Jim Ovia, the founder and group chairman of Zenith Bank, has retired from his position as the bank’s chairman following the expiration of his tenure.
The announcement was made on Tuesday at the bank’s current 35th Annual General Meeting and confirmed in a statement.
According to the bank, Ovia stood down after serving as a non-executive director and chairman for the required 12 years, in accordance with the Central Bank of Nigeria’s corporate governance requirements.
On July 16, 2014, Ovia became the bank’s chairman. He returned to the role after serving as the bank’s founder and group managing director/CEO from 1990 to 2010.
The Zenith Bank described Ovia’s tenure as marked by strong leadership, strategic direction, and effective board oversight.
“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 organizational growth.
“He has also demonstrated integrity, independence, and sound judgment,” the statement read.
The financial institution further stated that the board authorized the appointment of Mustafa Bello as the new chairman at a meeting on April 27 to guarantee continuity.
According to the statement, Bello, an engineer who joined the board on December 29, 2017, is now the bank’s longest-serving director.
According to Zenith Bank, Bello’s nomination will provide continuity, stability, and sustained strong governance standards, as well as facilitate a smooth leadership transition.
