Image shows (R-L) Philemon Zoo Zame, Director General, Telecommunications Regulatory Board, Republic of Cameroon, and Aminu Maida, Executive Vice Chairman/CEO, NCC, at the occasion.

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The appointment, which takes immediate effect, has been approved by the Central Bank of Nigeria, CBN, and ratified by shareholders at the Annual General Meeting held on May 5, 2026.

Engr. Bello’s appointment represents a strategic step to ensure the continuity, stability, and sustained effectiveness of the Board, while reinforcing the high standards of corporate governance, regulatory compliance, and strategic oversight for which Zenith Bank is widely respected.

He joined the Board of Zenith Bank Plc on 29 December 2017 and has served on several Board committees, including the Board Audit and Compliance Committee, Board Governance, Nomination and Remuneration Committee and as Chairman of the Board Risk Management Committee until his appointment as Chairman of the Board of Directors.

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 organisational growth.

He has consistently demonstrated integrity, independence and sound judgement, qualities that distinguished him as the natural choice to lead the Board into its next chapter.

Engr. Mustafa Bello is a distinguished engineer, statesman and corporate leader.

His career spans more than four decades across the public and private sectors of the Nigerian economy.

He served as Minister of Commerce of the Federal Republic of Nigeria from 1999 to 2002 under President Olusegun Obasanjo, where he led the development of Nigeria’s WTO-consistent Trade Policy.

He also oversaw the Corporate Affairs Commission, CAC, online project of 2002, which modernised the way businesses register and operate in the country.

From November 2003 to February 2014, he served as Executive Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission, NIPC, where he was instrumental in attracting foreign direct investment into Nigeria, building multilateral and bilateral partnerships, and representing the Federal Government at international conferences and missions.

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

He began his career with the Nigerian Army’s Directorate of Quartering and Engineering Service from 1978 to 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer from 1980 to 1983.

He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian economy, and has previously served on the boards of Eskom Holdings Limited of the Republic of South Africa (2004 to 2008) and FrieslandCampina WAMCO Nigeria Plc as an Independent Non-Executive Director.

He is a Fellow of the Nigerian Society of Engineers and a Registered Member of Council for the Regulation of Engineering in Nigeria (COREN) as well as Fellow of the Academy of Natural Sciences & Engineering in Nigeria, ANSEN.

Zenith Bank stands among Africa’s leading financial institutions, with a strong capital base and operations across Nigeria, the United Kingdom, the United Arab Emirates, Ghana, Sierra Leone, The Gambia and Côte d’Ivoire.

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The congratulatory message is contained in a statement by the Managing Director/Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr.

The Fund said as Founder and Group Chairman, Mr. Ovia’s visionary leadership laid the foundation for what had become one of Africa’s most respected and globally recognized financial institutions. Through a steadfast commitment to excellence, innovation, and sound corporate governance, he built Zenith Bank into a benchmark for performance, resilience, and digital transformation.

The Fund said under his guidance, Zenith Bank Plc achieved remarkable growth, expanding its footprint across international markets while consistently delivering value to stakeholders.

His enduring influence was said to have not only shaped the trajectory of the bank but had also contributed significantly to the evolution and credibility of Nigeria’s banking industry.

“Beyond his accomplishments in banking, Mr. Ovia is widely recognized for his contributions to education, youth development, and national progress. His dedication to knowledge advancement and human capital development resonates strongly with NELFUND’s mission to broaden access to education through sustainable financing solutions,” the Fund stated.

Commenting on the milestone, the Managing Director/Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, stated:

“Mr. Jim Ovia’s legacy transcends the institution he built; it is etched in the fabric of Nigeria’s economic advancement. As Founder and Group Chairman of Zenith Bank, he set a benchmark for excellence that will endure for generations. At NELFUND, we are inspired by his unwavering belief in the power of human capital and education as catalysts for national development. We celebrate his remarkable achievements and honour his immense contributions to our country.”

As he transitioned into a new phase of continued influence and mentorship, NELFUND said it joined stakeholders across Nigeria and beyond in celebrating a legacy defined by innovation, integrity, and nation-building.

“We wish him continued success and fulfillment in his future endeavours,” NELFUND said.

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At the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, highlighted Nigeria’s strong GDP growth in dollar terms in 2025.

He said Nigeria recorded 11.2% GDP growth in dollar terms last year, a record that reinforced the country’s ambition to achieve a $1 trillion economy in 2030.

Oyedele emphasised the government’s near-term priorities of translating reforms into results for the Nigerian people.

He also pledged to publish quarterly financial data.

The Director General of the Debt Management Office, Mrs Patience Oniha, assured investors of the government’s responsible approach to debt financing and its focus on sustainable debt management.

The investors were from Citibank and France’s Amundi, led by Valerie Baudson.

There were also BlueCrest, the Britain- and South Africa-based Ninety One, Kirkoswald Capital, Principal Finisterre, US groups Prudential Global Investment Management (PGIM) and Mesarete Capital.

President Tinubu, who left Nigeria on Sunday for a three-nation trip, said the economic reform programme of his administration included measures to remove economic distortions and stabilise macroeconomic indicators, laying the foundation for sustained inclusive growth.

He said his government was committed to deepening reforms, enhancing transparency across the oil value chain, and implementing a multi-pronged security strategy, including police decentralisation and disrupting terrorist financing.

“The focus remains on policy stability and diligent execution to ensure these strategic shifts translate into concrete benefits for all Nigerians,” President Tinubu said.

Some of the investors who spoke at the meeting commended the government’s transformative reforms and expressed optimism about the Nigerian economy.

One of the investors asked President Tinubu about his post-2027 agenda.

He promised to strengthen fiscal discipline and transparency, and to deliver policy consistency.

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The bank disclosed this in a corporate disclosure through the Nigerian Exchange Ltd. on Tuesday.

The bank said the retirement complied with the corporate governance guidelines of the Central Bank of Nigeria, CBN, for commercial and other categories of banks.

The guidelines stipulate a maximum tenure for non-executive directors and board chairmen.

It said, “Having served the mandatory 12 years as a Non-Executive Director and the Group Chairman, we announce the retirement of Dr Jim Ovia, in compliance with regulatory provisions.

“As the Group Chairman, Dr Ovia, served the board with distinction, providing strong leadership, strategic direction, and effective oversight throughout his tenure.

“The Board expresses its deep appreciation to Dr Ovia, for his outstanding service and invaluable contributions.

“His visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation significantly strengthened the group’s strategic positioning and reputation during his tenure.”

To ensure continuity in leadership, the Board approved the appointment of Mr Mustafa Bello as the new chairman at its meeting held on April 27.

Bello, who joined the Board on December 29, 2017, is the longest-serving director and brings extensive experience in boardroom and executive leadership, as well as a strong understanding of corporate governance and regulatory requirements.

The bank said his appointment was expected to ensure stability, continuity and sustained high standards of governance, while facilitating a seamless transition and continued organisational growth.

According to the bank, the appointment has been approved by the CBN.

Source: NAN

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He warned against the derailment of the north economic renewal agenda.

In a statement signed by his Special Adviser on Media and Information Strategy, Mr. Abimbola Tooki, the APC national chairman noted that the scale, depth, and intentionality of ongoing federal government interventions underscored a clear commitment to repositioning the North as a hub of productivity, trade, education, and infrastructure-driven growth.

Yilwatda emphasised that the Northern region, given its geographical advantage and economic potential, was strategically positioned to serve as a gateway to neighbouring countries such as Niger Republic, Chad, Cameroon, and Benin Republic.

He stated that the ongoing infrastructure revolution, spanning roads, rail, agriculture, energy, and education, would not only stimulate local economies but also deepen cross-border trade, enhance regional integration, and position Northern Nigeria as a commercial nerve centre for the sub-region.

According to him, “The vision of President Bola Ahmed Tinubu for Northern Nigeria goes beyond politics; it is a well-thought-out economic and developmental strategy aimed at unlocking the vast potential of the region.

“Within the lifetime of this administration, the North will emerge as a strong economic powerhouse, driven by infrastructure, human capital development, and strategic investments.”

Transformational Infrastructure Development

Professor Yilwatda highlighted several ongoing and planned infrastructure projects that are critical to the North’s transformation.

These include:

The expansion and rehabilitation of major road corridors linking Northern states to key commercial hubs, facilitating seamless movement of goods and people.

The ongoing rail modernization projects, including extensions that connect Northern cities to ports and southern markets, thereby reducing logistics costs and boosting trade competitiveness.

Strategic investments in energy infrastructure aimed at improving power supply to industrial clusters and rural communities across the region.

The development of agricultural value chains through irrigation projects, mechanization support, and agro-processing zones to ensure food security and export readiness.

He noted that the projects were not isolated initiatives but part of a coordinated national strategy to integrate the North into global value chains while strengthening its role within the African Continental Free Trade Area, AfCFTA.

On education, the APC national chairman described the Nigerian Education Loan Fund, NELFUND, as a landmark intervention that will significantly expand access to tertiary education for Northern youths.

He explained that NELFUND was structured to remove financial barriers that have historically limited educational attainment in the region, ensuring that no qualified student is denied higher education due to lack of funds.

That, he said, would lead to a more educated, skilled, and competitive workforce capable of driving innovation and economic growth.

“Education is the backbone of sustainable development. With NELFUND, the children of the North now have a clear pathway to tertiary education, regardless of their socio-economic background. This is a transformational policy that will redefine the future of the region,” he stated.

Agriculture, Security, and Economic Revitalization, Yilwatda further said, pointed to renewed federal focus on agriculture as a cornerstone of Northern development.

He noted that enhanced security measures, combined with targeted support for farmers, were gradually restoring confidence in rural communities and boosting agricultural productivity.

He added that the administration was prioritizing:

Food security through large-scale farming initiatives

Support for livestock development and modern ranching systems

Access to financing for farmers and agribusinesses

Revitalization of dams and irrigation infrastructure.

These efforts, he said, would not only feed the nation but also position the North as a leading exporter of agricultural products to neighbouring countries.

Yilwatda called on all stakeholders in the Northern region, traditional rulers, political leaders, youth groups, business communities, and civil society, to rally behind the Tinubu administration to ensure the successful implementation of these transformative initiatives.

He cautioned against the actions of self-serving politicians whose ambitions, he said, could derail the progress being made.

“This is a defining moment for the North and for Nigeria. We must not allow narrow personal interests to truncate a historic opportunity for regional transformation. The future we seek requires collective commitment and unity of purpose,” he said.

The APC national chairman also described President Bola Ahmed Tinubu as a resilient democrat who has consistently stood on the side of history, dating back to the struggle against military rule during the Abacha era.

According to him, “President Tinubu is a dogged fighter for democracy, a man whose political journey has been defined by courage, vision, and consistency. His commitment to national development is unquestionable, and his plans for the North are evidence of his inclusive leadership.”

Yilwatda expressed concern over what he described as the lack of cohesion and credibility within opposition ranks, noting that their inability to effectively manage their internal affairs raises serious doubts about their capacity to govern.

“Their actions have exposed them as unreliable. They cannot organise or administer their own political parties, yet they aspire to lead a complex nation like Nigeria. As soon as they jump into a political party, they destroy it when they realise that their inordinate ambition could not be met and move to the next party. Entrusting them with power would risk taking the country several years backward,” he stated.

Yilwatda reiterated that the Tinubu administration’s Northern development agenda was not only genuine but also unprecedented in scope and impact.

He assured stakeholders that the APC remained committed to delivering tangible results that would uplift the region and secure a prosperous future for generations to come.

“The North is on the path to renewal. With sustained support, visionary leadership, and collective responsibility, we will build a region that stands tall, not just within Nigeria, but across Africa,” he affirmed.

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Data from the Central Bank of Nigeria showed that the local currency gained N9.69.

This represents 0.7 per cent increase compared with N1,374.94 recorded on Thursday, April 30.

Source: NAN

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The uptrend was driven by renewed buying interest in energy, consumer and industrial stocks.

Stocks such as FTN Cocoa Processors, Consolidated Hallmark, CAP, AIICO, Dangote Sugar, alongside 38 other gainers, lifted overall market performance.

Market capitalisation rose by N62 billion, or 0.36 per cent, increasing from N155.994 trillion to N156.056 trillion.

Similarly, the All-Share Index advanced by 881.16 points, or 0.36 per cent, closing at 243,158.97 compared to 242,277.81 recorded in the previous session.

Consequently, the Year-to-Date (YTD) return improved to 56.26 per cent, while market breadth remained positive, with 43 gainers against 34 losers.

FTN Cocoa Processors and Consolidated Hallmark led the gainers’ chart by 10 per cent each, settling at N6.05 and N5.72 per share respectively.

Similarly, CAP followed by 9.99 per cent, closing at N159.70, and AIICO Insurance gained by 9.98 per cent, finishing at N4.74.

Dangote Sugar climbed by 9.97 per cent, ending the session at N76.65 per share.

Conversely, Nigerian Aviation Handling Company led the losers’ chart by 23 per cent, closing at N198.65.

International Energy Insurance trailed by 9.82 per cent, finishing at N2.48 and UPDC lost by 9.18 per cent, settling at N4.45 per share.

Also, Learn Africa dipped by 9.14 per cent, ending the session at N8.45 while Nem Insurance shed by 8.02 per cent, closing at N28.10 per share.

Market activity declined during the session, as total traded volume dropped by 48.30 per cent to 967.47 million shares, valued at N43.84 billion across 122,041 deals.

VFD Group led in volume with 255.35 million shares, representing 26.39 per cent of the total trades.

Zenith Bank recorded the highest transaction value at N8.42 billion, accounting for 19.20 per cent of the day’s turnover.

Source: NAN

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The appointment takes immediate effect and reinforces strong corporate governance at a pivotal point in the Bank’s growth and transformation journey.

Olayinka Thomas Ijabiyi is a seasoned marketing and corporate communications professional with over 25 years of experience driving brand transformation, strategic visibility, and stakeholder engagement across financial services, telecommunications, media, and international development sectors.

Ijabiyi joined FirstBank in 2011 and has served in acting capacity as the Group Head of Marketing and Corporate Communications from December 2024 until his recent confirmation.

In his role, he leads the development and execution of integrated marketing and corporate communications strategies across the Group’s markets.

He oversees brand and reputation management, executive positioning, Corporate Responsibility and Sustainability as well as strategic communications initiatives aligned to the Bank’s business objectives/aspirations.

Prior to his current role, Ijabiyi has held leadership positions within the Marketing and Corporate Communications Department in FirstBank, including Head Brand Strategy and Special Projects, Head Digital Marketing and Head Brand and Stakeholder Management.

Before joining FirstBank, Ijabiyi built a diverse career across leading organisations including British Council, Multichoice, MTN and Etisalat Nigeria, where he played key roles in brand building, corporate communications and digital transformation initiatives.

Widely recognized for his strategic mindset, leadership ability to translate business objectives into impactful marketing and communications strategies, he has successfully led major brand initiatives, including milestone anniversary campaigns and brand refresh programs, while consistently delivering efficiencies and enhancing brand equity.

Ijabiyi holds a Master’s degree in Public and International Affairs from the University of Lagos and a Bachelor’s degree in English Language from the former Ondo State University, Ado Ekiti.

He is a Fellow of the National Institute of Marketing of Nigeria, NIMN, and a member of the Nigerian Institute of Public Relations, NIPR, amongst other industry bodies.

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According to data released on the official website of the Central Bank of Nigeria, CBN, the Naira gained N1.24.

This represents a 0.09 per cent gain when compared to Tuesday when the local currency traded at N1,380.70 to the dollar.

The Naira which had been on almost two weeks decline before appreciating on Wednesday traded at N1,364.23 on Monday.

Source: NAN

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