Jim Ovia, the founder and group chairman of Zenith Bank, has announced his resignation once his term has ended.
During the bank’s continuing 35th Annual General Meeting on Tuesday, the announcement was made, and it was further explained in a statement.
According to the bank, Ovia resigned in accordance with the Central Bank of Nigeria’s corporate governance requirements after serving as chairman and non-executive director for the required 12 years.
On July 16, 2014, Ovia was appointed chairman of the bank. He was the bank’s founder and Group Managing Director/CEO from 1990 to 2010 before returning to the role.
Ovia’s term was characterized by outstanding leadership, strategic direction, and efficient board monitoring, according to the bank.
The financial institution added that in order to maintain continuity, the board confirmed Mustafa Bello’s appointment as the new chairman during a meeting on April 27.
Bello, an engineer who joined the board on December 29, 2017, is presently the bank’s longest-serving director, according to the statement.
According to Zenith Bank, Bello’s nomination is anticipated to facilitate a smooth leadership transfer while guaranteeing continuity, stability, and maintaining high standards of governance.
“He has a demonstrated track record in strategic management and organizational growth, a solid grasp of corporate governance concepts and regulatory standards, and a wealth of leadership experience at the board and executive levels. Additionally, he has shown honesty, self-reliance, and solid judgment,” the statement said.
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