Jim Ovia has officially stepped down as the Chairman of Zenith Bank, marking the end of his tenure after serving the maximum period allowed under regulatory guidelines.
The announcement was made on Tuesday during the bank’s 35th Annual General Meeting and confirmed in an official statement released thereafter.
According to the bank, Ovia’s retirement follows the completion of the mandatory 12 years as a non-executive director and chairman, in line with corporate governance regulations set by the Central Bank of Nigeria.
Ovia assumed the role of chairman on July 16, 2014, returning to lead the board after previously serving as the bank’s founder and Group Managing Director/CEO from 1990 to 2010.
Zenith Bank praised his tenure, noting that it was defined by strong leadership, clear 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 organisational growth. He has also demonstrated integrity, independence, and sound judgment,” the statement read.
The bank also announced that its board approved the appointment of Mustafa Bello as the new chairman during a meeting held on April 27, ensuring continuity in leadership.
Bello, an engineer who joined the board on December 29, 2017, is currently the longest-serving director of the bank.
Zenith Bank stated that his appointment is expected to maintain stability, uphold high governance standards, and ensure a smooth transition in leadership.
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