Ovia Retires, Zenith Bank Holds AGM, Rewards Investors With N10 Total Dividend Per Share, Names Bello New Chairman
Kayode Tokede
At the 35th Annual General Meeting (AGM) of Zenith Bank Plc, which took place in Lagos yesterday, the founder of the bank, Jim Ovia, formally stepped down as Chairman, marking the end of an era.
This comes as shareholders approved the proposed final dividend payment of N8.75 per share, bringing the total dividend for the 2025 financial year to N10 per share, with a total value of N410.69 billion.
Ovia’s formal retirement followed the expiration of his tenure in line with regulatory requirements.
As disclosed in a corporate notice issued in Lagos yesterday, Ovia completed the mandatory 12-year tenure stipulated under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.
Subsequently, Engr. Mustafa Bello, former Minister of Commerce and longest-serving Non-Executive Director of Zenith Bank Plc, was appointed as the new Chairman of the Bank.
In his remark, Ovia stated “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.”
Zenith Bank has maintained a track record of nominating top management staff and Directors from within the Bank; the entire Executive Directors having been appointed from the ranks.
The appointment of Bello as the new Chairman represents a deliberate and strategic step to ensure continuity, stability and the sustained effectiveness of the Board, a statement explained.
As the longest serving Non-Executive Director on the Board, having joined since 2017, he brings unparalleled institutional memory, and deep understanding of the Bank’s operations, culture, values and ambitions.
A distinguished engineer, statesman and corporate leader who served as Federal Minister of Commerce of the Federal Republic of Nigeria from 1999 to 2002, where he led the development of the country’s WTO-consistent Trade Policy and championed several landmark reforms, including the Corporate Affairs Commission (CAC) on-line project of 2002. He was subsequently appointed Executive Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC), a role he held with great distinction from November 2003 to February 2014, attracting substantial foreign direct investment into the country and strengthening Nigeria’s positioning as a destination for global capital. Before this appointment, he had served on the Board of many other reputable companies and corporations.
The Group Managing Director/Chief Executive Officer, Dame Dr. Adaora Umeoji, who is serving as the bank’s fifth internally appointed CEO, expressed appreciation to shareholders for their continued commitment and support, highlighting Zenith Bank’s delivery on its 2025 promises and reaffirming its commitment to sustained growth and enhanced shareholder returns.
She stated: “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.”
Responding, the shareholders commended the bank’s performance, particularly its ability to sustain strong profitability, having become the first and only Nigerian bank to record Profit Before Tax (PBT) and Profit After Tax (PAT) above the N1 trillion mark in two consecutive years.
The bank posted a Profit Before Tax of N1.26 trillion and a Profit After Tax of N1.04 trillion for the 2025 financial year, reflecting the strength of its core banking operations and resilience in an evolving macroeconomic environment.
Speaking on the dividend payout, the National Coordinator of the Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, expressed satisfaction with the bank’s performance and confidence in future returns.
She noted: “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.”
President of the Shareholders Solidarity Association of Nigeria, Chief Timothy Adesiyan, also commended the Board and Management of Zenith Bank for their consistent performance, improving shareholder returns, and strong succession planning, expressing confidence in the bank’s continued stability and growth.
He noted: “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.”
Zenith Bank’s performance in the 2025 financial year remained underpinned by strong earnings growth and balance sheet expansion.
Gross earnings rose by approximately six percent to N4.19 trillion, driven by a significant increase in interest income. Customer deposits grew by about nine percent, while total assets expanded by approximately 11 percent, supported by sustained customer confidence and effective liquidity management. Asset quality also improved, with the non-performing loan ratio moderating to 3.82 percent, reflecting prudent risk management.
The bank continues to receive recognition from reputable international and domestic institutions for its performance, corporate governance standards, and market position within the Nigerian banking industry.