Zenith Bank Plc has announced the retirement of its founder and Group Chairman, Jim Ovia, following the completion of his tenure in line with regulatory requirements.
The announcement was made on Tuesday during the bank’s 35th Annual General Meeting, where shareholders and stakeholders were formally informed of the development.
According to the bank, Ovia’s exit comes after he fulfilled the maximum 12 years permitted for non-executive directors and chairmen under the corporate governance guidelines set by the Central Bank of Nigeria.
Ovia, who is widely credited with founding Zenith Bank and transforming it into one of Nigeria’s leading financial institutions, assumed the role of chairman on July 16, 2014. His return to the board followed an earlier tenure as the bank’s Group Managing Director and Chief Executive Officer, a position he held from 1990 to 2010.
During his leadership, both as CEO and later as chairman, Zenith Bank recorded significant growth, expanding its footprint across multiple markets and strengthening its position in the Nigerian banking sector.
Industry observers note that Ovia’s retirement marks the end of an era for the institution, given his longstanding influence and strategic direction over more than three decades.
The bank is expected to announce succession plans and leadership transition details in due course as it moves to maintain stability and continuity in its operations.
