Zenith Bank Plc has appointed Engr. Mustafa Bello as its new Chairman following the retirement of founder and long-serving Chairman, Jim Ovia, marking a major leadership transition at one of Nigeria’s leading financial institutions.
The appointment was confirmed in a corporate disclosure issued in Lagos on May 5, 2026, in line with regulatory provisions of the Central Bank of Nigeria (CBN), which stipulate a 12-year tenure limit for chairpersons of banks and other financial institutions. Bello, who has served on the bank’s board since December 2017, is currently the longest-serving director and now assumes the top leadership role.
Brandspur Banking News Desk reports that the transition comes at a critical period for Zenith Bank as it seeks to sustain its market leadership, profitability, and strategic expansion agenda in a more regulated and competitive banking environment.
The bank stated that Bello was selected based on his extensive experience in corporate governance, strategic leadership, and institutional oversight, noting that his appointment has received regulatory approval to ensure continuity and stability in board operations.
Jim Ovia, who founded Zenith Bank in 1990 and led it through decades of expansion into a Tier-1 banking institution, exits after years of service as Managing Director/CEO and later as Chairman from 2014. The Board described his tenure as instrumental in strengthening the bank’s governance structure, profitability, and global reputation.
Bello, a 72-year-old engineer and former public sector leader, brings decades of experience spanning engineering, governance, and investment promotion. He previously served as Nigeria’s Minister of Commerce between 1999 and 2002 under former President Olusegun Obasanjo, and later as Executive Secretary and CEO of the Nigerian Investment Promotion Commission (NIPC) from 2003 to 2014, where he led efforts to attract foreign direct investment into the country.
His public service career also includes early engineering roles in the Nigerian Army and Niger State Housing Corporation, as well as later involvement in economic policy formulation and investment facilitation initiatives. He currently chairs Invest-in-Northern Nigeria Limited.
Zenith Bank, in its latest financial disclosures, continues to maintain strong performance, posting a pre-tax profit of N1.26 trillion in its 2025 full-year results, supported by significant growth in interest income and expanded lending operations. In the first quarter of 2026, the bank reported a pre-tax profit of N360.92 billion, underscoring its resilience amid rising operational costs and regulatory adjustments.
With the leadership transition now complete, industry analysts say the new chairman will be tasked with balancing regulatory compliance, profitability, and long-term growth as Zenith Bank navigates evolving macroeconomic conditions and sector reforms.
