Zenith Bank Plc has announced the retirement of its founder and long-serving chairman, Jim Ovia, marking the end of an era for one of Nigeria’s most prominent financial institutions.
The lender disclosed Tuesday that Ovia stepped down following the expiration of his 12-year tenure, in compliance with corporate governance rules governing financial holding companies and banks. The transition, approved by the Central Bank of Nigeria (CBN), ushers in board veteran Mustafa Bello as the new chairman.
Ovia, who founded Zenith Bank and shaped its evolution into a tier-one lender, was credited by the board for strong leadership, strategic direction, and effective oversight. His tenure saw the bank solidify its reputation for governance discipline and shareholder value creation, helping it maintain a leading position in Nigeria’s competitive banking sector.
Bello’s appointment signals continuity. Having joined the board in 2017, he is its longest-serving director and is widely viewed as a steady hand with deep familiarity with the bank’s governance framework and strategic priorities.
The bank highlighted his integrity, independence, and sound judgment, noting that his leadership would guide Zenith through a period defined by tighter regulation, shifting macroeconomic conditions, and evolving market expectations.
The leadership transition comes against the backdrop of solid, though slightly moderated, financial performance.
Zenith Bank reported a pre-tax profit of ₦1.26 trillion for the 2025 financial year, a 4.78% decline attributed largely to regulatory forbearance adjustments tied to pandemic-era liabilities. Still, core fundamentals remained strong:
- Interest income rose to ₦3.6 trillion, up from ₦2.7 trillion in 2024
- Loans and advances rose 20.15% to ₦1.8 trillion
- Treasury bills contributed ₦1.1 trillion in income
Post-tax profit stood at ₦1.04 trillion after a tax charge of ₦222.8 billion, while earnings per share declined to ₦25.32.
Momentum has carried into 2026. In its latest filing with the Nigerian Exchange (NGX), Zenith posted a first-quarter pre-tax profit of ₦360.92 billion, up 2.87% year-on-year. Profit after tax edged higher by 0.69% to ₦314.02 billion, reflecting resilience despite rising impairments and cost pressures.
