- Safiu Kehinde
Former Nigerian Minister of Commerce, Mustafa Bello, has taken over the leadership of Zenith Bank as its Founder and Group Chairman, Jim Ovia, retires.
Zenith Bank the retirement of Ovia following the expiration of his tenure in line with regulatory requirements.
This was disclosed in a corporate notice issued on Tuesday.
According to the statement, Ovia completed the mandatory 12-year tenure permitted under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.
He was considered a central figure in Zenith Bank’s growth trajectory and was credited by the Board for providing strong leadership, strategic direction, and effective oversight throughout his time as chairman.
The Board noted that Ovia commitment to governance standards and stakeholder value creation significantly enhanced the Group’s positioning and reputation in the financial services sector.
In its founder’s stead, Zenith Bank announced the appointment of Mustafa as the new chairman of the bank.
According to reports, Engr. Mustafa Bello graduated with 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 served in the Directorate of Quartering and Engineering Service (Nigerian Army) between 1978 and 1979.
The new Zenith Bank’s chairman later joined the Niger State Housing Corporation between 1980 and 1983 as a Senior Civil Engineer.
He served as a cabinet Minister of the Federal Republic of Nigeria as the Federal Minister of Commerce between 1999 and 2002.
Mustafa was subsequently appointed Executive Secretary/Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC) between November 2003 and February 2014.
He is currently the Chairman of Invest-in-Northern Nig. Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian Economy.