By Tony Obiechina, Abuja

Zenith Bank has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the expiration of his regulatory tenure.

In a corporate notice issued in Lagos yesterday, the bank said Ovia completed the mandatory 12-year tenure allowed under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.

The Board praised Ovia for his pivotal role in the institution’s evolution, crediting him with strong leadership, strategic direction, and effective oversight that significantly strengthened Zenith Bank’s market position and reputation in Nigeria’s financial sector.

According to the bank, Ovia’s dedication to governance excellence and stakeholder value creation helped shape Zenith Bank into one of the country’s leading financial institutions.

To ensure continuity, the Board appointed Mustafa Bello as the new Chairman of the Group.

Bello, who joined Zenith Bank’s Board on December 29, 2017, is currently its longest-serving director. The bank described him as an experienced leader with deep corporate governance expertise, strategic oversight capabilities, and a proven record of organisational growth.

Zenith Bank noted that Bello’s integrity, independence, and sound judgment during his years on the Board positioned him to guide the institution through its next phase of growth.

The appointment has received approval from the Central Bank of Nigeria.

Under Ovia’s chairmanship, Zenith Bank consistently recorded strong financial performance despite economic and regulatory challenges.

For the 2025 full-year financial period, the Group posted a pre-tax profit of N1.26trn, representing a slight 4.78 percent decline, largely due to compliance with the CBN’s directive on the liquidation of COVID-19-related forbearance liabilities.

Interest income, however, surged significantly to N3.6trn from N2.7trn in 2024, supported by robust earnings from loans and advances, which generated N1.8trn, and treasury bills, which contributed N1.1trn.

After tax, profit stood at N1.04trn while earnings per share declined to N25.32 from N32.87.

Zenith Bank also began 2026 on a positive trajectory, reporting an unaudited pre-tax profit of N360.92bn for the first quarter ended March 31, 2026, reflecting a 2.87 percent year-on-year increase from N350.82Bn recorded in Q1 2025.

Profit after tax rose by 0.69 percent to N314.02bn, demonstrating resilience despite higher loan impairments and continued cost pressures.

The leadership transition is expected to provide stability as Zenith Bank continues to pursue its strategic objectives amid evolving regulatory and market conditions.

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.

As the founder of Zenith Bank, he has been a central figure in its growth trajectory and 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.

Until he was appointed Chairman, Bello was a non-executive director in the bank.

PROFILE:

Engr. Mustafa Bello graduated with B.Engr. (Civil Engineering), from the Ahmadu Bello University (ABU), Zaria, in 1978 with Second Class Upper Division, and won the Shell prize for best project and thesis for Faculty of Engineering in 1978.

He served in the Directorate of Quartering and Engineering Service (Nigerian Army) between 1978 and 1979. He later joined the Niger State Housing Corporation between 1980 and 1983 as a Senior Civil Engineer.

He served as a cabinet Minister of the Federal Republic of Nigeria as the Federal Minister of Commerce between 1999 and 2002. He was subsequently appointed Executive Secretary/Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC) between November 2003 and February 2014.

He is currently the Chairman of Invest-in-Northern Nig. Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian Economy.

He has been involved in several projects in Nigeria, including the CAC online project in 2002, developing a WTO-consistent Trade Policy for the Federal Republic of Nigeria, etc.

He has attended several conferences, missions, and meetings and represented the Federal Government of Nigeria.

By David Torough, Abuja

Tension has gripped the headquarters of the Arewa Consultative Forum (ACF) following allegations of police siege, internal power struggle and threats against members ahead of a crucial National Executive Council (NEC) meeting.

In a strongly worded statement issued yesterday, the Chairman of the NEC and ACF, Mamman Mike Osuman, declared that the ACF head office had effectively been “Cordoned off” by armed police personnel, leaving him and other members “Confined within.

Osuman emphasized that, under Section 13(1)(a) and (b) of the ACF Constitution, he holds the exclusive authority “to convene all meetings of the National Executive Council and the Working Committee” and “to preside over and direct” such meetings.

However, the situation escalated when the Chairman of the Board of Trustees, Bashir Dalhatu, allegedly countermanded the directive and issued threats to members planning to attend the NEC meeting scheduled for Wednesday, May 6.

“Regrettably, Bashir Dalhatu has escalated matters by issuing further threats,” Osuman said, adding that there were claims the NEC meeting “will not be allowed to hold.”

The ACF chairman described the development as a “grave constitutional concern,” citing Section 40 of the Constitution of Nigeria, which guarantees the right to peaceful assembly. He argued that the presence and actions of the police amounted to “unwarranted and excessive interference” with this fundamental right and posed a broader threat to the rule of law.

He further accused the BoT leadership of “personalising” its office in a manner inconsistent with the ACF’s constitutional framework, warning that such actions suggested “the pursuit of personal objectives” detrimental to the collective interest of the region and the nation.

Despite the tension, Osuman noted that ACF members from across Northern Nigeria and beyond had already arrived in Kaduna and remained determined to attend the NEC meeting “despite the prevailing intimidation and security presence.”

In a direct appeal, the chairman called on the Nigeria Police Force, particularly the Inspector-General of Police, to “intervene promptly and decisively in the interest of justice, constitutional order, and public peace.”

He warned that failure to act could “give rise to avoidable tensions and unfortunate consequences” capable of undermining national stability.

The unfolding crisis signals deepening divisions within one of Northern Nigeria’s most influential socio-political bodies, raising concerns over governance, legality, and internal cohesion at a critical time.

By Eze Okechukwu Godson and Ubong Ukpong, Abuja

Nigeria’s National Assembly yesterday delivered a unified but multi-pronged response to renewed xenophobic attacks on Nigerians in South Africa and Ghana, condemning the violence while weighing both diplomatic and economic countermeasures.

The Senate and the House of Representatives, in separate but aligned resolutions, described the attacks as barbaric, unlawful and a threat to regional stability, warning that failure to act decisively could strain diplomatic relations across Africa.

At plenary, the Senate adopted a motion of urgent national importance sponsored by Sen. Aniekan Akpan and co-sponsored by Sen.

The upper chamber called on the Federal Government to immediately initiate high-level diplomatic engagements with South Africa and Ghana to secure enforceable guarantees for the safety of Nigerians. It also demanded a transparent, independent investigation into all reported incidents, with a firm insistence that perpetrators and their sponsors be identified and prosecuted.

Beyond immediate responses, the Senate proposed the creation of a comprehensive diaspora protection framework, including early warning systems and coordination centres to address displacement and emergencies involving Nigerians abroad. It further urged ECOWAS and the African Union to strengthen enforcement mechanisms to deter xenophobia across the continent.

Debate in the chamber revealed differing approaches to the crisis. Senator Adams Oshiomhole advocated strong economic retaliation, urging the Federal Government to revoke the operating licences of South African companies such as MTN Nigeria and DStv.

Arguing that diplomacy alone had proven insufficient, Oshiomhole said Nigeria must adopt a reciprocity-based strategy, stressing that decisive economic action would compel respect for Nigerian citizens and interests.

However, Senator Adamu Aliero cautioned against escalating tensions, emphasizing diplomacy and ongoing government engagement. He disclosed that the Minister of Foreign Affairs was already in South Africa for talks with authorities, underscoring efforts to resolve the issue through established diplomatic channels.

In the House of Representatives, lawmakers unanimously condemned the attacks following a motion moved by Rep. Donald Ojogo. The House described the incidents as shameful and called for a review of Nigeria’s bilateral relations with South Africa.

Presiding over the session, Deputy Speaker Benjamin Kalu echoed concerns over the recurring violence, while members urged the Federal Government to reassess tax incentives granted to South African businesses operating in Nigeria.

Lawmakers also highlighted the deteriorating conditions faced by Nigerians in South Africa, noting reports of looting, property destruction, and forced business closures, particularly in the Western Cape. The violence has been linked to high unemployment and rising anti-immigrant sentiment.

Some legislators called for stronger intervention by the African Union, including the possibility of sanctions should the attacks persist, stressing that the incidents should no longer be treated as isolated occurrences.

Across both chambers, there was consensus that the safety and dignity of Nigerians abroad must be safeguarded, with lawmakers pressing for a coordinated response that balances diplomacy, accountability, and, if necessary, economic measures.