By: Tunji Okunlola
Zenith Bank Plc has announced a change at the top, with engineer Mustafa Bello taking over as Group Chairman following the retirement of the bank’s founder, Jim Ovia.
Ovia’s departure comes after he reached the maximum tenure permitted under the Central Bank of Nigeria’s corporate governance guidelines for commercial banks, twelve years as a Non-Executive Director and Group Chairman. The bank praised his record, noting that his leadership had strengthened the Group’s strategic positioning and reinforced its reputation with stakeholders over the course of his tenure.
Bello is not new to the Zenith boardroom. He joined as a Non-Executive Director in December 2017, making him the longest-serving director on the current board which is a factor the bank cited as key to ensuring a smooth transition. His appointment was approved at a board meeting on 27 April 2026 and has since received CBN sign-off.
By background, Bello is a civil engineer, graduating from Ahmadu Bello University, Zaria in 1978. His career has spanned military service, state-level infrastructure roles, and federal government appointments including a term as Federal Minister of Commerce from 1999 to 2002, followed by over a decade as CEO of the Nigerian Investment Promotion Commission.
Zenith Bank said his appointment is intended to maintain governance standards and organisational stability as the bank moves into its next chapter.
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