Zenith Bank Names Mustapha Bello as New Group Chairman
Zenith Bank has appointed Mustapha Bello as its new group chairman, following the retirement of founder and former chairman, Jim Ovia. The announcement was made on Tuesday in a statement from the bank’s secretary, Michael Otu, who commended Ovia’s significant contributions and leadership during his tenure.
Ovia, who had served as both a non-executive director and group chairman, retired in accordance with the Central Bank of Nigeria’s Corporate Governance Guidelines. The bank emphasized that Ovia’s departure follows a mandatory 12-year term as chairman and is consistent with regulatory compliance.
“Zenith Bank is pleased to announce the retirement of its Founder and Group Chairman, Mr. Jim Ovia (CFR), upon the expiration of his term in alignment with the Central Bank of Nigeria’s Corporate Governance Guidelines,” the statement noted. It further highlighted Ovia’s accomplishments and the value he created for stakeholders throughout his decade-long leadership.
The bank recognized Ovia for his effective oversight, visionary leadership, and dedication to good governance. His efforts, it stated, were pivotal in strengthening Zenith Bank’s strategic position and enhancing its reputation over the years.
Ensuring Continuity with New Leadership
With the leadership transition, Mr. Bello is expected to provide continuity and stability. The Board of Directors, meeting on April 27, 2026, formally approved his appointment, noting that he is the longest-serving director at Zenith Bank, having joined the Board on December 29, 2017.
Bello brings extensive leadership experience at both the board and executive levels, alongside a deep understanding of corporate governance and regulatory frameworks. The bank emphasized his proven track record of strategic oversight, organizational growth, integrity, and sound judgment, all of which are expected to facilitate a smooth transition.
Appointment Backed by Regulatory Approval
Zenith Bank’s leadership change is a strategic move to maintain robust governance, having received the necessary endorsement from the Central Bank of Nigeria. The bank aims to uphold high standards while ensuring a seamless transition for ongoing success.
Professional Background of Mustapha Bello
Mr. Bello boasts a noteworthy professional background, having joined the Board in 2017 as the longest-serving director. He holds a Bachelor of Engineering degree and earned a PhD in Civil Engineering from Ahmadu Bello University, Zaria, in 1978.
His career includes serving in the Nigerian Army’s Food Procurement and Engineering Department from 1978 to 1979, followed by a role as a Senior Civil Engineer at the Niger State Housing Corporation from 1980 to 1983. He later held the position of Federal Minister of Commerce from 1999 to 2002 and was appointed Chief Executive Officer of the Nigeria Investment Promotion Commission from November 2003 until February 2014.
Bello has played a vital role in various projects across Nigeria, including the CAC Online project in 2002, and developing WTO-compliant trade policies for the nation. His involvement at both national and international levels demonstrates his commitment to advancing Nigeria’s economic interests.
