Zenith Bank has announced a landmark ₦410.69 billion dividend payout to shareholders following its 35th Annual General Meeting (AGM), where a major leadership transition also saw founder Jim Ovia step down as Chairman.
The AGM, held on May 5, 2026, at the Civic Centre in Victoria Island, Lagos, approved a final dividend of ₦8.75 per share. This brings the total dividend for the 2025 financial year to ₦10 per share, reinforcing what shareholders described as one of the strongest returns in the Nigerian banking sector.
A key highlight of the meeting was the formal retirement of founder Jim Ovia, who stepped down in compliance with Central Bank of Nigeria corporate governance rules requiring a 12-year tenure limit for bank chairmen.
Ovia, who has led the bank since its early growth years, described the AGM as his final appearance as Chairman. He thanked shareholders for their support and endorsed the transition process, noting that the Board had selected a successor from within its ranks to ensure continuity.
Following his exit, Engr. Mustafa Bello was officially appointed as the new Chairman of the Board. His appointment had earlier received approval from the Central Bank of Nigeria and was ratified by shareholders at the AGM.
Bank management said the leadership change reflects a deliberate strategy of internal succession planning, designed to preserve institutional stability while strengthening governance structures.
Zenith Bank’s Group Managing Director and CEO, Adaora Umeoji, praised shareholders for their continued confidence, noting that the bank had delivered on its 2025 commitments, including a 100 percent increase in dividend payout.
She said the institution remains focused on enhancing shareholder value and sustaining growth across its operations, while building on strong financial performance achieved in the past year.
Shareholders at the AGM expressed satisfaction with the bank’s results, particularly its record-breaking performance of over ₦1 trillion in both profit before tax and profit after tax for two consecutive years.
For the 2025 financial year, Zenith Bank reported ₦1.26 trillion profit before tax and ₦1.04 trillion profit after tax, supported by strong interest income, expanded customer deposits, and growth in total assets.
The bank also recorded improved asset quality, with its non-performing loan ratio declining to 3.82 percent, reflecting tighter risk management and operational discipline.
Engr. Bello, the new Chairman, brings extensive public and private sector experience, having served as Nigeria’s Minister of Commerce and later as head of the Nigerian Investment Promotion Commission, where he led efforts to attract foreign direct investment.
Zenith Bank currently operates across multiple international markets, including the United Kingdom, United Arab Emirates, Ghana, Sierra Leone, The Gambia, and Côte d’Ivoire, positioning it as one of Africa’s leading financial institutions.
