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.

Kled AI, US-based developer, has announced the removal of its application from the Nigerian app store, alongside an IP restriction affecting the region, citing what it described as an “unmanageable level of fraudulent activity” on the platform.

Kled is a data marketplace that rewards users for uploading photos, videos, and other multimodal content.

Avi Patel, 22-year-old founder, in his X handle, said the decision followed months of internal review, during which the startup found that a large share of uploads from Nigeria, including images, documents, and videos meant for AI training, were fake, duplicated, or generated by artificial intelligence.

Kled operates what it describes as an opt-in data marketplace, where users voluntarily upload personal content in exchange for payment, with the material later sold to AI labs for training models.

The startup said it has paid hundreds of thousands of users globally and processed over one billion data assets within four months of launch.

However, Patel said Nigeria stood out negatively.

According to him, the company reviewed a sample of 10 million uploads from the country and found that only a small fraction met quality standards required for AI training.

He added that the problem escalated when the platform was flooded with manipulated identity documents, including fake passports, during its verification process.

“As a startup, we cannot absorb the cost of filtering that level of bad data,” Patel said, noting that the company has now removed the app from Nigeria’s Apple App Store and imposed an IP ban on the region while it strengthens its fraud detection systems.

“On top of all of this, every time we make a post there is someone asking us to bring the region back within seconds. We hear you, but it’s gotten out of hand,” he added.

Despite the suspension, the company maintained that the move is temporary and not permanent.

“We’ve made this decision with great care. We love everyone who has genuinely supported Kled from Nigeria, and we hope to return when the time is right,” the statement concluded.

The decision has triggered backlash among Nigerian users, many of whom accuse the company of stereotyping and unfairly targeting the country.

Patel, however, insists the move is purely business-driven and not linked to race or nationality, stressing that Kled remains available in other African markets.

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House of Representatives, during Tuesday’s plenary, approved the sum of N479.508 billion budget for the Nigerian Communications Commission (NCC) for the 2026 fiscal year.

The resolution was passed after the clause-by-clause consideration of the report at the Committee of Supply.

While giving synopsis of the report,  Peter Akpatason, chairman, House Committee on Communications, explained that the total sum of N479,508,260,000 is to be issued from the Statutory Revenue Fund of the Nigerian Communications Commission.

Out of the issued sum, N124,440,652,000 is meant for Recurrent Expenditure; N26,779,045,000 is for Capital Expenditure; N32,011,492,000 is for Special Projects, while the sum of N20 billion is for Transfer to Universal Service Provision Fund (USPF), N276,277,071,000 is for Transfer to Federal Government for the financial year ending 31st December, 2026.