- JPMorgan has received approval-in-principle from the Central Bank of Nigeria to establish a merchant bank in Nigeria
- Adedapo Adedayo Olagunju is set to head the American financial institution’s proposed merchant bank in Nigeria
- Olagunju holds an MBA from the University of Oxford and has completed Harvard Business School’s General Management Programme
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Adedapo Adedayo Olagunju, an Oxford-trained banker who has led JPMorgan’s West African operations since 2018, is set to head the American financial institution’s proposed merchant bank in Nigeria.
The Central Bank of Nigeria (CBN) approved his nomination as Managing Director on Friday, October 23, 2026, alongside granting JPMorgan Merchant Bank Nigeria Limited approval-in-principle to establish operations in the country. The proposed bank is yet to receive its final operating licence.
Source: UGC
The CBN also approved four non-executive directors and three independent non-executive directors for the proposed institution.
Olagunju’s appointment marks a significant milestone in a banking career spanning more than two decades, with experience in treasury management, financial markets, institutional banking and structured finance.
Who Is Adedapo Olagunju? JPMorgan Gets CBN Approval
Olagunju has played a key role in JPMorgan’s West African operations since joining the financial institution in January 2018 as Managing Director responsible for its business in the region.
He disclosed JPMorgan’s plans to establish a merchant bank in Nigeria on October 8, 2026, during the Nigeria–Asia Financial Connectivity Dialogue in Singapore, which involved the CBN, Nigerian Exchange Group and FMDQ Group.
The proposed bank would expand JPMorgan’s presence beyond its representative office in Lagos, potentially allowing it to undertake a broader range of regulated banking activities after securing a final licence.
His appointment comes as the institution seeks to deepen its engagement with Nigeria’s financial markets, corporate clients and financial institutions.
Adedapo Olagunju’s Educational Background
Olagunju graduated from Ogun State University, now Olabisi Onabanjo University, in 1998 with a bachelor’s degree in Banking and Finance. He qualified as a chartered accountant in 1999 and is a Fellow of the Institute of Chartered Accountants of Nigeria.
His interest in education developed alongside his childhood ambition to become an astronaut. In a May 2019 interview, he recalled how difficulties finding a suitable aeronautical engineering course in Nigeria redirected his academic plans.
He also pursued accounting partly to make productive use of university breaks caused by industrial actions and student demonstrations that disrupted academic activities in the 1990s.
Olagunju later expanded his academic credentials internationally, earning a Master of Business Administration from the University of Oxford in 2005. In 2014, he completed Harvard Business School’s General Management Programme.
He is also an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria.
Adedapo Olagunju’s Career and Professional Experience
Olagunju began his banking career at Investment Banking & Trust Company (IBTC), which later became part of Stanbic IBTC, serving as Chief Dealer from January 2000 to March 2003.
He joined Access Bank as Treasurer in 2003 before briefly working with the United Nations in New York in 2006, contributing to its peacekeeping financing operations.
Returning to Access Bank in September 2006, he served as Group Treasurer until January 2018. His responsibilities included balance sheet management, fixed-income securities and foreign exchange markets.
Source: UGC
In January 2017, he became Head of Global Markets, overseeing Treasury, Financial Institutions, and Project and Structured Finance.
After nearly 15 years associated with Access Bank, Olagunju joined JPMorgan in January 2018 to lead its West African business.
With the CBN’s approval of his nomination, he is positioned to lead JPMorgan’s proposed merchant bank in Nigeria, marking another chapter in a career that began in the country’s investment banking industry more than 26 years ago.
Source: Legit.ng