Olukonyinsola Ajayi, Senior Advocate of Nigeria (SAN), a veteran legal practitioner with decades of experience in banking and finance, capital markets and corporate transactions, has been appointed an independent non-executive director of JPMorgan Merchant Bank Nigeria Limited, as the global financial institution prepares to establish a merchant banking presence in Nigeria.
The Central Bank of Nigeria (CBN) approved Ajayi’s appointment on Friday, October 23, 2026, alongside other board appointments for the proposed merchant bank, which has received approval-in-principle to operate in the country.
His appointment brings extensive legal, regulatory and corporate governance experience to the board of the proposed institution at a time when Nigeria is seeking to deepen its financial markets and strengthen its links with international capital.
Ajayi’s professional background spans banking and finance law, mergers and acquisitions, capital markets, project finance, commercial litigation and arbitration, positioning him among the experienced legal practitioners whose work has intersected with major transactions in Nigeria’s corporate sector.
From legal practice to financial-sector expertise
Ajayi built his career across legal practice and academia, developing expertise in commercial law and complex corporate transactions.
He obtained his law degree from the University of Ife, now Obafemi Awolowo University, and was called to the Nigerian Bar in 1980. He subsequently earned a Master of Laws degree from Harvard University and a doctorate from the University of Cambridge.
In 2000, he was elevated to the rank of Senior Advocate of Nigeria, one of the highest professional distinctions in the country’s legal profession.
He is also a professor of law at Babcock University, combining legal practice with academic engagement.
His professional experience has covered legal advisory work for businesses, financial institutions and public-sector organisations on complex commercial matters, including transactions involving capital raising, corporate restructuring and investment.
Experience in banking and capital markets
Ajayi has been associated with Olaniwun Ajayi LP, where his practice has involved banking and finance, capital markets, mergers and acquisitions, project finance and other areas of commercial law.
His work has included advising on significant corporate transactions, among them Airtel Africa’s $750 million dual listing in Nigeria and the United Kingdom, and Seplat Petroleum Development Company’s acquisition of Eland Oil and Gas.
Such transactions require legal expertise spanning regulatory compliance, transaction structuring, corporate governance and the interests of investors and other stakeholders.
His experience in these areas is relevant to merchant banking, where institutions support corporate clients through financial advisory services, capital raising and other specialised transactions, subject to their regulatory permissions.
Ajayi has also been associated with work connected to banking-sector reforms and capital-market development, giving him exposure to the legal and institutional considerations involved in strengthening Nigeria’s financial system.
Why his appointment matters for JPMorgan
JPMorgan’s proposed merchant bank represents a significant development in Nigeria’s financial services sector, potentially expanding competition in corporate and investment banking and increasing the range of services available to businesses and institutional clients.
Ajayi’s appointment brings legal and corporate governance experience to the board as the proposed institution works towards meeting the regulatory requirements for commencing operations.
His background could contribute to board-level oversight of regulatory compliance, governance standards and the legal considerations associated with operating within Nigeria’s financial system.
As an independent non-executive director, his responsibilities will centre on oversight, strategic guidance and accountability at board level rather than the day-to-day management of the bank.
The CBN’s approval-in-principle remains an initial stage in the licensing process. JPMorgan Merchant Bank Nigeria Limited must fulfil the applicable regulatory requirements, including incorporation and operational arrangements, before obtaining a final licence to commence business.
A new role in Nigeria’s evolving financial sector
Ajayi’s appointment adds to a career that has combined legal practice, academic work and advisory experience across corporate finance and financial markets.
As Nigeria seeks to attract international financial institutions and deepen domestic capital markets, his experience in commercial law and corporate transactions could be relevant to the governance of a bank seeking to connect local businesses with international financial services.
However, the proposed institution’s eventual contribution will depend on its final licence, business strategy and the services it is authorised to provide.
For Ajayi, the appointment marks a new board-level role within an international banking initiative, bringing his experience in law, financial transactions and corporate governance to JPMorgan’s proposed expansion into Nigeria.
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Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
