Jim Ovia Steps Down as Zenith Bank Chairman After 36 Years, Mustafa Bello Takes Over

Jim Ovia Steps Down as Zenith Bank Chairman After 36 Years, Mustafa Bello Takes Over

Following the expiration of his tenure in line with regulatory requirements, Mr. Jim Ovia has officially stepped down as the Group Chairman of Zenith Bank after 36 years of active service.

The announcement was made during the bank’s 2026 Annual General Meeting (AGM) held on Tuesday, May 5, 2026, in Lagos.

According to the bank, Ovia’s exit followed the completion of the mandatory 12-year tenure allowed under the corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.

Jim Ovia, who founded Zenith Bank in 1990, played a pivotal role in transforming the institution into one of Africa’s leading financial brands. Under his leadership, the bank witnessed remarkable growth, expanded its global footprint, and earned several local and international recognitions.

The Board of the bank commended Ovia for his visionary leadership, strategic direction, and effective oversight throughout his years as Chairman.

He is succeeded by Engr. Mustafa Bello, who until his appointment served as a Non-Executive Director of the bank.

Profile of Engr. Mustafa Bello

Engr. Mustafa Bello graduated from Ahmadu Bello University in 1978 with a Bachelor of Engineering degree in Civil Engineering, earning a Second Class Upper Division. He also won the Shell Prize for the best project and thesis in the Faculty of Engineering that same year.

He served in the Directorate of Quartering and Engineering Services of 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 served as Nigeria’s Federal Minister of Commerce between 1999 and 2002. He was subsequently appointed Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission from November 2003 to February 2014.

He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle established to drive economic and social transformation in Northern Nigeria.

Over the years, Bello has participated in several major national projects, including the Corporate Affairs Commission online project in 2002 and the development of a WTO-consistent trade policy for Nigeria. He has also represented the Federal Government of Nigeria at several international conferences, missions, and strategic meetings.