Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia.
The bank said the retirement follows the completion of his tenure in line with corporate governance regulations.
This is also as the Zenith Bank announced the appointment of Mustafa Bello as its new Chairman.
The bank said in a statement issued on May 5, 2026, that Jim Ovia, 74, stepped down after serving the maximum 12-year term allowed under regulatory guidelines governing leadership roles in financial holding companies and related institutions in Nigeria.
According to the statement, Ovia’s exit marks the end of a significant leadership era in the bank’s history, during which he provided strategic direction and oversight that contributed to its growth and stability in the financial services sector.
The Board commended his contributions, noting that his leadership helped strengthen governance structures and enhance stakeholder confidence in the institution over the years.
“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions.
“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.
“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 organisational growth. He has also demonstrated integrity, independence, and sound judgment,” the statement read.
The financial institution further said that the board has approved the appointment of Bello as the new chairman at a meeting on April 27 to ensure continuity.
According to the statement, Bello, an engineer who joined the board on December 29, 2017, is currently the bank’s longest-serving director.
Zenith Bank said Bello’s appointment is expected to ensure continuity, stability, and sustained high standards of governance, while facilitating a seamless leadership transition.
Who is Engr. Mustafa Bello?
Pan-Atlantic Kompass reports that Bello is not a new face at Zenith Bank. Before his elevation to Chairman, he served as a Non-Executive Director since December 2017.
As the longest-serving director on the board, his appointment is seen as a strategic move to ensure continuity and stability during a period of evolving banking regulations.
Bello, who is a cousin of the retired army officer Colonel Sani Bello, began his career in the Directorate of Quartering and Engineering Services of the Nigerian Army between 1978 and 1979, before moving to the Niger State Housing Corporation, where he worked as a Senior Civil Engineer from 1980 to 1983.
Bello rose to national prominence when he was appointed Minister of Commerce under former President Olusegun Obasanjo, serving between 1999 and 2002.
He worked closely with Obasanjo, who described him as a “dutiful minister” in one of his books.
After leaving the administration, he became the candidate of the newly registered People’s Redemption Party (PRP) for governor of Niger State in December 2002. He came second in the 2003 election, behind the then-incumbent governor, Abdulkadir Kure.
However, his role in economic policy and investment promotion remains more defining, shaping much of his national relevance and reputation.
He later transitioned into investment promotion, serving as Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC) from 2003 to 2014.
At the NIPC, Bello was instrumental in driving foreign direct investment into Nigeria, facilitating partnerships with global institutions, and positioning the country as a competitive investment destination.
His tenure saw increased engagement with international investors across sectors such as manufacturing, agriculture, and tourism, while also promoting policies aimed at economic growth and poverty reduction.
Beyond public service, Bello currently serves as Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle focused on driving economic transformation in Northern Nigeria.
Born on January 31, 1954, Bello holds a Bachelor of Engineering degree in Civil Engineering from Ahmadu Bello University, where he graduated with Second Class Upper Division and won the Shell Prize for the best engineering project and thesis in 1978.
His education at the university was funded through a scholarship by the then North Western State.
He has participated in numerous international conferences, trade missions, and policy engagements, representing Nigeria in global economic and investment discussions.
His professional contributions also include involvement in key national initiatives such as the Corporate Affairs Commission (CAC) online project and the development of trade policies aligned with global standards.
