Mustafa Bello has been appointed as the new Chairman of Zenith Bank Plc, following the retirement of its founder and former Group Chairman, Jim Ovia.
Newsonspot reports that the announcement was made in a corporate notice issued in Lagos on May 5, 2026. The bank stated that Ovia stepped down after completing the mandatory 12-year tenure, in line with corporate governance regulations for financial institutions in Nigeria.
Before his appointment, Bello served as a non-executive director at Zenith Bank, bringing decades of experience in engineering, public service, and economic development to his new role.
An alumnus of Ahmadu Bello University, Bello earned a Bachelor’s degree in Civil Engineering in 1978 with a Second Class Upper Division. He also received the Shell Prize for the best engineering project and thesis in the same year.
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He began his professional career with the Nigerian Army’s Directorate of Quartering and Engineering Services between 1978 and 1979, before moving to the Niger State Housing Corporation, where he worked as a Senior Civil Engineer from 1980 to 1983.
Bello later transitioned into public service, serving as Nigeria’s Federal Minister of Commerce from 1999 to 2002. He was subsequently appointed Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC), a role he held from 2003 to 2014.
He currently serves as Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle focused on driving economic and social transformation in the northern region.
Throughout his career, Bello has contributed to several national initiatives, including the CAC online project launched in 2002 and the development of a WTO-compliant trade policy for Nigeria. He has also represented the Federal Government at various international conferences and engagements.
