The former Managing Director/Chief Executive Officer of the bank, Mr. Jim Ovia, may be heading back to the bank as the new chairman of the financial institution before the end of this week.
Ovia will be replacing the incumbent chairman, Mr. Steve Omojafor.
According to a This Day report, Ovia will be . . .
confirmed and ratified by the Board of Directors at a meeting scheduled to hold on Thursday, with Omojafor remaining on the board as a director since he still has two years to the end of his tenure.
Ovia retired from his position as the managing director/ CEO of Zenith Bank on July 31, 2010 following the directive of the Central Bank of Nigeria's (CBN's) on tenure limit for bank CEOs.
The CBN had stipulated effective 2010 that a 10-year limit for bank CEOs and that former bank chief can only hold board positions in any bank or its subsidiaries three years after their exit expires.
The CBN had at the time explained that the move was taken in order to enhance corporate governance in banks.
By the regulation, no managing director is allowed to serve for more than two terms of five years each.
Ovia is founder of the bank, which achieved unmatched growth rate since it came into being in 1991.
Today, the bank rank has entrenched itself as a dominant player ranking first in many performance indciators, especially profitability ratios.
Ovia is also the founder of Visafone Communications Limited. He is the chairman of the Nigerian Software Development Initiative (NSDI) and also chairman, National Information Technology Advisory Council (NITAC).
He is also involved in the construction of the upscale 150-room Marriot Hotel, which is scheduled for completion this year.
Some financial market experts said the return of the former bank chief would be a positive development for the market.
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