CBN Endorses Jim Ovia As Interim Chairman Of Zenith HoldCo Despite New Tenure Limit
The Central Bank of Nigeria (CBN) has granted approval in principle for the restructuring of Zenith Bank Plc into a financial holding company (HoldCo) with Zenith Bank founder and wealthy businessman, Jim Ovia, as interim Chairman of the HoldCo.
In a filing to the Nigerian Exchange (NGX) on Friday, the 33-year old Tier-1 lender stated that the apex bank has given approval for the bank to operate “a non-operating financial holding company structure.
The notice signed by the Company Secretary/ General Counsel, Michael Osilama Out, also stated that CBN approved Jim Ovia as the Chairman of Zenith HoldCo in formation, and for Ovia to continue as the Chairman of Zenith Bank Plc until the commencement of Zenith HoldCo Plc.
InsideBusiness had, yesterday, reported that the bank had completed the process of restructuring into a HoldCo, coming behind the likes of Access Corporation, Guaranty Trust Holding Company and Sterling Financial Holdings Company.
Our report had hinted that the bank was preparing to unveil its new status as a financial holding company (HoldCo) with founder and wealthy businessman, Jim Ovia as Chairman despite CBN’s new tenure limit of 20 years for top executives across banking industry.
It was against this background that the lender announced the retirement of the Deputy Managing Director, Adaora Umeoji. In a filing to the Nigerian Exchange on Thursday announcing the DMD’s retirement, the bank said her retirement took effect on February 24, 2023.
Related Posts
Comments are closed.