Zenithbank staff ecstatic as Jim Ovia returns as Chairman.

Jim Ovia is expected to take over from the current chairman of the bank, Mr. Steve Omojafor.
The appointment of Ovia would be confirmed and ratified by the Board of Directors at a meeting scheduled to hold tomorrow.

However, Omojafor would remain on the board as a director since he still has two years to the end of his tenure.

On assumption of office as new chairman of Zenith Bank plc last week,  Jim Ovia was greeted with N57.85 billion profit before tax (PBT) in the first half year result of the bank. The PBT of the bank rose by 11.1 percent when compared with N52.09 billion in the corresponding period last year.

However, his return as the chairman of the bank is in line with the Central Bank of Nigeria's (CBN’s) rule on tenure limit for bank CEOs which stipulates that a former bank chief can only hold board positions in any bank or its subsidiaries three years after their exit expires.

In 2010, the central bank had enforced a guideline that stipulates a 10-year limit for banks' chief executive officers. 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.

The former Zenith Bank boss who is the founder of the bank 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.
 Since the news broke that the founding Managing Director of Zenith Bank Plc, Mr Jim Ovia, has returned to the board of the bank as Chairman, the staff have continued to express delight over the development:

''Ovia's return is going to work like a magic wand in staff performance because many believe that their job is secure with him in the bank in management or board role''.

'When Jim was in the bank, there was nothing like massive sack in the bank. Yes, they used to ask those who had violated the bank's policies to go but no one woke up one day and was asked to go without reasons or notifications. It did not happen under Jim. But now that he is back, we are very happy. Besides, he has the drive and focus to make things better', the staff added.