Zenith Bank Pays ₦410bn Dividend as Jim Ovia Retires, Hands Over to Mustafa Bello in Leadership Transition

Zenith Bank Plc has closed a defining chapter in its corporate history with a massive dividend payout and a major leadership transition at its 35th Annual General Meeting held in Lagos.

Shareholders at the meeting, held on Tuesday at the Civic Centre, Victoria Island, approved a final dividend of ₦8.75 per share for the 2025 financial year. This brings the total dividend for the year to ₦10.00 per share, amounting to ₦410.69 billion in total payout.

The AGM also marked the retirement of Zenith Bank’s founder and long-serving Chairman, Jim Ovia, CFR, who stepped down after completing the 12-year tenure required under corporate governance rules for financial institutions in Nigeria.

Ovia described the moment as a significant milestone, noting that his retirement aligns with regulatory standards set by the Central Bank of Nigeria. He also expressed confidence in the bank’s future under new leadership.

“For continuity, the Board met and nominated Engineer Mustafa Bello as the next Chairman… This appointment has been approved by the Central Bank,” Ovia said, while thanking shareholders for their support throughout his tenure.

Following his exit, Engr. Mustafa Bello, a former Minister of Commerce and the bank’s longest-serving Non-Executive Director, was appointed as the new Chairman of Zenith Bank.

Bello, who joined the board in 2017, is expected to bring deep institutional knowledge and continuity to the bank’s leadership structure, following years of internal succession planning.

Zenith Bank’s Group Managing Director and Chief Executive Officer, Dame Dr. Adaora Umeoji, OON, praised shareholders for their confidence, highlighting the bank’s strong financial performance in 2025.

She said the institution had exceeded expectations set at the previous AGM, particularly in dividend growth.

“We promised shareholders a quantum leap in dividends, and we have delivered that mandate with a 100% increase in our dividend payment,” she said.

Shareholders at the AGM expressed satisfaction with the bank’s results, noting its strong profitability and consistent performance in recent years.

Zenith Bank became the first Nigerian bank to report both Profit Before Tax and Profit After Tax above ₦1 trillion for two consecutive years, posting ₦1.26 trillion PBT and ₦1.04 trillion PAT in 2025.

Investor groups also reacted positively to the dividend announcement. Mrs. Bisi Bakare of the Pragmatic Shareholders Association of Nigeria described the payout as encouraging and expressed optimism about future returns.

Chief Timothy Adesiyan of the Shareholders Solidarity Association of Nigeria also praised the bank’s leadership, saying its succession planning and governance structure remain strong.

Financial highlights for 2025 show gross earnings rising to ₦4.19 trillion, driven largely by interest income. Customer deposits increased by 9 percent, while total assets grew by 11 percent, supported by steady customer confidence.

The bank also reported improved asset quality, with non-performing loans reducing to 3.82 percent, reflecting stronger risk controls.

Zenith Bank continues to maintain its position as one of Nigeria’s most profitable and well-governed financial institutions, with consistent recognition from local and international financial bodies.