May 05, (THEWILL) — Zenith Bank Plc has appointed Engr. Mustafa Bello as its new Chairman following the retirement of its founder, Jim Ovia, whose 12-year tenure on the board expired on May 5, 2026, in line with regulatory limits on board leadership for banking holding companies.
Bello, who previously served as a non-executive director of the bank, takes over the leadership of the board at a time when Zenith remains one of Nigeria’s most profitable and capitalised financial institutions.
Ovia’s exit marks the end of a defining era for the lender he founded in 1990. Over the past three decades, he transformed Zenith from a relatively modest commercial bank into a Tier-1 financial institution with a dominant presence in Nigeria’s banking sector.
Under Ovia’s strategic leadership, Zenith built a reputation for strong corporate governance, conservative risk management and consistent profitability. The bank has remained one of the most resilient lenders in the country, frequently ranking among the top institutions by earnings, asset size and shareholder value.
Recent financial results highlight the scale of the institution he helped build. The bank reported Profit Before Tax of about ₦1.26 trillion and Profit After Tax of ₦1.04 trillion for the 2025 financial year, while its balance sheet has expanded to roughly ₦31 trillion in total assets and more than ₦4.5 trillion in shareholder equity.
Zenith has also expanded its footprint beyond Nigeria through operations in other African markets as well as international financial centres such as the United Kingdom, reinforcing its ambition to operate as a globally competitive African bank.
Beyond balance sheet growth, Ovia oversaw the bank’s early adoption of digital banking and technology-driven financial services, positioning Zenith as one of the leading institutions in electronic banking and payment services within the Nigerian financial system.
The transition to Bello’s chairmanship comes as Nigerian banks adapt to a new operating landscape shaped by stricter capital requirements, digital transformation and evolving global banking standards.
Bello brings extensive public and private sector experience to the role. A former Minister of Commerce and Industry and past Executive Secretary of the Nigeria Investment Promotion Commission, he is widely regarded as a technocrat with deep expertise in investment promotion, economic policy and corporate governance.
His appointment signals continuity in Zenith’s governance structure as the bank positions itself for its next phase of growth following the completion of the banking sector’s recapitalisation cycle.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
