Dapo Olagunju: From treasury markets to JPMorgan’s Nigerian banking ambition

Adedapo Adedayo Olagunju, popularly known as Dapo Olagunju, is a Nigerian banking executive whose career in treasury management, foreign exchange trading and international financial markets has taken him from domestic banking institutions to JPMorgan Chase, one of the world’s leading financial services firms.

On Friday, October 23, 2026, the Central Bank of Nigeria (CBN) appointed Olagunju as managing director of JPMorgan Merchant Bank Nigeria Limited, marking a new chapter in his banking career as the American financial institution moves to establish a merchant banking presence in Nigeria.

The appointment places Olagunju at the centre of JPMorgan’s ambition to expand its footprint in Africa’s largest economy, drawing on his experience in Nigeria’s banking industry and his exposure to international financial markets.

The proposed merchant bank is expected to operate within Nigeria’s regulatory framework, with its commencement of business subject to the required regulatory approvals.

Education and professional qualifications

Olagunju holds a Bachelor of Science degree in Banking and Finance from Olabisi Onabanjo University, formerly Ogun State University, which he obtained in 1998.

He subsequently earned a Master of Business Administration from the University of Oxford’s Saïd Business School in 2006, combining his banking and finance background with advanced training in business management.

He is also a Fellow of the Institute of Chartered Accountants of Nigeria, according to an Access Bank corporate prospectus.

His academic and professional qualifications have complemented a career spanning financial markets, treasury operations and international banking.

From financial markets to senior banking roles

Olagunju began his banking career at the Investment Banking and Trust Company, commonly known as IBTC, where he served as Chief Dealer before moving to Access Bank in 2003.

His early experience in dealing-room operations provided a foundation in financial markets and trading, areas that would remain central to his subsequent career.

At Access Bank, where he worked from 2003 to 2018, Olagunju held senior positions in treasury and global markets. He served as Group Treasurer and later Head of Global Markets, with responsibilities covering treasury management, foreign exchange and fixed-income trading.

These roles exposed him to the management of financial-market risks, liquidity and market operations, while deepening his understanding of Nigeria’s banking system and the demands of corporate and institutional clients.

His experience at Access Bank also gave him a domestic banking perspective that would later complement his work at an international financial institution.

Building an international banking career at JPMorgan

Olagunju joined JPMorgan in January 2018, according to publicly available professional profiles. He subsequently served as a managing director and head of West Africa, overseeing the firm’s regional business and relationships across financial markets.

His responsibilities exposed him to cross-border banking, international investment flows and the financial needs of businesses and institutions operating across markets.

The experience is particularly relevant to JPMorgan’s proposed merchant bank in Nigeria, where the institution will seek to combine its international reach with an understanding of local market conditions and regulatory requirements.

Before joining JPMorgan, Olagunju also worked briefly as a consultant with the United Nations’ Peacekeeping Financing Department in New York in 2006, adding international financial administration to his professional experience.

Why his appointment matters

Olagunju’s appointment comes as JPMorgan seeks to establish a locally incorporated merchant bank in Nigeria, potentially expanding competition in corporate and investment banking.

Merchant banks generally provide services such as corporate finance, capital raising, investment advice and other specialised financial services to businesses and institutional clients, subject to the scope of their licences.

JPMorgan’s proposed entry could create additional options for Nigerian companies seeking access to international capital, sophisticated financial services and cross-border investment opportunities.

Olagunju’s experience in treasury management, foreign exchange, fixed-income markets and international banking positions him to lead the proposed institution through the process of establishing its operations and developing its business strategy.

However, the bank’s eventual impact will depend on its final regulatory approvals, the range of services it offers and its ability to compete in Nigeria’s established financial-services market.

For Olagunju, the appointment represents a progression from managing financial markets and regional banking relationships to leading the establishment of a new merchant banking institution in Nigeria.

His next challenge will be to translate his experience across domestic and international banking into a viable business that can serve corporate clients, deepen financial-market activity and support the development of Nigeria’s banking sector.