Zenith Bank Plc has announced the retirement of its founder and group chairman Jim Ovia following the end of his tenure.
The bank disclosed this in a corporate notice issued in Lagos on Tuesday, stating that Mr Ovia completed the 12-year tenure allowed under corporate governance guidelines for financial holding companies, non-interest banks and payment service banks in Nigeria.
The board said Jim Ovia played a key role in the bank’s development and provided direction and oversight during his time as chairman.
The bank also announced the appointment of Mustafa Bello as the new chairman.
According to the bank, Mr Bello joined the board on December 29, 2017 and was a non-executive director before his appointment. It added that his appointment has received approval from the Central Bank of Nigeria.
Bello studied civil engineering at Ahmadu Bello University, Zaria. He worked with the Directorate of Quartering and Engineering Service of the Nigerian Army between 1978 and 1979 and later with the Niger State Housing Corporation from 1980 to 1983.
He served as minister of commerce between 1999 and 2002 and was later appointed executive secretary and chief executive officer of the Nigerian Investment Promotion Commission from 2003 to 2014.
The bank said the change in leadership is part of its succession plan.
Zenith Bank reported a profit before tax of N1.26 trillion for the 2025 financial year. Loans and advances to customers stood at N1.8 trillion, while income from treasury bills was N1.1 trillion.
Interest income rose to N3.6 trillion from N2.7 trillion recorded in 2024. Profit after tax was N1.04 trillion.
For the first quarter ended March 31, the bank reported a pre-tax profit of N360.92 billion, compared to N350.82 billion in the same period of 2025. Profit after tax stood at N314.02 billion.
The bank said the transition is expected to ensure continuity in its operations.
