Zenith Bank Plc has announced the retirement of its founder and group chairman, Jim Ovia, following the expiration of his tenure in line with regulatory guidelines.

The bank disclosed this in a corporate disclosure through the Nigerian Exchange Ltd. on Tuesday.

The bank stated that the retirement complied with the corporate governance guidelines of the Central Bank of Nigeria (CBN) for commercial and other categories of banks.

The guidelines stipulate a maximum tenure for non-executive directors and board chairmen.

It said, “Having served the mandatory 12 years as a non-executive director and the group chairman, we announce the retirement of Dr Jim Ovia, in compliance with regulatory provisions.

“As the group chairman, Dr Ovia served the board with distinction, providing strong leadership, strategic direction, and effective oversight throughout his tenure. The board expresses its deep appreciation to Dr Ovia for his outstanding service and invaluable contributions.

“His visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation significantly strengthened the group’s strategic positioning and reputation during his tenure.”

To ensure continuity in leadership, the board approved the appointment of Mustafa Bello as the new chairman at its meeting held on April 27.

Mr Bello, who joined the board on December 29, 2017, is the longest-serving director and brought extensive experience in boardroom and executive leadership, as well as a strong understanding of corporate governance and regulatory requirements.

The bank said his appointment is expected to ensure stability, continuity and sustained high standards of governance, while facilitating a seamless transition and continued organisational growth.

According to the bank, the appointment has been approved by the CBN. 

(NAN)