Zenith Bank's leadership shifts as Jim Ovia retires after 12 years of growth
Zenith Bank Plc has announced a leadership change after releasing strong financial results for 2025. Founder and Group Chairman Jim Ovia has retired following the completion of his 12-year term. The bank also reported robust earnings, with pre-tax profits of N1.26 trillion despite a slight decline due to COVID-19 recovery costs.
Under Ovia’s leadership, the bank maintained steady growth, with loans and customer advances reaching N1.8 trillion in 2025. His departure marks the end of an era as Engr. Mustafa Bello steps in as the new Chairman. Jim Ovia’s retirement comes after his tenure expired in line with regulatory guidelines. He led the bank through a period of significant financial performance, including a 2025 post-tax profit of N1.04 trillion and earnings per share of N25.32. Though pre-tax profit dipped by 4.78% due to COVID-19 crisis resolution, the bank remained profitable.
Engr. Mustafa Bello, the longest-serving director on the board since joining in December 2017, now takes over as Chairman. His appointment follows a smooth transition, with the bank already demonstrating resilience in early 2026.
Zenith Bank’s unaudited Q1 2026 results showed continued stability. Pre-tax profit rose by 2.87% year-on-year to N360.92 billion, while post-tax profit reached N314.02 billion. Loans and advances to customers remained a key driver of income, reinforcing the bank’s strong lending position. The bank’s leadership transition coincides with sustained financial strength. Bello’s appointment ensures continuity as Zenith Bank maintains its growth trajectory. With solid Q1 2026 results, the institution remains well-positioned in Nigeria’s banking sector.
