Zenith Bank has announced the retirement of its founder and group chairman, Jim Ovia, after completing his tenure in line with regulatory requirements.
In a statement on Tuesday, the bank said Ovia stepped down after serving the mandatory 12 years as a non-executive director and chairman, as required under the Central Bank of Nigeria’s corporate governance rules.
The bank praised his leadership, describing his tenure as one defined by strong direction, strategic growth, and effective 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 a smooth transition, the board approved the appointment of Mustafa Bello as the new chairman at its meeting held on April 27.
Bello, an engineer and the bank’s longest-serving director since joining the board in December 2017, is expected to provide continuity and stability.
“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 Bank said Bello’s appointment will help maintain strong governance standards and ensure a seamless leadership transition.
The Central Bank of Nigeria has also approved the appointment.
The move comes in line with the CBN’s updated corporate governance rules, which limit the tenure of bank CEOs to 12 years and cap total executive and non-executive service in the banking sector at 20 years.
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