The board of Zenith Bank has approved the appointment of Mustafa Bello as the new chairman.
The appointment which was approved at a meeting on April 27, follows the retirement of Jim Ovia.
According to the statement issued by the bank, Bello, an engineer who joined the board on December 29, 2017, is currently the bank’s longest-serving director.
“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 organizational growth,” the bank said.
“He has also demonstrated integrity, independence, and sound judgment.”
Zenith said Bello’s appointment is expected to ensure continuity, stability, and sustained high standards of governance, while facilitating a seamless leadership transition.
The bank also said the appointment has been approved by the CBN.
In July 2023, the CBN approved a new code of corporate governance, specifying that the tenure of a bank’s managing director or chief executive officer (CEO) can only last for a maximum of 12 years.
Prior to this, the regulator issued a policy that mandated bank executive directors (EDs), deputy managing directors (DMDs), managing directors (MDs), and non-executive directors (NEDs) to only serve a cumulative tenure of 20 years across the banking industry.
