Zenith Bank has announced the retirement of its founder and group chairman, Jim Ovia, following the expiration of his tenure in line with regulatory requirements.

This is as the Board of the bank announced the appointment of Engr. Mustafa Bello as the new Chairman of the bank.

In a statement on Tuesday, the bank said Ovia stepped down after completing the mandatory 12 years as a non-executive director and chairman, in compliance with the corporate governance guidelines issued by the Central Bank of Nigeria (CBN).

Keep up with the latest headlines on WhatsApp | LinkedIn

Ovia, who founded Zenith Bank and has been a central figure in its growth trajectory, was credited by the Board for providing strong leadership, strategic direction, and effective oversight throughout his time as chairman

The Board noted that his commitment to governance standards and stakeholder value creation significantly enhanced the Group's positioning and reputation in the financial services sector.

Mustapha Bello, who joined the Board on December 29, 2017, is currently the longest-serving director on the board. According to the bank, he brings extensive leadership experience, a deep understanding of corporate governance principles, and a track record in strategic oversight and organisational growth.

Zenith Bank added that Bello has demonstrated integrity, independence, and sound judgment during his time on the Board, positioning him to lead the institution through its next phase.

The bank confirmed that the appointment of Bello has received the approval of the Central Bank of Nigeria.