Ovia Exits Zenith: Bello New Chair, N10 Dividend Soars
Elijah TobsBy Elijah Tobs
Finance
May 7, 2026 • 9:39 AM
1m1 min read
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The Core Insight
At Zenith Bank's 35th AGM, founder Jim Ovia retired after 12 years as Chairman per CBN rules, paving way for Engr. Mustafa Bello, longest-serving Non-Executive Director and former Commerce Minister, as new Chairman. Shareholders approved N10 total dividend per share (N8.75 final + prior), totaling N410.69B. Bank reported record PBT N1.26T and PAT N1.04T for 2025, with 6% gross earnings growth to N4.19T, 9% deposit rise, and improved asset quality at 3.82% NPL. CEO Adaora Umeoji highlighted doubled dividends; shareholders praised performance and succession.
As the founder and primary investigative voice at Kodawire, Elijah Tobs brings over 15 years of experience in dissecting complex geopolitical and financial systems. His work is centered on the ethical governance of emerging technologies, the shifting architectures of global finance, and the future of pedagogy in a digital-first world. A staunch advocate for high-fidelity journalism, he established Kodawire to be a sanctuary for deep-dive intelligence. Moving away from the ephemeral nature of modern headlines, Kodawire delivers permanent, verified insights that challenge the status quo and empower the global reader.
Zenith Bank Chairman Jim Ovia Steps Down at 35th AGM, Engr. Mustafa Bello Appointed Successor
Zenith Bank 35th AGM in Lagos (Credit: Werner Pfennig via Pexels)
At Zenith Bank Plc's 35th Annual General Meeting (AGM) held in Lagos, founder Jim Ovia formally stepped down as Chairman after completing his 12-year tenure in line with Central Bank of Nigeria (CBN) corporate governance guidelines for financial holding companies. Shareholders approved a final dividend of N8.75 per share, bringing the total dividend for the 2025 financial year to N10 per share, valued at N410.69 billion. This payout supports wealth-building strategies for investors.
New Chairman Appointment Ensures Continuity
New Zenith Bank Chairman Engr. Mustafa Bello (Credit: RDNE Stock project via Pexels)
Engr. Mustafa Bello, the longest-serving Non-Executive Director since 2017, was appointed as the new Chairman. A former Federal Minister of Commerce (1999-2002), Bello led the development of Nigeria's WTO-consistent Trade Policy, championed the Corporate Affairs Commission (CAC) online project in 2002, and served as Executive Secretary and CEO of the Nigerian Investment Promotion Commission (NIPC) from 2003 to 2014, attracting significant foreign direct investment.
“Distinguished shareholders, it gives me great pleasure to address you this morning. This meeting will be the last Annual General Meeting that I will be attending as Chairman of this Bank. In line with the CBN’s corporate governance provision, I am expected to serve for 12 years. Having served for that term, I’ll be retiring at this AGM. For continuity, the Board met and nominated Engineer Mustafa Bello as the next Chairman. Engineer Bello is the longest serving Board Member and has a good understanding of the Bank. This appointment has been approved by the Central Bank. I thank you for supporting me for this tenure. I hope you give him the same support that you gave me. Thank you and God bless Zenith Bank.”
Jim Ovia, Zenith Bank 35th AGM
Zenith Bank emphasized Bello's appointment as a strategic move for continuity, stability, and board effectiveness, leveraging his institutional knowledge of the bank's operations, culture, and ambitions. The bank has a track record of promoting top management and directors internally.
Record Profits and Strong Financial Performance
Zenith Bank's impressive 2025 financial results (Credit: Kindel Media via Pexels)
Group Managing Director/CEO Dame Dr. Adaora Umeoji, the bank's fifth internally appointed CEO, thanked shareholders for their support and highlighted fulfillment of 2025 commitments, including a 100% increase in dividends. These results align with broader economic initiatives like Nigeria's research funding push.
“Thank you very much for your continued interest in Zenith Bank, and your confidence. During our AGM of 2025, we made a commitment and promised to deliver exceptional results to our shareholders, and today, I am pleased to announce that we have fulfilled our promise. We promised shareholders a quantum leap in dividends, and we have delivered that mandate with a 100 percent increase in our dividend payment. We are very determined to ensure we continue to work on shareholders’ value.”
Dame Dr. Adaora Umeoji, Zenith Bank 35th AGM
Zenith Bank recorded Profit Before Tax (PBT) of N1.26 trillion and Profit After Tax (PAT) of N1.04 trillion for 2025, the first and only Nigerian bank to achieve over N1 trillion in both metrics for two consecutive years. Gross earnings rose 6% to N4.19 trillion, driven by interest income. Customer deposits grew 9%, total assets expanded 11%, and the non-performing loan ratio improved to 3.82%.
Shareholders Commend Performance and Succession
Shareholders applaud Zenith Bank's achievements (Credit: DS stories via Pexels)
Shareholders praised the bank's profitability, dividend payout, and succession planning, amid ongoing financial sector scrutiny as in recent regulatory cases. National Coordinator of the Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, expressed satisfaction:
“As shareholders of Zenith Bank Plc, we are very happy because what we are after every year is return on our investments, and today we are getting a N10 dividend, and I believe by year end 2026, they are going to pay more. We believe that the new Chairman will continue from where Jim Ovia stopped, and come next year, we are going to be paid nothing less than 50 naira or more per share.”
Mrs. Bisi Bakare, Pragmatic Shareholders Association of Nigeria
President of the Shareholders Solidarity Association of Nigeria, Chief Timothy Adesiyan, added:
“Today we thank the Board, Management and Staff for their performance, innovation and the dividends which keep improving year on year. We received a total dividend of N10 this year, and we expect much better returns in the years to come. We are not worried that Jim Ovia is retiring because he has laid a very good foundation for the success of the bank.”
Chief Timothy Adesiyan, Shareholders Solidarity Association of Nigeria
The bank continues to earn recognition for its performance, corporate governance, and market position in Nigeria's banking industry.
Jim Ovia stepped down after completing his 12-year tenure in line with Central Bank of Nigeria (CBN) corporate governance guidelines for financial holding companies.
Engr. Mustafa Bello, the longest-serving Non-Executive Director since 2017, was appointed as the new Chairman.
Shareholders approved a final dividend of N8.75 per share, bringing the total for 2025 to N10 per share, valued at N410.69 billion.
Profit Before Tax (PBT) of N1.26 trillion, Profit After Tax (PAT) of N1.04 trillion, gross earnings up 6% to N4.19 trillion, customer deposits grew 9%, and non-performing loan ratio at 3.82%.
Shareholders praised the profitability, dividend payout, succession planning, and expressed confidence in the new Chairman continuing the success.
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Editorial Team • Question of the Day
"Will Engr. Mustafa Bello elevate Zenith Bank's dominance further?"
