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.

The post Dapo Olagunju to Lead JPMorgan’s Proposed Nigeria Bank appeared first on Housing TV Africa.

Court Convicts 21 Companies Over Unlicensed Investment Operations

The Federal High Court sitting in Lafia, Nasarawa State, has convicted 21 companies for operating financial investment businesses without valid licences from the Securities and Exchange Commission.

Justice Anyalewa Onoja-Alapa convicted and sentenced the companies following prosecution by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission.

The companies were each fined N30 million and ordered to pay an additional N200,000 for every day they committed the offence.

Full list of the 21 companies

The companies convicted by the court are:

1. Ngwuoke Daniels Technologies
2. Credio Banco Ltd
3. Digital Company Ltd
4. Co Request Capital Nigeria Ltd
5. Mega Drop Quality Stores Ltd
6. Norland Global Ltd
7. Oxford International
8. Creative Agriculture Cooperative
9. Qnet Nigeria Ltd
10. Qnet Professional Skill Academy Ltd
11. Mastermind Energy & Agro Nigeria Ltd
12. Atus West Africa Investment Company
13. Eatrich360 Farms
14. Matag Agro General Services
15. Viables X Agribusiness Ltd
16. Kwakol Markets Ltd
17. Light Shade International Ltd
18. Value Growth Ltd
19. B12 Synergy Nigeria Ltd
20. Phresh Farm Ltd
21. Omega Pro Global Resources.

Companies arraigned in September

According to the EFCC, the companies were arraigned by its Abuja Zonal Directorate on September 15 and 16, 2026, on separate one-count charges bordering on illegal operation.

The charges were brought under Section 57(1) of the Banks and Other Financial Institutions Act, 2020.

The EFCC said the companies were accused of engaging in specialised financial business without valid licences from the Securities and Exchange Commission.

One of the charges, involving Mega Drop Quality Stores Limited, alleged that the company had engaged in the business of a financial institution without a valid licence, including advertising and operating a financial investment management business without a valid SEC licence.

A similar charge against Ngwuoke Daniels Technologies alleged that the company advertised and operated a financial investment management business without the required SEC licence.

Court proceedings

The representatives of the 21 companies were absent when the charges were read in court.

Following an application by prosecution counsel, Nasir Umar, the court entered not-guilty pleas on behalf of the companies before proceedings commenced.

The EFCC said the prosecution relied on witnesses and documentary evidence contained in its proof of evidence to establish the cases against the companies.

The evidence presented included intelligence reports, statements from investigating officers, letters relating to investigation activities and responses obtained from the Corporate Affairs Commission and the Securities and Exchange Commission.

Following the presentation of the prosecution’s case, Justice Onoja-Alapa convicted the companies and imposed a N30 million fine on each.

The court also ordered each company to pay N200,000 for every day it had committed the offence.

EFCC links companies to investment fraud investigations

The EFCC said the prosecutions followed actionable intelligence linking the companies to investment fraud and the operation of investment businesses without the required licences.

According to the commission, investigators had invited promoters of the companies for questioning on December 22, 2022, and again on January 12, 2023.

The EFCC said the invitations were not honoured.

The commission further stated that the promoters continued to evade interrogation for about five years, eventually leading to the prosecution of the companies.

The convictions underscore the requirement for businesses operating investment-related schemes in Nigeria to obtain the necessary regulatory approvals and licences before offering such services to the public.

The post 21 Firms Fined N30m Each for Operating Without SEC Investment Licences appeared first on Housing TV Africa.

United Bank for Africa (UBA) Plc has appointed veteran banker and corporate executive Emmanuel Nnorom as its new Group Chairman, following the retirement of Tony Elumelu after the completion of his tenure.

Nnorom, who has served as a Non-Executive Director on UBA’s Board since 2024, will officially assume office on August 21, 2026, in line with the Central Bank of Nigeria’s corporate governance guidelines.

Here are 10 key facts about the incoming UBA chairman:

1. Born in 1958
Emmanuel Nwabuikwu “Emma” Nnorom was born on April 7, 1958, and has built a distinguished career spanning banking, investment and corporate leadership.

2. Executive education at Oxford
Nnorom attended Templeton College, Oxford, where he completed executive leadership and management programmes, further strengthening his corporate governance expertise.

3. Chartered accountant and banker
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Honorary Member of the Chartered Institute of Bankers of Nigeria (CIBN).

4. More than 40 years of experience
With over four decades in banking, finance, audit, operations and corporate governance, Nnorom has occupied several executive and board positions in Nigeria’s financial sector.

5. Career across leading Nigerian banks
Before his leadership roles at UBA, he worked in senior management positions at Standard Trust Bank (now UBA), Diamond Bank, NUB International Bank and Liberty Merchant Bank, overseeing finance, operations, risk management, planning, information technology and human resources.

6. Rose through the ranks at UBA
Nnorom spent more than eight years in executive management at UBA, serving as Group Chief Operating Officer, Executive Director (Finance), Executive Director (Risk), Executive Director (Group Executive Office) and later Managing Director/Chief Executive Officer of UBA Africa.

7. Led UBA’s African expansion
As CEO of UBA Africa in 2013, he supervised the bank’s operations across several African countries, helping strengthen its position as one of the continent’s leading financial institutions.

8. Served at Heirs Holdings
Before joining Transcorp, Nnorom was President and Chief Operating Officer of Heirs Holdings between January and August 2014, where he played a key role in executing the group’s investment strategy.

9. Former President and CEO of Transcorp
Between September 2014 and May 2017, he served as President and Chief Executive Officer of Transnational Corporation Plc (Transcorp), overseeing businesses in power, hospitality, agriculture and energy.

10. Current Group CEO of Heirs Holdings
Since June 2017, Nnorom has served as Group Chief Executive Officer of Heirs Holdings, leading investments across financial services, healthcare, power, hospitality, real estate, technology and energy.

His appointment marks a new chapter for UBA as the bank transitions from the era of Tony Elumelu to another seasoned corporate leader with decades of experience in banking, governance and strategic investment.

The post Who Is Emmanuel Nnorom? Meet UBA’s New Group Chairman appeared first on Housing TV Africa.

The Lagos State High Court sitting in Ikeja has granted a foreclosure order in favour of Citygate Global Investment Limited, authorising the financial services firm to take possession of and sell a mortgaged property belonging to businessman, Hyginus Eze, over an alleged unpaid loan facility of ₦150 million.

Justice Mathias O. Dawodu delivered the judgment in Suit No. ID/9743GCM/2025, ruling that Citygate Global Investment Limited had successfully established its legal right to enforce a mortgage agreement executed by the defendant in December 2024.

The court held that the company was entitled to exercise its powers under a Deed of Legal Mortgage and Memorandum of Deposit after Eze allegedly defaulted on repayment obligations tied to the facility.

According to court documents, the businessman obtained a ₦150 million loan facility from Citygate in December 2024 for a tenure of 10 months at an interest rate of four per cent.

The loan was secured with a property located at No. 4 Chidi Duru Street, formerly Eboma Street, off Havana Street, Ago Palace Way, Okota, Lagos State.

Citygate told the court that the defendant was expected to repay a total sum of ₦210 million between January and October 2025 but failed to meet the agreed repayment schedule, leaving a substantial outstanding balance.

In his defence, Eze argued that he received ₦135 million rather than ₦150 million and claimed to have repaid more than ₦90 million. He also maintained that he had sought reconciliation and restructuring of the loan facility.

However, Justice Dawodu ruled that the defendant failed to provide documentary evidence to support his claims of substantial repayment.

The court held that the burden of proof rested on the borrower and that unsupported assertions contained in affidavits could not override documentary records presented by the claimant.

The judge further noted that some correspondence tendered before the court amounted to admissions of indebtedness by the defendant.

Relying on established legal principles governing mortgage transactions, the court affirmed that a mortgagee has the right to foreclose and sell a mortgaged property where a borrower defaults on repayment obligations.

Consequently, the court granted Citygate Global Investment Limited possession of the property and authorised the company to proceed with its sale.

The court, however, declined requests for a perpetual injunction against the defendant and security enforcement orders, directing both parties to bear their respective legal costs.

Following the judgment, counsel to Citygate Global Investment Limited, Adeniyi Joshua, announced that the property had effectively become the company’s asset by virtue of the court’s foreclosure order.

The post Court Grants Citygate Foreclosure Order Over ₦150m Loan Default appeared first on Housing TV Africa.