Nigerian banker Adedapo Olagunju has received approval from the Central Bank of Nigeria (CBN) to become the managing director of JPMorgan’s proposed merchant bank in Nigeria.
The approval was announced alongside the CBN’s decision to grant JPMorgan approval-in-principle to establish JPMorgan Merchant Bank Nigeria Limited.
Olagunju, who has served as JPMorgan’s head of West Africa since January 2018, is expected to lead the new institution once it secures its final operating licence.
The CBN’s Director of Corporate Communications and Investor Relations, Michael Akuka, explained that the approval-in-principle represents the first stage of the licensing process.
He noted that the proposed bank must complete its registration with the Corporate Affairs Commission (CAC) and satisfy other regulatory requirements before it can commence operations.
The CBN also approved Kevin George Latter, Chinedum Nzelu Izunwanne and Gabriel Murtaza Syed as non-executive directors of the proposed bank.
Similarly, Sarah Alade, Olukonyinsola Ajayi and Seni Adetu were approved as independent non-executive directors.
CBN Explains Move
Commenting on the development, CBN Governor Olayemi Cardoso said the regulator remained committed to strengthening Nigeria’s financial system and attracting international investment.
According to Cardoso, the objective is to establish a stable and competitive financial system that is connected to global markets and capable of supporting investment and economic growth.
He said the initiative would help build confidence in the financial sector while improving its capacity to support businesses and the wider economy.
Olagunju’s Banking Career
Olagunju has built an extensive career in banking and financial markets, having worked with some of Nigeria’s leading financial institutions before joining JPMorgan.
He began his banking career at Investment Banking & Trust Company (IBTC), now part of Stanbic IBTC, where he served as chief dealer between 2000 and 2003.
In 2003, he joined Access Bank as treasurer and later rose to become the bank’s group treasurer.
He subsequently served as head of global markets from January 2017 before moving to JPMorgan in January 2018.
At JPMorgan, he assumed the position of managing director and head of West Africa, overseeing the bank’s relationships with clients, regulators and financial institutions across the region.
His responsibilities have involved managing key relationships and supporting the international bank’s activities in the West African financial market.
Beyond banking, Olagunju briefly worked as a consultant on peacekeeping financing at the United Nations in New York in 2006.
Educational Background
Olagunju graduated from Ogun State University, now known as Olabisi Onabanjo University, in 1998 with a degree in Banking and Finance.
He qualified as a chartered accountant in 1999 and later obtained a Master of Business Administration (MBA) from the University of Oxford in the United Kingdom.
In 2014, he also completed the General Management Programme at Harvard Business School in the United States.
His academic qualifications and professional experience have contributed to his career in banking, treasury management and international financial markets.
In a 2019 interview, Olagunju disclosed that he initially dreamed of becoming an astronaut before eventually choosing a career in finance.
His appointment comes as JPMorgan moves towards establishing a merchant banking presence in Nigeria, subject to the completion of the necessary regulatory requirements.
The proposed institution is expected to operate after securing its final licence from the CBN and fulfilling the conditions attached to its approval-in-principle.
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