•Mustafa Bello

The former Minister of Commerce and longest-serving Non-Executive Director of Zenith Bank Plc, Mustafa Bello, has been appointed as the new Chairman of the Bank.

Bello’s appointment was announced yesterday during the bank’s yearly general meeting in Lagos.

In his remark, Jim Ovia stated, “Distinguished shareholders, it gives me great pleasure to address you this morning. This meeting will be the last Annual General Meeting that I will be attending as Chairman of this Bank. In line with the CBN’s corporate governance provision, I am expected to serve for 12 years. Having served for that term, I’ll be retiring at this AGM.

For continuity, the Board met and nominated Engineer Mustafa Bello as the next Chairman.

Engr Bello is the longest-serving Board Member and has a good understanding of the Bank. This appointment has been approved by the Central Bank.

I thank you for supporting me for this tenure. I hope you give him the same support that you gave me. Thank you and God bless Zenith Bank.”

Zenith Bank Plc has announced the retirement of its founder and Group Chairman, Jim Ovia, following the expiration of his tenure.

Ovia, who founded Zenith Bank in 1990, has played a central role in the institution’s growth into one of Nigeria’s leading financial services providers.

In a statement issued on Tuesday, the bank said Ovia stepped down after completing the mandatory 12-year tenure as a non-executive director and chairman, in line with the Central Bank of Nigeria’s (CBN) corporate governance guidelines.

The policy limits the tenure of non-executive directors in financial institutions to promote board renewal and strengthen governance standards within the banking sector.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has signed a Memorandum of Understanding (MoU) with two Chinese firms for the restart, operation and expansion of the Warri and Port Harcourt refineries.

In a statement on Monday, NNPC’s Chief Corporate Communications Officer, Andy Odey, said that the agreement was signed with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd.

He said the deal is expected to pave the way for a Technical Equity Partnership (TEP) aimed at completing ongoing rehabilitation works and ensuring efficient operations of the refineries.

The MoU was executed in Jiaxing City, China, on April 30, 2026, by NNPC’s Group Chief Executive Officer, Bashir Bayo Ojulari, alongside the Chairman of Sanjiang Chemical Company, Guan Jianzhong, and Chairman of Xingcheng Industrial Park Operation and Management Co. Ltd, Bill Bi.

Under the proposed arrangement, the Chinese partners will support the completion of outstanding rehabilitation work at both facilities and take part in their operation and maintenance to achieve sustainable performance.

The partnership will also explore the expansion and upgrade of the refineries to meet cleaner fuel standards, improve profitability and boost petrochemical production capacity.

It is further expected to support the development of gas-based industrial hubs around the facilities.

Speaking after the signing, Ojulari described the agreement as a major milestone following months of negotiations.

All parties recognise mutually beneficial opportunities for the development and long-term sustainability of NNPC’s refining assets,” he said.

The rehabilitation of the Port Harcourt Refining Company was approved in 2021 at an estimated cost of $1.5 billion, with contracts awarded to Italy’s Saipem and other partners to restore its capacity of 210,000 barrels per day.

Similarly, the Warri Refining and Petrochemical Company is undergoing rehabilitation under a contract valued at about $897 million, aimed at reviving its 125,000 barrels per day capacity and integrating petrochemical production.Both projects form part of NNPC’s broader strategy to reduce Nigeria’s reliance on imported petroleum products.