Dapo Olagunju to Lead JPMorgan’s Proposed Merchant Bank in Nigeria
Nigerian banking executive Adedapo Adedayo Olagunju has received regulatory approval to lead JPMorgan’s proposed merchant bank in Nigeria, marking a new phase in the American financial institution’s expansion plans.
The Central Bank of Nigeria (CBN) approved Olagunju’s nomination as Managing Director on October 23, 2026. The approval came alongside an approval-in-principle for the establishment of JPMorgan Merchant Bank Nigeria Limited.
However, the proposed bank has not yet received its final operating licence and must complete the remaining regulatory requirements before commencing operations.
Olagunju has headed JPMorgan’s West African operations since January 2018, overseeing relationships with corporate clients, financial institutions and other market participants across the region.
From an ambition in science to a career in banking
Olagunju’s career began with an interest in space exploration. He once hoped to become an astronaut, but his academic journey eventually led him into banking and finance.
He 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 later obtained 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 a Fellow of the Institute of Chartered Accountants of Nigeria and an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria.
A banking career spanning more than two decades
Olagunju began his professional banking career at Investment Banking & Trust Company (IBTC), where he served as Chief Dealer from January 2000 to March 2003.
He joined Access Bank in 2003 as Treasurer before briefly working with the United Nations in New York in 2006 on peacekeeping financing.
Later that year, he returned to Access Bank, where he spent more than a decade in senior treasury and financial markets roles. He became Group Treasurer in 2006 and was appointed Head of Global Markets in January 2017.
His responsibilities included treasury management, foreign exchange, fixed-income markets and relationships with financial institutions.
In January 2018, he joined JPMorgan as Managing Director and head of its West African business, a position that gave him responsibility for the institution’s regional relationships and operations.
JPMorgan’s planned expansion in Nigeria
JPMorgan’s proposed merchant bank would expand its existing presence in Nigeria beyond its representative office in Lagos, potentially allowing it to undertake a broader range of regulated banking activities once fully licensed.
Olagunju disclosed the institution’s plans at the Nigeria–Asia Financial Connectivity Dialogue in Singapore on October 8, 2026.
The CBN has also approved nominees for the proposed bank’s board, including non-executive and independent non-executive directors.
The development comes as Nigeria continues efforts to attract international investment and strengthen its financial services sector.
Olagunju will be expected to lead the establishment of the proposed institution and develop its business in Nigeria, subject to the completion of the licensing process.
His appointment represents a new stage in a career that has taken him from Nigeria’s domestic banking industry to a senior leadership position at one of the world’s major financial institutions.
