, bringing to a close a tenure that shaped one of Nigeria’s most prominent financial institutions.
The bank confirmed the development in a corporate statement issued on Tuesday, May 5, 2026, noting that Ovia’s exit was not a resignation but the natural conclusion of his mandatory tenure under Nigerian regulatory rules.
Under corporate governance guidelines governing financial holding companies, non-interest banks, and payment service banks in Nigeria, a chairman may not serve beyond 12 years — a threshold Ovia had now reached.
The Zenith Bank board paid tribute to Ovia, recognising his strong leadership, strategic vision, and steady oversight during his years at the helm. As the bank’s founder, Ovia had long been regarded as the architect of Zenith’s rise to becoming a tier-one financial powerhouse in Africa.
A New Hand on the Wheel
Taking over from Ovia is Mustapha Bello, who transitions into the chairmanship from his previous role as a non-executive director on the bank’s board.
Bello brings a distinguished career spanning engineering, public service, and investment promotion. A civil engineering graduate of Ahmadu Bello University, Zaria — where he won the Shell Prize for best project and thesis in the Faculty of Engineering in 1978 — he went on to serve in the Nigerian Army’s Directorate of Quartering and Engineering Service before moving into housing development with the Niger State Housing Corporation.
His foray into federal governance came in 1999, when he was appointed Federal Minister of Commerce, a position he held until 2002. He subsequently led the Nigerian Investment Promotion Commission (NIPC) as its Executive Secretary and Chief Executive Officer from November 2003 to February 2014 — over a decade of driving foreign and domestic investment into Nigeria.
Bello is also currently chairman of Invest-in-Northern Nigeria Limited, a vehicle dedicated to the economic and social development of northern Nigeria.
His appointment signals continuity in Zenith Bank’s governance, even as it opens a new chapter without its long-serving founder at the table.
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