Jim Ovia has stepped down as chairman of Zenith Bank after nearly a decade-and-a-half leading the institution he founded.
His exit was made public at the bank's 35th Annual General Meeting held on Tuesday. Ovia had completed the mandatory 12-year tenure limit for non-executive directors under Central Bank of Nigeria regulations.
Zenith Bank confirmed the retirement aligns with CBN corporate governance standards on board member tenure. Financial institutions across Nigeria must adhere to these rules.
Ovia previously ran the bank as Group Managing Director and CEO from 1990 to 2010. He transitioned to the chairman role on July 16, 2014.
Godwin Emefiele, the former CBN governor, took over from Ovia as chief executive. Emefiele had himself served as Central Bank governor under President Muhammadu Buhari's administration.
Before his CBN appointment, Emefiele led Zenith Bank during a transformative period in Nigeria's banking sector. His leadership at the apex bank spanned the entire eight years of Buhari's presidency.
