By Nik Ogbulie
(MoneyReport.ng).
Following the end of his 12 years regulatory fulfilment as Chairman of Zenith International Bank Plc, Mr Jim Ovia, a debonair banking CEO, has left his position as the bank has appointed Mustafa Bello, an engineer, and a long-term serving non executive director of the bank and former top executive in the oil and gas sector to continue with the good works of the founder who has been everything to the banking sector.
The change which is in consonance with the regulatory provisions of the apex bank, took effect after the bank’s Annual General meeting (AGM), largely seen as very successful even as the teeming shareholders have praised the bank for an overwhelming performance considered as a continuation of the trend in the bank’s since many years.
This is the second time Ovia is stepping aside from this elevated position. In his first exit, he handed over the mantle to Mr Steve Omojafor, a reputable advertising impressario, whose period was noted to have sustained the bank’s growth trends. That was immediately after the banking sector consolidation. His second exit is also coming immediately after the second banking sector recapitalisation, where the bank pulled one of the fastest moves in meeting the deadline after a seamless public offer that was oversubscribed in the capital market.
Much as this exit may free the finance wizard from major activities in the organisation, it may not include critical decisions that may fall within the purview of regulatory demands. As a matter of fact, this exit may not impact negatively on the bank’s focus based on the fact of the seemingly very strong corporate governance conditions that are believed to have been in the bank since it started operation about thirty years ago.
Our sources believe that the regulatory framework set up by the CBN on Succession Scenarios is creating a new lease of life for the industry. Apart from the corporate governance slant, it has developed a new attitude in the life of banking, taking into consideration the fact that the topmost echelon of the industry is no more a permanent abode of even owners in one fell swoop.
Stakeholders of Zenith Bank are feeling the exit as a matter of reputation and not performance, as they have noted that the bank has been programed to run accordingly , insisting that a management team skilled to run beyond the status quo has been in place ad-infinitum.
There are strong indications from competing financial institutions that the bank has been made to withstand any demand at all times, especially since an atmosphere of discipline has been defined in Zenith from inception.
As a matter of fact, it is believed that Ovia will continue to be seen to be around based on his level of influence in the bank and the industry at large and that would be a kind of the needs to keep his ideas on course.
However, the management team has been with him all time and will continue to entrench his will which they all are aware of. There are beliefs that the Zenith brand is so strong with a huge image, which will continue to be respected even in his absence.
Industry observers have noted that the replacement is top-notch, with a very strong public-private sector driven indications that strictly fit into the Zenith Bank corporate goals.
