Adedapo Adedayo Olagunju
*Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni were approved as Independent Non-Executive Directors.
Adedapo Adedayo Olagunju, who has overseen JPMorgan’s business in West Africa since 2018, is set to lead the American financial giant’s proposed merchant bank in Nigeria after receiving approval from the Central Bank of Nigeria (CBN).
The regulatory approval covers his nomination as Managing Director of JPMorgan Merchant Bank Nigeria Limited, a proposed subsidiary that has received approval-in-principle from the apex bank. However, the institution must still obtain its final operating licence before commencing full banking operations.
The CBN announced the decisions in a statement issued on Friday, October 23, 2026. It also approved the appointment of Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as Non-Executive Directors.
Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni were approved as Independent Non-Executive Directors.
Olagunju’s nomination represents another major step in a banking career spanning more than two decades. His journey has taken him from Nigeria’s financial markets to an international leadership position, with academic qualifications from the University of Oxford and Harvard Business School.
Interestingly, banking was not his childhood ambition. Before entering the financial sector, he had hoped to become an astronaut.
Olagunju’s early interest in space exploration influenced his decision to pursue science subjects in secondary school. He initially hoped to build a career that would take him beyond Earth.
However, his plans began to change as he investigated the university courses available to him in Nigeria.
During a May 2019 interview, he explained that he could not find a suitable aeronautical engineering course in the Joint Admissions and Matriculation Board (JAMB) brochure. The discovery forced him to reconsider the academic path that would lead to his childhood ambition.
His parents also placed a strong emphasis on education, and he took his university entrance examination before completing secondary school.
After passing a private Senior School Certificate Examination, he secured admission to university before sitting for the West African Examinations Council (WAEC) examinations.
He eventually enrolled at Ogun State University, now known as Olabisi Onabanjo University, where he studied Banking and Finance. He graduated with a bachelor’s degree in 1998.
The following year, he qualified as a chartered accountant, a decision that helped strengthen his professional credentials before he fully established himself in banking.
His interest in accounting was also shaped by the disruptions affecting Nigerian universities during the 1990s. Repeated strikes by lecturers and student protests frequently interrupted academic programmes, leaving many students facing prolonged delays.
To make productive use of the interruptions, Olagunju began preparing for the professional examinations of the Institute of Chartered Accountants of Nigeria (ICAN).
That decision gave him an additional qualification and opened another route into the financial services industry.
Olagunju later pursued further education abroad, earning a Master of Business Administration from the University of Oxford in 2005. In 2014, he attended Harvard Business School’s General Management Programme.
He is also a Fellow of ICAN and an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria.
From Access Bank to JPMorgan’s West African leadership
Olagunju began his professional banking career at Investment Banking & Trust Company (IBTC), which later became part of Stanbic IBTC.
He worked there as Chief Dealer from January 2000 to March 2003, gaining early experience in financial markets and treasury operations.
In 2003, he joined Access Bank as Treasurer, remaining in the position until September 2005. The role gave him further exposure to liquidity management, financial assets and liabilities, and the broader operations of a commercial bank.
He briefly worked with the United Nations between May and July 2006, contributing to peacekeeping financing operations in New York.
Olagunju returned to Access Bank in September 2006 and subsequently spent more than a decade at the institution. He served as Group Treasurer until January 2018, overseeing important aspects of treasury management and the bank’s participation in financial markets.
His responsibilities grew in January 2017 when he became Head of Global Markets. In that role, he oversaw a business unit covering Treasury, Financial Institutions, and Project and Structured Finance.
The position involved several areas of institutional banking, including relationships with financial institutions, market operations and the provision of structured financial solutions.
In January 2018, Olagunju moved to JPMorgan as Managing Director responsible for its West African business.
He has since led the institution’s regional operations, working with corporate clients, financial institutions and other participants in the market.
His appointment to head the proposed Nigerian merchant bank follows years of experience in financial markets and institutional banking. It also places him at the centre of JPMorgan’s plans to expand its regulated banking activities in Africa’s largest economy.
Olagunju disclosed JPMorgan’s plans to establish a merchant bank in Nigeria on October 8, 2026, during the Nigeria–Asia Financial Connectivity Dialogue in Singapore.
The event brought together representatives of the Central Bank of Nigeria, JPMorgan, Nigerian Exchange Group and FMDQ Group.
The proposed institution is expected to expand JPMorgan’s presence in Nigeria beyond its existing representative office in Lagos. Its ability to undertake additional banking activities will, however, depend on securing the necessary final regulatory licence.
The CBN’s approval-in-principle marks progress towards establishing the new institution, while the approval of Olagunju’s nomination provides clarity on who is expected to lead its operations.
If the proposed bank secures its final licence, Olagunju will draw on his experience in treasury management, global markets and regional banking to oversee its entry into the Nigerian merchant banking sector.
His prospective appointment comes more than 26 years after he began his banking career at IBTC, marking a significant development in a professional journey that has taken him from Nigeria’s domestic banking industry to a senior role at one of the world’s leading financial institutions.
