Bello takes over as Ovia bows out of Zenith Bank
Zenith Bank Nigeria Plc has confirmed the appointment of Engineer Mustafa Bello as the new Chairman of the bank. This followed the retirement of its founder, Jim Ovia, whose 12-year tenure on the board expired on Tuesday, May 5, 2026, in line with regulatory limits on board leadership for banking holding companies. Engineer Bello, who […]
Zenith Bank Nigeria Plc has confirmed the appointment of Engineer Mustafa Bello as the new Chairman of the bank.
This followed the retirement of its founder, Jim Ovia, whose 12-year tenure on the board expired on Tuesday, May 5, 2026, in line with regulatory limits on board leadership for banking holding companies.
Engineer 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.
Mr. 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.
- Appoint 80% career ambassadors, ex-foreign affairs minister urges Tinubu
- INEC to resume voter registration, May 11
Under Ovia’s strategic leadership, Zenith built a reputation for strong corporate governance, conservative risk management and consistent profitability.
Shareholders approve N410.69bn dividend payout
At the 35th Annual General Meeting (AGM) of Zenith Bank Plc, held yesterday at the Civic Centre, Victoria Island, Lagos, shareholders approved the proposed final dividend payment of N8.75 per share, bringing the total dividend for the 2025 financial year to N10.00 per share, with a total value of N410.69 billion.
It was the last meeting to be presided over by Jim Ovia.
In his remark, Jim Ovia stated “Distinguished shareholders, it gives me great pleasure to address you this morning. This meeting will be the last Annual General Meeting that I will be attending as Chairman of this Bank. In line with the CBN’s corporate governance provision, I am expected to serve for 12 years. Having served for that term, I’ll be retiring at this AGM. 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. This appointment has been approved by the Central Bank. I thank you for supporting me for this tenure. I hope you give him the same support that you gave me. Thank you and God bless Zenith Bank.”
Jim Ovia’s leadership in perspective
Ovia started out as a clerk at Union Bank, formerly Barclays Bank in 1973. This was shortly after he finished secondary school. He worked for 3 years as a bank clerk before moving to the USA where he obtained his Bachelor’s and Master’s degrees.
After graduating, he joined Union Bank to complete his National Youth Service Corps (NYSC). He also worked in Lion Bank where he rose to the post of branch manager in Lagos. Soon after, Jim Ovia joined International Merchant Bank (IMB) in 1980 and was promoted from the position of financial analyst to bank manager. From IMB, he moved to Merchant Bank of Africa where he set up a thriving corporate division. Talk about fiercely climbing the corporate ladder! Needless to say that the sky became his starting point from then onward.
With the deregulation of the banking sector during Babangida’s administration in the late 1980’s, Jim Ovia alongside some investors started Zenith Bank in 1990. He was at the helm of affairs of the bank for 20 years until his resignation in July 2010. He was reappointed the chairman of the bank in 2014.
Under his leadership, Zenith bank grew and is recognised as the largest financial service provider in Nigeria and Anglophone West Africa. The bank offers a range of corporate investment, business and personal banking products and solutions. Its headquarter is in Victoria Island, Lagos and has over 500 branches and offices across the country.
Zenith Bank became a Public Limited Company in 2001 and was listed on the Nigeria Stock Exchange (NSE) as well as the London Stock Exchange (LSE). On 27th of April 2007, Zenith Bank PLC became the first Nigerian bank in 25 years to be licensed by the UK Financial Services Authority (FSA), giving rise to Zenith Bank UK Limited. The bank also has subsidiaries in Ghana, Sierra Leone, Gambia, South Africa, Cote D’Ivoire, UK, UAE, Paris and China.
Recent financial results highlight the scale of the institution he helped build. The bank’s gross earnings increased to N4.19tn from N3.97tn, reflecting sustained growth in core revenue streams while it reported Profit Before Tax of about N1.26 trillion and Profit After Tax of N1.04 trillion for the 2025 financial year, while its balance sheet expanded to roughly N31 trillion in total assets and more than N4.5 trillion in shareholder equity.
Zenith Bank’s Q1 2026 unaudited results show resilient growth, with Gross Earnings rising 6.1% year-on-year to N1.01 trillion. Profit Before Tax (PBT) increased by 2.9% to N360.92 billion, while Profit After Tax (PAT) edged up to N314.02 billion.
The bank also maintained strong asset quality, lowering its Non-Performing Loan (NPL) ratio to 3.79%
While announcing his exit in a corporate filing signed by the company secretary, Michael Osilama Otu, the bank said Jim Ovia “served the board with distinction, providing strong leadership, strategic direction, and effective oversight throughout his tenure.”
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.
Who’s Mustafa Bello?
Born on January 31st, 1954, Engineer Mustafa Bello holds a B.Engr. (Civil Engineering), from the Ahmadu Bello University (ABU), Zaria in 1978 with Second Class Upper Division and won the Shell prize for best project and thesis for Faculty of Engineering in 1978.
He was appointed as member of the cabinet by former president Olusegun Obasanjo and served as the Federal Minister of Commerce between 1999 and 2002. He was subsequently appointed Executive Secretary/Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC) between November 2003 and February 2014.
Bello’s career
The 72-year-old engineer and public sector leader brings decades of experience spanning engineering, public service, and investment promotion.
Bello, who is a cousin to the retired army officer Colonel Sani Bello, began his career in the Directorate of Quartering and Engineering Services of the Nigerian Army between 1978 and 1979, before moving to the Niger State Housing Corporation, where he worked as a Senior Civil Engineer from 1980 to 1983.
He rose to national prominence when he was appointed Minister of Commerce under former President Olusegun Obasanjo, serving between 1999 and 2002. He worked closely with Obasanjo, who described him as a “dutiful minister” in one of his books.
After leaving the administration, he became the candidate of the newly registered People’s Redemption Party (PRP) for governor of Niger State in December 2002. He came second in the 2003 election, behind the then incumbent governor, Abdulkadir Kure.
However, his role in economic policy and investment promotion remains more defining, shaping much of his national relevance and reputation.
He later transitioned into investment promotion, serving as Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC) from 2003 to 2014.
Bello’s role in scaling Nigeria’s Foreign Direct Investment (FDI), which hovered around $1 billion and $1.87 billion between 1999 and 2002 is worth mentioning. Upon his assumption of office as NIPC CEO, FDI jumped to $2.01 billion in 2003.
FDI inflows would experience a staggering surge just two years later, growing by over 166% to reach $4.98 billion in 2005. Although the country witnessed mild, intermittent dips, a recovery began in 2010, which saw FDI reach an all-time peak of $8.84 billion in 2011.
This shows that within the eleven years under review (2003 to 2013), Nigeria’s FDI saw substantial, though inconsistent, increases from its base level, before experiencing post-peak declines that saw the figure drop back to $5.56 billion by 2013, following a shift in focus toward portfolio investment.
However, since he left office, FDI into Nigeria dropped by over 70% between 2014 and 2024.
Beyond public service, Bello currently serves as Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle focused on driving economic transformation in Northern Nigeria.
He has been involved in several projects in Nigeria including CAC online project in 2002, developed WTO consistent Trade Policy for the Federal Republic of Nigeria etc.
He has attended several conferences, missions and meetings and represented the Federal Government of Nigeria.
Shareholders speak
Adeleke Adebayo, former General Secretary of Independent Shareholders Association of Nigeria (ISAN) lauded the exit of Ovia, saying he has actually discharged his responsibility to the fullest.
He also hailed the smooth transition from Ovia to another chairman while advising the new chairman to “do his best and ensure Zenith continues to play by the book and they keep adding value to the shareholders, the customers and the general public.”
“He (Ovia) has played the role of a manager of business, he has played the role of a director and he has also played the role of Chairman. He has come of age, he has fulfilled all the statutory requirements. The CBN rule says after 12 years, you have to leave. So he is conforming to regulations,” he said.