Jim Ovia To Exit As Zenith Bank’s Chairman After CBN’s Approval Of Holding Company.
The Central Bank of Nigeria has authorised Zenith Bank Plc to operate as a holding company, as reported by Zenith Bank Plc.
Therefore, the lender stated that the Financial Holding Company structure sanctioned by the central bank will be “Zenith Holdco Plc.”
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The information was disclosed by Zenith Bank in a filing on the Nigerian Stock Exchange obtained by Ejes Gist News Nigeria on Friday.
The document titled “Central Bank Of Nigeria (CBN) Grants Approval-In-Principle (AIP) For Zenith Holdco Plc (In-Formation)” states that Jim Ovia will also serve as the holding company’s new chairman.
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However, Ovia will step down as Chairman of Zenith Bank upon the launch of Zenith Holdco Plc.
The bank stated, “This is to inform the Nigerian Exchange Limited (NGX), shareholders, and the general public that the Central Bank of Nigeria (CBN) has granted Zenith Bank Plc Approval-In-Principle to operate a non-operating Financial Holding Company structure.
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“Furthermore, the CBN approved Mr. Jim Ovia as the Chairman of Zenith Holdco Plc (in-formation) and Mr. Jim Ovia will continue to serve as the Chairman of Zenith Bank Plc until the launch of Zenith Holdco Plc.”
In 2010, the CBN introduced a banking model mandating holding company incorporation for banking groups with non-core banking activities.
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By transitioning to a non-operating Holding Company structure, the model enables banks and banking groups to retain non-core banking business.
According to the proposed structure, the Holding Company is anticipated to hold equity investments in banks and non-core banking businesses through a subsidiary arrangement.
