Jim Ovia Steps Down As Zenith Bank Chairman

According to Ireporter Online, Nigerian businessman and banking icon, Jim Ovia, has retired as the Group Chairman of Zenith Bank following the completion of his tenure in line with regulatory governance requirements.

The bank confirmed the development in an official statement released on Tuesday, May 5, noting that Ovia’s exit comes after he successfully served the maximum 12-year term allowed under corporate governance rules for financial holding companies, non-interest banks, and payment service banks in Nigeria.

The statement further highlighted that Ovia, who founded Zenith Bank and played a central role in its transformation into one of Nigeria’s most prominent financial institutions, was commended by the board for his visionary leadership, strategic direction, and strong oversight throughout his tenure as chairman.

He has now been succeeded by Engr. Mustapha Bello, a seasoned engineer and public administrator who previously served as a non-executive director on the bank’s board.

Bello is a graduate of Civil Engineering from Ahmadu Bello University, Zaria, where he finished with Second Class Upper honours in 1978 and received recognition for best project and thesis in the Faculty of Engineering. His early career included service with the Nigerian Army’s Directorate of Quartering and Engineering Service, followed by the Niger State Housing Corporation as a senior civil engineer.

He later held prominent national roles, including serving as Nigeria’s Minister of Commerce between 1999 and 2002, and subsequently as Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC) from 2003 to 2014. Bello currently chairs Invest-in-Northern Nigeria Limited, an initiative focused on economic and social development in the northern region of the country, and has been involved in several national policy and investment projects, including trade policy reforms and corporate affairs modernization initiatives.