Zenith Bank Plc has officially announced the retirement of its Founder and Group Chairman, Jim Ovia, following the completion of his mandatory tenure as per corporate governance regulations in Nigeria. He founded the bank in May 1990 and became the chairman in 2014.
Why is he retiring? Ovia is at the end of the 12-year tenure permitted under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.
This decision was conveyed through a corporate notice in Lagos on May 5, 2026, highlighting Ovia’s pivotal role in the bank’s development throughout his tenure. 
According to older Forbes data his net worth was pegged at $550 million-$900 million, and more recent 2025 estimates placing it near $1.6 billion.
Under Ovia’s leadership, Zenith Bank has experienced immense financial success, with significant earnings for its full-year results in 2025, where the bank recorded a pre-tax profit of ₦1.26 trillion. The bank’s earnings remained attractive, supported by growth in interest income and asset quality.
The bank’s recent financial performance reveals that loans and advances to customers totaled ₦1.8 trillion, a 20.15% increase, while treasury bills generated ₦1.1 trillion in income. Despite a minor reduction in profit before tax, the institution reported strong top-line growth, with interest income rising to ₦3.6 trillion from ₦2.7 trillion in the previous year. After accounting for ₦222.8 billion in income tax, the post-tax profit settled at ₦1.04 trillion, although earnings per share decreased from ₦32.87 to ₦25.32.
In 2026, Zenith Bank showed continued growth, reporting an unaudited pre-tax profit of ₦360.92 billion for the first quarter ending March 31, reflecting a 2.87% year-on-year increase in profit before tax compared to Q1 2025. The profit after tax saw a rise of 0.69% to ₦314.02 billion, providing stable earnings despite loan impairments and other pressures.
New Leadership
Mustafa Bello has been appointed as the new Chairman to ensure continuity within the bank’s leadership. Bello, who has been on the Board since December 29, 2017, is known for his experience and understanding of corporate governance, and a proven record in strategic oversight.
Zenith Bank also confirmed that Bello’s appointment has been approved by the Central Bank of Nigeria.
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