Nigerian businessman Jim Ovia has stepped down as Group Chairman of Zenith Bank Plc after completing his tenure in line with regulatory requirements.
The announcement was contained in a statement released by the bank on Tuesday, May 5, confirming that his exit follows the expiration of the mandatory 12-year tenure for chairpersons under corporate governance rules for financial institutions in Nigeria.
According to the statement, Ovia’s retirement aligns with guidelines covering financial holding companies, non-interest banks, and payment service banks operating in the country.
Ovia, who founded Zenith Bank and played a key role in its rise to one of Nigeria’s leading financial institutions, was praised by the board for his long-standing leadership, strategic direction, and oversight during his time as chairman.
He has now been succeeded by Mustapha Bello, who previously served as a non-executive director within the bank.
