After 35 Years, Jim Ovia Steps Down As Zenith Bank Chair
Zenith Bank has formally parted ways with its founder and group chairman, Jim Ovia, ending a remarkable three-and-a-half decade association that transformed the lender from a modest startup into one of Africa’s most profitable financial institutions.
The bank disclosed the development in a corporate notice issued in Lagos on May 5, 2026, during its 35th Annual General Meeting, with Ovia completing the mandatory 12-year tenure permitted under corporate governance guidelines for financial holding companies in Nigeria.
Ovia, who assumed the chairmanship on July 16, 2014, had previously served as the bank’s pioneer Group Managing Director and Chief Executive Officer from its founding in 1990 until 2010 — a combined leadership span of over two decades at the helm in different capacities.
Under his stewardship as CEO, the bank grew from a $4 million shareholders’ fund investment into one of Africa’s largest financial institutions, with assets exceeding $16 billion. By more recent accounts, Zenith Bank’s assets had grown beyond $24 billion, with shareholders’ funds crossing $3 billion.
The board credited Ovia with providing strong leadership, strategic direction, and effective oversight throughout his time as chairman, noting that his commitment to governance standards and stakeholder value creation significantly enhanced the group’s positioning and reputation in the financial services sector.
Replacing him is Engr. Mustafa Bello, who until his elevation had served as a non-executive director of the bank. Bello, a civil engineering graduate of Ahmadu Bello University, Zaria, brings a broad public and private sector background, having served as Nigeria’s Federal Minister of Commerce between 1999 and 2002, and later as Executive Secretary and Chief Executive of the Nigerian Investment Promotion Commission from November 2003 to February 2014.
Beyond banking, Ovia is the founder of James Hope University in Lagos, approved by the National Universities Commission, and has received multiple national honours including the Commander of the Order of the Federal Republic. He has also been recognised by Forbes Africa as the “Godfather of Banking.”
The transition marks a significant governance milestone for Nigeria’s banking industry, underscoring the Central Bank of Nigeria’s push for board renewal and stricter enforcement of tenure limits across financial institutions.