Mustafa Bello Named New Zenith Bank Chairman as Jim Ovia Retires After 12-Year Tenure

Zenith Bank Plc has announced a significant leadership transition with the retirement of its founder and Group Chairman, Jim Ovia, following the completion of his maximum 12-year tenure under Central Bank of Nigeria corporate governance guidelines. The bank has appointed Engr. Mustafa Bello as the new Chairman, effective immediately.

The bank disclosed the leadership change in a corporate notice issued in Lagos on May 5, 2026, which was also formally announced during the bank’s 35th Annual General Meeting. The retirement comes in strict compliance with regulations governing commercial banks, non-interest banks, payment service banks, and financial holding companies in Nigeria, which mandate a 12-year limit for non-executive directors and chairmen.

In an official statement signed by the bank’s secretary, Michael Otu, Zenith Bank expressed deep appreciation for Ovia’s decades of service. “Mr. Jim Ovia, CFR served the Board with distinction, providing strong leadership, strategic direction, and effective oversight throughout his tenure. The Board expresses its deep appreciation to Mr. Ovia for his outstanding service and invaluable contributions. His visionary leadership, unwavering commitment to good governance, and dedication to stakeholders’ value creation significantly strengthened the Group’s strategic positioning and reputation during his tenure,” the statement read.

Ovia, who founded Zenith Bank in 1990, built the institution from a startup into one of Nigeria’s tier-one financial giants with assets running into trillions of naira. Under his leadership, the bank reported a pre-tax profit of N1.26 trillion in 2025, with interest income growing from N2.7 trillion in 2024 to N3.6 trillion in 2025. The bank also carried strong momentum into 2026, posting an unaudited Q1 pre-tax profit of N360.92 billion.

To ensure continuity and stability, the Board at its meeting of April 27, 2026, approved the appointment of Mustafa Bello as the new Chairman, a decision that has received the full approval of the Central Bank of Nigeria. Bello joined the Zenith Bank Board on December 29, 2017, and is currently the longest-serving director on the board, bringing deep institutional knowledge to his new role.

The bank stated that Bello’s appointment is strategic for sustained leadership effectiveness. “To ensure continuity in leadership and sustained effectiveness of the Board, the Board at its meeting of 27 April 2026 approved the appointment of Engr. Mustafa Bello as the new Chairman of the Board. His appointment is expected to ensure continuity, stability, and sustained high standards of governance as well as facilitate a seamless transition and organizational success,” the bank noted.

Describing the new chairman’s qualifications, the bank added that Bello “has extensive leadership experience at the board and executive levels, with a strong understanding of corporate governance principles and regulatory expectations. He also has a proven track record in strategic oversight and organizational growth, demonstrating integrity, independence, and sound judgment over the years”.

Mustafa Bello, a 72-year-old civil engineer, graduated with a Bachelor of Engineering in Civil Engineering from Ahmadu Bello University, Zaria, in 1978, where he earned a Second Class Upper Division and won the prestigious Shell Prize for the best engineering project and thesis in the Faculty of Engineering.

His career began in public service at the Directorate of Quartering and Engineering Services of the Nigerian Army between 1978 and 1979, followed by a role as a Senior Civil Engineer at the Niger State Housing Corporation from 1980 to 1983. He later served as a cabinet minister of the Federal Republic of Nigeria as the Federal Minister of Commerce between 1999 and 2002 under President Olusegun Obasanjo, who described him as a “dutiful minister” in one of his books.

Bello was subsequently appointed Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission from November 2003 to February 2014, where he oversaw investment policy and promotion initiatives, helping position Nigeria as a destination for foreign direct investment. He currently chairs Invest-in-Northern Nigeria Limited, a vehicle focused on economic development across the northern region.

Bello’s appointment represents a strategic step in sustaining strong leadership and governance as the bank navigates evolving regulatory and market conditions. The transition is expected to preserve the institutional culture and governance standards that Zenith built under Ovia while steering the bank through its next growth chapter in an environment shaped by rising credit costs, regulatory pressure, and Nigeria’s broader macroeconomic volatility.