Zenith Bank has announced the retirement of its founder and Group Chairman, Jim Ovia, following the completion of his tenure in line with regulatory requirements.

The development was disclosed on Tuesday during the bank’s 35th Annual General Meeting and confirmed in an official statement.

According to the bank, Ovia stepped down after serving the maximum 12 years allowed for a non-executive director and chairman under the Central Bank of Nigeria’s corporate governance guidelines.

Ovia, who founded Zenith Bank in 1990, previously served as its Group Managing Director/Chief Executive Officer from 1990 to 2010 before assuming the role of chairman on July 16, 2014.

The bank commended his leadership, describing his tenure as one marked by strong governance, strategic direction, and institutional growth.

“His visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation significantly strengthened the group’s strategic positioning and reputation,” the statement read.

Zenith Bank also announced the appointment of Mustafa Bello as the new chairman, following a board decision reached on April 27.

Bello, an engineer, joined the bank’s board in December 2017 and is currently its longest-serving director.

The bank said his appointment is expected to ensure continuity, stability, and sustained adherence to strong corporate governance principles as the institution transitions to new leadership.