Jim Ovia retires as Zenith Bank Group Chairman 36 years after founding the institution

Zenith Bank has announced the retirement of its founder and group chairman, Jim Ovia, following the expiration of his mandatory 12-year tenure as a non-executive director and chairman, in compliance with the corporate governance guidelines issued by the Central Bank of Nigeria.

In a statement on Tuesday, the bank described Ovia’s tenure as one marked by strong leadership, strategic direction, and effective board oversight, expressing deep appreciation for his “outstanding service and invaluable contributions.”

“The board expresses its deep appreciation to Mr Jim Ovia for his outstanding service and invaluable contributions. His visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation significantly strengthened the group’s strategic positioning and reputation during his tenure.”

“He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations and a proven track record in strategic oversight and organisational growth. He has also demonstrated integrity, independence, and sound judgment,” the statement read.

To ensure continuity, the bank’s board approved the appointment of Mustafa Bello as the new chairman at a meeting on April 27. The appointment has since received CBN approval.

Jim Ovia’s rise from bank clerk to chairman

James “Jim” Ovia was born on November 4, 1951, in Agbor-Obi, in present-day Delta State. His father died when he was four years old, and an older brother paid for his early education before bringing him to Lagos, where Ovia began his career as a bank clerk.

After three years, he travelled to the United States for higher education, earning a Bachelor of Science degree in Business Administration from Southern University, Louisiana, and an MBA from the University of Louisiana. He later attended the Owner/President Management programme at Harvard Business School.

In 1990, Ovia founded Zenith Bank with a startup capital of N20 million, approximately $4 to $5 million at the prevailing exchange rate. Speaking in an interview with CNN’s Marketplace Africa, he recalled: “Twenty years later, Zenith Bank shareholders’ funds were worth $4 billion. From $4 million to $4 billion — you can do the maths.”

Under his leadership, the bank expanded beyond Nigeria, establishing subsidiaries in the United Kingdom, Ghana, Sierra Leone, the Gambia, Dubai and China. In 2013, Zenith achieved a $850 million Global Depositary Receipt listing on the London Stock Exchange. In 2017, the bank issued a $500 million Eurobond that was four times oversubscribed. As of 2026, Zenith Bank holds over $30 billion in assets and has been ranked Nigeria’s leading bank by Tier-1 capital for 16 consecutive years.

Ovia’s contributions to Nigeria’s economy have been recognised by successive governments. He was conferred with the Member of the Order of the Federal Republic in 2000, the Commander of the Order of the Niger in 2011, and the Commander of the Federal Republic — Nigeria’s third-highest national honour — in 2022. In April 2025, he was admitted into the Freedom of the City of London at Mansion House, one of the city’s oldest and most distinguished honours.

He is also the author of Africa Rise and Shine, published by ForbesBooks, which details his entrepreneurial journey, the rise and building of Zenith Bank.