Meet Mustafa Bello, Zenith Bank's New Chairman as Jim Ovia Retires After 12 Years
- Engr. Mustafa Bello has been appointed Chairman of Zenith Bank Plc, succeeding Jim Ovia, who retired after a 12-year tenure
- Bello previously served as a non-executive director of the bank and has held major public roles, including Minister of Commerce
- He is an experienced civil engineer and development leader with decades of contributions to Nigeria’s public and economic sectors
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Engr. Mustafa Bello has assumed the role of Chairman of Zenith Bank Plc, following the retirement of its founder and long-serving Group Chairman, Jim Ovia.
The announcement was made in a corporate statement published on the Nigerian Exchange Group's website on May 5, 2026.
According to the bank, Ovia stepped down after completing the maximum 12-year tenure allowed under Nigeria’s corporate governance regulations for financial holding companies, non-interest banks, and payment service banks.
Source: UGC
Ovia, a Nigerian banking godfather, had, in a previous report, revealed how he founded the bank with just N20 million in 1990.
Before his new appointment, Bello served on the bank’s board as a non-executive director.
Background and Professional Experience of Engr. Bello
Born on January 31, 1954, Mustafa Bello earned a Bachelor’s degree in Civil Engineering from Ahmadu Bello University, graduating with a Second Class Upper Division.
During his studies, he received the Shell Prize for outstanding performance in engineering project work and thesis in 1978.
He began his career with the Nigerian Army, serving in the Directorate of Quartering and Engineering Services between 1978 and 1979.
He later worked as a Senior Civil Engineer with the Niger State Housing Corporation from 1980 to 1983.
Bello went on to hold key public service roles, including serving as Nigeria’s Federal Minister of Commerce from 1999 to 2002.
He was subsequently appointed Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission, where he served from November 2003 to February 2014.
Currently, he chairs Invest-in-Northern Nigeria Limited, an initiative focused on driving economic growth and development in Northern Nigeria.
Over the years, Bello has contributed to several national projects, including the development of the Corporate Affairs Commission’s online platform in 2002 and the formulation of a trade policy aligned with World Trade Organisation standards.
He has also represented Nigeria at numerous international conferences, missions, and official engagements.
Bello assumes leadership at a time when Zenith Bank must sustain strong earnings while navigating tighter regulatory expectations and a more complex operating environment.
Source: UGC
Bello takes over at a critical moment, with Zenith Bank Plc expected to maintain its strong financial performance while adapting to stricter regulatory demands and an increasingly challenging business climate.
Despite these pressures, the bank continues to rank among Nigeria’s most profitable lenders, reporting a pre-tax profit of N1.26 trillion in its 2025 full-year results, even with a modest dip caused by regulatory forbearance measures introduced by the Central Bank of Nigeria.
Zenith Bank expands into Côte d’Ivoire
Meanwhile, Legit.ng earlier reported that Zenith Bank Plc launched a new subsidiary in Côte d’Ivoire, marking its entry into Francophone West Africa.
The new unit is part of its pan-African expansion strategy and will focus on corporate banking and trade finance.
The move strengthens Zenith Bank’s presence across Africa and positions it to deepen trade links.
Source: Legit.ng
