The development was announced in a statement on Tuesday after the bank’s 35th Annual General Meeting.
According to the bank, Ovia’s exit follows the completion of the required 12-year limit for non-executive directors and chairmen, in line with corporate governance rules set by the Central Bank of Nigeria (CBN).
The bank praised Jim Ovia’s time in office, noting that his leadership provided clear direction and strong oversight at the board level.
“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions,” the statement reads.
“His visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation significantly strengthened the group’s strategic positioning and reputation during his tenure.”
Jim Ovia assumed the role of chairman on July 16, 2014, returning to the position after earlier leading the bank as its founder and Group Managing Director/Chief Executive Officer from 1990 to 2010.
To maintain stability, the board approved the appointment of Mustafa Bello as the new chairman of Zenith Bank during a meeting held on April 27.
Mustafa Bello, an engineer, has been a member of the board since December 29, 2017, and is currently its longest-serving director.
“He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations and a proven track record in strategic oversight and organizational growth.
“He has also demonstrated integrity, independence, and sound judgment,” the bank said
Zenith Bank added that his appointment is expected to ensure a smooth transition while maintaining stability and high governance standards.
The CBN has also given its approval for the new role.
ALSO READ: Femi Otedola Accuses Jim Ovia Of Fraudulent Transactions In Zenith Bank Account
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