On a day founder Jim Ovia signed off as chairman of Zenith Bank Plc and was replaced by Mustapha Bello, the Nigerian tier-one lender offered a bumper harvest of N410.69 billion in total dividend to its shareholders and investors to close its books for the 2025 financial year.
The board had proposed a final dividend of N8.75 per share to bring total dividend to N10.00 for the year and this was unanimously approved by shareholders at the bank’s 35th annual general meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Tuesday May 5, 2026. An interim dividend of N1.25 per share had earlier been paid during half-year.
Founder Jim Ovia formally retired as chairman of the bank he founded in 1990 and after serving as group managing director and chief executive officer for 20 years and chairman for 12 years. He has now been replaced by Mustafa Bello, an engineer and former minister of commerce. He is the longest-serving non-executive director of the bank.
Adaora Umeoji, group managing director and chief executive officer, who is the bank’s fifth internally appointed CEO, expressed appreciation to shareholders for their continued commitment and support, highlighting Zenith Bank’s delivery on its 2025 promises and reaffirming its commitment to sustained growth and enhanced shareholder returns.
“Thank you very much for your continued interest in Zenith Bank, and your confidence. During our AGM of 2025, we made a commitment and promised to deliver exceptional results to our shareholders, and today, I am pleased to announce that we have fulfilled our promise. We promised shareholders a quantum leap in dividends, and we have delivered that mandate with a 100% increase in our dividend payment. We are very determined to ensure we continue to work on shareholders’ value,” Umeoji said.
Shareholders attending the AGM and speaking about the 2025 performance commended the bank, particularly its ability to sustain strong profitability, having become the first and only Nigerian bank to record profit before tax (PBT) and profit after tax (PAT) above the ₦1 trillion mark in two consecutive years.
The results showed the bank posted a PBT of ₦1.26 trillion and a PAT of ₦1.04 trillion for the 2025 financial year, reflecting the strength of its core banking operations and resilience in an evolving macroeconomic environment.
Bisi Bakare, a shareholder and the national coordinator of the Pragmatic Shareholders Association of Nigeria, expressed satisfaction with the performance and confidence in future returns.
“As shareholders of Zenith Bank Plc, we are very happy because what we are after every year is return on our investments, and today we are getting a ₦10 dividend, and I believe by year end 2026, they are going to pay more. We believe that the new chairman will continue from where Jim Ovia stopped, and come next year, we are going to be paid nothing less than 50 naira or more per share,” she said.
Another shareholder, Timothy Adesiyan, who is the president of the Shareholders Solidarity Association of Nigeria, commended the board and management of Zenith Bank for their consistent performance, improving shareholder returns, and strong succession planning, expressing confidence in the bank’s continued stability and growth.
“Today we thank the board, management and staff for their performance, innovation and the dividends which keep improving year on year. We received N10 total dividend this year and we are expecting much better returns in years to come. We are not worried that Jim Ovia is retiring because he has laid a very good foundation for the success of the bank,” Adesiyan said.
Details of the bank’s 2025 financials show the performance was underpinned by strong earnings growth and balance sheet expansion with gross earnings rising by approximately six percent to ₦4.19 trillion, driven by a significant increase in interest income. Customer deposits grew by about nine percent, while total assets expanded by approximately 11 percent, supported by sustained customer confidence and effective liquidity management. Asset quality also improved, with the non-performing loan ratio moderating to 3.82 percent, reflecting prudent risk management.
Jim Ovia in what will now go into history books as his final remarks as chairman of Zenith Bank Plc, and in introducing his successor, said: “Distinguished shareholders …This meeting will be the last Annual General Meeting that I will be attending as chairman of this bank … For continuity, the board met and nominated Engineer Mustafa Bello as the next chairman. Engineer Bello is the longest serving board member and has a good understanding of the bank … I thank you for supporting me for this tenure. I hope you give him the same support that you gave me.”
In a statement made available to Business a.m., Zenith Bank stated that it maintains a track record of nominating top management staff and directors from within the bank, stressing that its entire executive directors have been appointed from the ranks.
“The appointment of Engr. Mustafa Bello as the new chairman represents a deliberate and strategic step to ensure continuity, stability and the sustained effectiveness of the board,” it noted, adding that as the longest serving non-executive director on the board, having joined since 2017, “he brings unparalleled institutional memory, and deep understanding of the bank’s operations, culture, values and ambitions.”
The bank described Bello as a distinguished engineer, statesman and corporate leader and pointed to his serving as Nigeria’s minister of commerce from 1999 to 2002, where he led the development of the country’s WTO-consistent Trade Policy and championed several landmark reforms, including the Corporate Affairs Commission (CAC) on-line project of 2002.
He also served as executive secretary and chief executive officer of the Nigerian Investments Promotion Commission (NIPC) from November 2003 to February 2014. Before this appointment, he had served on the board of many other reputable companies and corporations.
