Zenith Bank Plc has appointed Engr. Mustafa Bello as its new Chairman following the retirement of its Founder and Group Chairman, Jim Ovia at the expiration of his tenure in line with regulatory requirements.
Bello, who joined the Board on December 29, 2017, is currently the longest-serving director on the board. He brings extensive leadership experience, a deep understanding of corporate governance principles, and a track record in strategic oversight and organizational growth.
The bank, in a corporate notice issued in Lagos on May 5, 2026, disclosed that Ovia completed the mandatory 12-year tenure permitted under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.
Ovia, who founded Zenith Bank and has been a central figure in its growth trajectory, was credited by the Board for providing strong leadership, strategic direction, and effective oversight throughout his time as chairman.
The Board noted that his commitment to governance standards and stakeholder value creation significantly enhanced the Group’s positioning and reputation in the financial services sector.
The bank added that Bello has demonstrated integrity, independence, and sound judgment during his time on the Board, positioning him to lead the institution through its next phase.
Zenith Bank confirmed that the appointment of Bello has received the approval of the Central Bank of Nigeria.
The transition is expected to ensure stability and a seamless continuation of the bank’s strategic objectives, as it navigates evolving regulatory and market dynamics.
Zenith Bank’s under Ovia’s Chairmanship has consistently delivered solid financial performance.
Also Read: Zenith Bank outpace CBN recapitalisation target
The bank delivered strong earnings in its 2025 full-year results, driven by growth in interest income and improved asset quality.
Zenith reported a pre-tax profit of N1.26 trillion, representing a 4.78% decline following the forbearance resolution in line with the Central Bank of Nigeria, CBN, directive to all banks to liquidate the liability linked to the COVID-19 crisis.
A closer look shows loans and advances to customers contributed the most at N1.8 trillion, up 20.15%, while treasury bills generated N1.1 trillion in income.
Despite the slight dip in per-tax profit, performance was supported by strong top-line growth, with interest income rising to N3.6 trillion from N2.7 trillion recorded in the 2024 financial year.
After income tax of N222.8 billion, post-tax profit settled at N1.04 trillion, with earnings per share falling to N25.32 from N32.87.
Zenith Bank also kicked off 2026 on a solid note, posting an unaudited pre-tax profit of N360.92 billion for the first quarter ended March 31, 2026, underscoring the lender’s resilience amid a challenging operating environment.
According to its latest filing on the Nigerian Exchange, NGX, the Group recorded a 2.87% year-on-year increase in profit before tax, up from N350.82 billion in Q1 2025.
Profit after tax rose modestly by 0.69% to N314.02 billion, reflecting stable earnings performance despite higher loan impairments and persistent cost pressures.
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