Jim Ovia has retired as Chairman of Zenith Bank PLC after completing the 12-year tenure limit set by the Central Bank of Nigeria for financial holding companies and banks.
The bank disclosed Ovia’s exit in a corporate notice issued in Lagos on Monday.
Ovia, Zenith Bank’s founder, was credited by the Board for “strong leadership, strategic direction, and effective oversight” during his tenure.
The Board said his commitment to governance and stakeholder value creation strengthened the Group’s position in Nigeria’s financial sector.
To fill the vacancy, the Board appointed Engr. Mustafa Bello, a non-executive director, as Chairman.
Bello graduated with a Second Class Upper degree in Civil Engineering from Ahmadu Bello University, Zaria, in 1978, winning the Shell prize for best project and thesis in the Faculty of Engineering.
He served in the Nigerian Army’s Directorate of Quartering and Engineering Service from 1978 to 1979, then joined the Niger State Housing Corporation as Senior Civil Engineer from 1980 to 1983.
Bello was Minister of Commerce from 1999 to 2002 and later Executive Secretary/CEO of the Nigerian Investment Promotion Commission from November 2003 to February 2014.
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He currently chairs Invest-in-Northern Nigeria Limited, a vehicle for economic and social transformation of the Northern economy.
His past work includes the Corporate Affairs Commission online project in 2002 and developing a WTO-consistent Trade Policy for Nigeria.
He has represented the federal government at several conferences and missions.
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