Founder of Zenith Bank, Jim Ovia, has officially retired as the bank’s group chairman following the completion of his tenure.

The announcement was made during the bank’s 35th Annual General Meeting, where it was confirmed that Ovia stepped down after serving the maximum 12 years allowed as a non-executive director and chairman under regulations set by the Central Bank of Nigeria.

Ovia, who played a key role in building Zenith Bank into one of Nigeria’s leading financial institutions, had been serving as chairman since July 16, 2014.

Before returning as chairman, he previously led the bank as its founder and Group Managing Director/CEO from 1990 to 2010, overseeing its early growth and expansion.

His retirement marks the end of an era for the institution, with a leadership transition expected to usher in a new phase for the bank in line with corporate governance requirements.