By Ogungbayi Adeyemi S. | adeyemi@ddnewsonline.com
Editor, DDNews |
Zenith Bank Plc has announced a significant leadership transition with the retirement of its founder and Group Chairman, Jim Ovia, and the appointment of Mustafa Bello as the new chairman.
The bank disclosed this in a corporate notice issued in Lagos on May 5, 2026. Ovia’s exit follows the completion of the 12-year tenure limit stipulated under corporate governance rules for financial institutions in Nigeria.
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Ovia had led the board during a remarkable period of growth for the bank since its founding. His retirement marks the end of an era for one of Nigeria’s leading financial institutions.
The bank confirmed that Mustafa Bello, who previously served as a non-executive director, will assume the role of chairman with immediate effect.
Bello holds a degree in Civil Engineering from Ahmadu Bello University, Zaria, where he graduated in 1978 with a Second Class Upper Division. He also received the Shell prize for the best project and thesis in his faculty.
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He began his career in the Nigerian Army’s Directorate of Quartering and Engineering Service between 1978 and 1979, before serving as Senior Civil Engineer at the Niger State Housing Corporation from 1980 to 1983.
Bello later held high-level public service positions, including Federal Minister of Commerce between 1999 and 2002, and Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission from November 2003 to February 2014.
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During his tenure at the Nigerian Investment Promotion Commission, Bello played a key role in formulating policies to attract foreign and local investments into Nigeria and strengthening international partnerships.
He also contributed to national initiatives such as the Corporate Affairs Commission online project and the development of trade policies aligned with global standards.
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Bello currently chairs Invest-in-Northern Nigeria Limited, a platform focused on driving economic and social development in the Northern region. He has represented the Federal Government at numerous international conferences and missions.
Bello assumes leadership at a time when Zenith Bank continues to record strong financial performance. The bank reported a pre-tax profit of N1.26 trillion for the 2025 full year and N360.92 billion in the first quarter of 2026.
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The transition is expected to ensure continuity in governance and strategic direction as the bank navigates growth, regulatory compliance, and evolving market demands in Nigeria and across Africa.
DDNewsOnline – Lagos
By Ogungbayi Adeyemi S. (Beedee)
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