Jim Ovia steps down as Zenith Bank chairman
Jim Ovia Retires as Zenith Bank Chairman After 12-Year Tenure
Zenith Bank has announced the retirement of its founder and group chairman, Jim Ovia, following the conclusion of his term in compliance with regulatory guidelines.
The announcement took place during the bank’s 35th Annual General Meeting on Tuesday and was reinforced by an official statement from the institution.
Ovia stepped down after serving the maximum 12-year term permitted for non-executive directors and chairpersons under the Central Bank of Nigeria’s corporate governance standards. He was appointed chairman on July 16, 2014, having previously been the bank’s founder and Group Managing Director/Chief Executive Officer from 1990 to 2010.
In its statement, Zenith Bank commended Ovia’s leadership, citing his contributions in providing strategic guidance, sound governance, and strong oversight during his tenure.
“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions,” the statement read. “His visionary leadership and unwavering commitment to good governance significantly strengthened the group’s strategic positioning and reputation.”
The bank highlighted Ovia’s extensive experience in leadership roles, his strong understanding of corporate governance principles, and his proven track record in strategic oversight and organizational growth.
Following Ovia’s departure, the bank’s board appointed Mustafa Bello as the new chairman during a meeting on April 27. Bello, who joined the board on December 29, 2017, is currently the longest-serving director.
Zenith Bank stated that Bello’s appointment is intended to ensure continuity and stability within the organization, while upholding strong governance standards during the leadership transition.
