Zenith Bank has confirmed the retirement of Jim Ovia, its founder and group chairman, following the completion of his tenure in line with regulatory requirements.

Jim Ovia and Mustafa Bello

The announcement was made on Tuesday during the bank’s 35th Annual General Meeting and was also detailed in an official statement released by the financial institution.

According to the bank, Ovia stepped down after serving the maximum 12 years permitted for a non-executive director and chairman under the Central Bank of Nigeria’s corporate governance regulations.

Ovia assumed the role of chairman on July 16, 2014, after serving as the institution’s founder and Group Managing Director/Chief Executive Officer from 1990 to 2010.

Zenith Bank praised his leadership and contributions, noting that his period as chairman was defined by strategic guidance, sound governance, and strong oversight of the board.

“The board expresses its deep appreciation to Mr. Jim Ovia for his outstanding service and invaluable contributions.

“His visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation significantly strengthened the group’s strategic positioning and reputation during his tenure.

“He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations and a proven track record in strategic oversight and organisational growth. He has also demonstrated integrity, independence, and sound judgment,” the statement read.

The bank also disclosed that the board approved the appointment of Mustafa Bello as the new chairman during a meeting held on April 27.

Bello, an engineer by profession, joined the bank’s board on December 29, 2017, and is presently the longest-serving director on the board.

Zenith Bank said his appointment would help preserve continuity and stability within the institution while maintaining strong governance standards and ensuring a smooth transfer of leadership responsibilities.

Securities and Exchange Commission (SEC), has raised concerns over weak sustainability reporting among Nigerian companies, warning that poor disclosure practices could hinder their access to global capital.

SEC also warned that  firms that cannot demonstrate credible environmental, social and governance (ESG) performance risk being locked out of the international capital they need to grow.

Emomotimi Agama, director-general, SEC, stated this on Tuesday in Abuja at the launch of the Nigerian Corporate Sustainability Report by Norrenberger Research.

Agama told participants that sustainability reporting has migrated from the margins of corporate governance to the very core of how global investors decide where to deploy long-term capital.

For Nigerian companies, he said, catching up is no longer optional.

“Nigerian companies that wish to access the vast pool of patient, long-term capital must understand one unambiguous reality: the price of entry is disclosure. Credible, consistent, comparable, and verifiable disclosure,” he said yesterday.

The Norrenberger report, which assessed 160 companies listed on the Nigerian Exchange, found that a mere 21 met the firm’s ESG criteria — a pass rate of roughly 13 per cent.

Yet those outliers exercise disproportionate market influence: they collectively account for about 67 per cent of the bourse’s total market value and have consistently outperformed the broader market index over the preceding five years, according to Samuel Oyekanmi, chief research officer, who presented the findings.

Agama described the disclosure deficit among the remaining companies as a structural challenge the market must confront together.

He said many listed firms either lack coherent sustainability frameworks entirely or publish disclosures that cannot be independently verified — a situation that makes Nigerian equities unattractive to environment, social and governance-conscious institutional investors abroad.

The SEC chief pushed back against the notion that governance factors remain supplementary to financial analysis, arguing that a fundamental shift has occurred in how sophisticated investors evaluate risk and opportunity.

Institutional fund managers, he said, no longer apply ESG screens after arriving at an investment thesis; they build the thesis around ESG performance from the outset. “They are no longer treating ESG considerations as filters. They are the primary determinants of capital allocation decisions.”

That shift carries direct consequences for Nigeria. Agama pointed to the country’s N140 trillion capital market capitalisation as evidence of the sector’s scale — and argued that sustaining and expanding that figure requires the market to earn the confidence of international investors who apply the strictest disclosure standards.

Agama said the commission intends to act on multiple fronts.

Adding that the commission will sharpen its regulatory guidance on sustainability reporting, intensify engagement with listed companies on what disclosure obligations entail in practice, and introduce incentives designed to reward early adopters of rigorous ESG frameworks.

“We intend to strengthen our guidance on sustainability reporting, deepen engagement with listed companies on disclosure obligations, and create regulatory incentives for early adopters of robust sustainability frameworks.”

John Enoh, minister of State for Industry, said the country faces a material gap in reliable ESG data, which he identified as a constraint not only on private investment but also on evidence-based policymaking.

He called for a more deliberate effort across the corporate sector to improve transparency.Tony Edeh, group managing director of Norrenberger, anchored the business case for compliance in numbers. Companies that meet ESG standards outperform non-compliant peers by between 28 and 30 per cent, he said, adding that the correlation between ESG discipline and financial returns should itself be sufficient motivation for holdouts to act.

While only a small cohort of listed companies currently clears the bar, Edeh expressed confidence that a broader wave of compliance would arrive ahead of regulatory deadlines set for 2028.

The SEC’s intervention reflects a broader pressure that developing-market regulators now face as ESG investing reshapes capital flows globally. Nigeria is not alone in grappling with disclosure gaps, but the stakes are particularly high for an economy that depends on external capital to fund infrastructure, deepen industrialisation, and generate employment at scale.

United Bank for Africa (UBA), Redtech, and MoMo PSB have launched a payment interoperability partnership that expands cardless payment access for consumers and merchants across Nigeria. Redtech is backed by Heirs Holdings; MoMo PSB is MTN Nigeria’s fintech subsidiary.

L-r: Manager, Partnership & Ecosystem, MTN/MoMo PSB, Emmanuel Akhigbe; Head Human Resource,MTN/MoMo PSB , Rabi Adetoro; Managing Director/ CEO, Redtech Limited, Emmanuel Ojo; Chief Executive Officer, MTN MoMo, Omolara Michael Nwadu; Group Head, Digital Banking, United Bank for Africa(UBA), Olukayode Olubiyi; Head of Sales, MTN/MoMo PSB, Lanre Raheem; Head, Business Development,MTN/MoMo PSB, Ahmad Turajo; and Group Head, Marketing and Corporate Communications, UBA, Alero Ladipo, during the launch of payment interoperability partnership targeted at expanding cardless payment access for consumers and merchants across Nigeria and Africa, powered by Redtech, MoMo PSB and UBA at the UBA House Marina on Tuesday

With this development, MoMo PSB customers can now make payments directly from their MoMo wallets at participating UBA merchant locations using the “Pay with MoMo” feature on RedPay POS terminals; they can also visit any UBA branch to make withdrawals and deposits from and into their MoMo accounts. For online shoppers, e-commerce merchants can now receive payments directly from MoMo PSB customers through Redtech’s payment gateway infrastructure.

The partnership brings together Redtech’s payment technology and enablement capabilities, UBA’s merchant-acquiring and distribution layer, and MoMo PSB’s mobile money wallet ecosystem and customer base. Redtech holds licences as a Payment Terminal Service Provider (PTSP) and Payment Solution Service Provider (PSSP) from the Central Bank of Nigeria, authorising it to provide both POS and payment gateway services. Together, the three organisations are addressing a critical gap in Nigeria’s payments market – connecting banking-led merchant acceptance with telco-led mobile money wallets.

For MoMo PSB customers, Pay with MoMo increases the number of places where their wallets can be used for everyday payments. In the case of merchants, it opens access to a wider pool of customers and provides an additional payment option at the point of sale.

UBA’s Head, Digital Banking, Kayode Olubiyi, who spoke during the launch, noted that this partnership represents the solution to the gap identified in cash transactions and card access.

“What this partnership represents is an honest and effective answer to the gap we identified in cash transactions and card access. Our merchants are already serving millions of customers every day through the UBA network. By bringing Pay with MoMo into that network, we are giving those merchants a direct connection to MoMo PSB’s customer base – and giving MoMo PSB customers more places to use their wallets when they shop. That is a clear win for both sides.”

Redtech’s Chief Executive Officer, Emmanuel Ojo, emphasised that the partnership aims to make payments work better together in a way that is practical for everyday commerce.

“This partnership is about making payments work more seamlessly for everyday commerce and most importantly, It aligns with Africapitalism, as championed by the Chairman of Heirs Holdings, Tony Elumelu, CFR. By integrating our RedPay technology with MoMo PSB’s wallets through the UBA network, we will offer merchants and customers greater choice. Our goal is to build the payment infrastructure that ensures a merchant never has to turn away any customer in Nigeria or across Africa because of their preferred payment method. By connecting our technology with MoMo PSB’s wallets through the UBA network, we are giving merchants and customers more options”

Ag. CEO, MoMo PSB, Omolara Michael-Nwadu, who highlighted the barriers to payment in the country, emphasised the importance of partnerships, explaining how integrating MoMo wallets into UBA’s merchant network through Redtech’s infrastructure will unlock additional merchant touchpoints.

“This partnership marks a significant step toward true interoperability in Nigeria’s payments ecosystem. By integrating MoMo wallets into UBA’s merchant network through Redtech’s infrastructure, we are removing barriers between bank-led and mobile money systems while unlocking access to over 55,000 merchant touchpoints. Our focus is on driving usage at scale, enabling more transactions, deeper engagement, and greater value for merchants. At MoMo PSB, we are building a more connected financial ecosystem where payments aren’t tied to platforms but to a seamless customer experience. At MoMo PSB, our focus is on simplifying payments, expanding access to financial services and helping more Nigerians do more every day. Pay with MoMo gives our customers more places to use their wallets, while supporting broader financial inclusion by bringing useful financial services closer to where people live, work and do business.”

UBA’s Group Head, Brands, Marketing and Corporate Communications, Alero Ladipo, captured the broader significance of the moment at the signing ceremony. “Every institution in this room is a giant in its own right. What makes today meaningful is the decision to come together anyway,” she said. Ladipo added, “Financial inclusion is not a slogan to us at UBA. It is a commitment that requires scale, technology, and the willingness to build ecosystems rather than silos. This partnership is that commitment made concrete.”

Pay with MoMo is being introduced through RedPay POS terminals already deployed within UBA’s merchant network. More than 55,000 RedPay POS terminals have been deployed across the network, with the platform having processed over ₦278.47 billion in transaction value and more than 12.23 million transactions to date.

Starting in Nigeria, Pay with MoMo is now live at participating UBA merchant locations, with plans to extend the rollout to selected African markets where both MoMo PSB and UBA operate.