Zenith Bank has announced the retirement of its founder and Group Chairman, Jim Ovia, following the expiration of his tenure.
The bank confirmed the development in a statement, noting that his exit complies with corporate governance guidelines.
On Tuesday, the statement explained that Ovia stepped down after completing the mandatory 12-year tenure as a non-executive director and chairman.
“This retirement is in compliance with the corporate governance guidelines issued by the Central Bank of Nigeria,” the bank said, emphasizing adherence to regulatory standards.
Ovia’s tenure as chairman, which began on July 16, 2014, ended after he fulfilled the stipulated period, reflecting the bank’s commitment to transparency and regulatory compliance.
He previously served as the bank’s founder and Group Managing Director/Chief Executive Officer from 1990 to 2010 before returning as chairman.
His leadership is widely credited with shaping Zenith Bank into one of Nigeria’s leading financial institutions, known for innovation and strong corporate governance.
The bank acknowledged his contributions, noting that his vision and stewardship left a lasting impact on the institution.
His retirement marks the end of an era, but Zenith Bank assured stakeholders of continued stability and growth under its evolving leadership structure.