Zenith Bank Founder Jim Ovia Retires, Engr. Mustafa Bello Appointed New Group Chairman

Zenith Bank Founder Jim Ovia has retired and Engr. Mustafa Bello appointed new Group Chairman.

 

NewsOnline Nigeria reports that Zenith Bank Plc has officially announced the retirement of its Founder and Group Chairman, Jim Ovia, following the expiration of his tenure in line with regulatory requirements. The bank disclosed the development in a corporate notice issued in Lagos on May 5, 2026.

 

Ovia concluded the mandatory 12-year tenure allowed under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria. As the founder of Zenith Bank, he has been instrumental in the bank’s growth and success, with the Board recognizing his strong leadership, strategic vision, and effective oversight throughout his tenure.

 

The Board commended Ovia’s unwavering commitment to governance standards and stakeholder value creation, noting that his guidance significantly strengthened the Group’s reputation and positioning in the financial services sector.

 

ALSO: Zenith Bank Delivers Strong Q1 2026 Performance, Reinforces Market Leadership and Resilience

 

Following Ovia’s retirement, Engr. Mustafa Bello, previously a non-executive director at Zenith Bank, has been appointed as the new Group Chairman.

 

Profile of Engr. Mustafa Bello

 

Engr. Mustafa Bello graduated with a B.Engr. in Civil Engineering from Ahmadu Bello University, Zaria, in 1978, earning Second Class Upper Division and receiving the Shell Prize for the best project and thesis in the Faculty of Engineering.

 

He served in the Directorate of Quartering and Engineering Service in the Nigerian Army between 1978 and 1979 before joining the Niger State Housing Corporation as a Senior Civil Engineer from 1980 to 1983. Bello later held key government positions, including Federal Minister of Commerce from 1999 to 2002 and Executive Secretary/CEO of the Nigerian Investment Promotion Commission (NIPC) between November 2003 and February 2014.

 

Currently, he serves as Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle focused on the economic and social development of Northern Nigeria. Bello has also contributed to major national projects, such as the CAC online project in 2002 and the development of a WTO-consistent trade policy for Nigeria, while representing the federal government at numerous conferences and international missions.

 

Zenith Bank’s leadership transition marks a significant milestone in the institution’s history, as it continues to build on the strong foundation laid by its founder, while embracing fresh strategic oversight under Engr. Mustafa Bello.