Jim Ovia Resigns as Zenith Bank Chairman After 12 Years

Jim Ovia has officially stepped down as the Chairman of Zenith Bank PLC after a tenure of 12 years, a significant leadership change announced during the bank's 35th annual general meeting held in Lagos. This decision follows the conclusion of legal requirements regarding his term of service at the financial institution.

Zenith Bank confirmed that Ovia's resignation is in compliance with the Central Bank of Nigeria's corporate governance guidelines, which mandate a 12-year limit for non-executive directors. Ovia first took on the role of Chairman on July 16, 2014, after previously serving as the bank's founder, Group Managing Director, and CEO from 1990 to 2010.

Mustafa Bello, who has a background in civil engineering and public service and previously served as a non-executive director on the bank's board, has been appointed as the new Group Chairman to ensure a smooth transition.