Adedapo Adedayo Olagunju an Oxford-trained Nigerian banker with more than two decades of experience in the financial services industry has been nominated to lead JPMorgan’s proposed merchant bank in Nigeria following approval by the Central Bank of Nigeria (CBN).
Olagunju has led JPMorgan’s West African business since January 2018 overseeing its engagement with financial institutions corporate clients and other participants in the region’s financial markets. His nomination comes as the American financial institution moves to expand its presence in Nigeria through a proposed merchant banking subsidiary.
On October 23 2026 the CBN announced its approval-in-principle for the establishment of JPMorgan Merchant Bank Nigeria Limited and approved Olagunju’s nomination as Managing Director. The proposed bank is still awaiting a final operating licence.
Before pursuing a career in banking Olagunju was fascinated by space exploration and hoped to become an astronaut. His childhood ambition influenced his decision to study science in secondary school.
However his plans changed when he discovered that aeronautical engineering was not listed among the courses in the Joint Admissions and Matriculation Board (JAMB) brochure at the time. He recounted the experience in a May 2019 interview.
Olagunju studied Banking and Finance at Ogun State University now known as Olabisi Onabanjo University graduating with a bachelor’s degree in 1998.
His university education laid the foundation for his eventual career in investment banking and financial markets.
A year after graduating Olagunju obtained his professional accounting qualification through the Institute of Chartered Accountants of Nigeria (ICAN).
His decision to pursue the qualification was partly influenced by frequent university strikes and disruptions to academic activities in Nigeria during the 1990s.
He is now a Fellow of ICAN and an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria.
Olagunju furthered his education abroad earning a Master of Business Administration (MBA) from the University of Oxford in 2005.
In 2014 he completed the General Management Programme at Harvard Business School adding to his academic and professional development.
Olagunju started his professional banking career at Investment Banking and Trust Company (IBTC) which later became part of Stanbic IBTC.
He worked as Chief Dealer from January 2000 to March 2003 gaining early experience in financial market operations.
After leaving IBTC Olagunju joined Access Bank as Treasurer in 2003 a position he held until September 2005.
The role broadened his experience in treasury operations liquidity management and the handling of financial assets and liabilities.
Between May and July 2006 Olagunju worked briefly as a consultant with the United Nations in New York.
During the assignment he contributed to the organisation’s peacekeeping financing operations before returning to Access Bank later that year.
Olagunju returned to Access Bank in September 2006 and served as Group Treasurer until January 2018.
His responsibilities included overseeing treasury operations managing balance sheet activities and handling transactions involving fixed-income securities and foreign exchange markets.
The position was a significant stage in his professional development strengthening his experience in financial markets and banking operations.
In January 2017 Olagunju was appointed Head of Global Markets at Access Bank.
His responsibilities expanded to cover Treasury Financial Institutions and Project and Structured Finance bringing several key areas of corporate and institutional banking under his leadership.
Olagunju joined JPMorgan in January 2018 as Managing Director responsible for its West African business.
In the role he has overseen the institution’s engagement with corporate clients financial institutions and other participants in the region’s financial markets.
His experience in Nigeria and across West Africa has become relevant as JPMorgan pursues plans to expand its regulated banking operations in the country.
On October 8 2026 Olagunju discussed plans to establish JPMorgan’s merchant bank in Nigeria during the Nigeria-Asia Financial Connectivity Dialogue in Singapore.
The event involved representatives of the CBN JPMorgan Nigerian Exchange Group and FMDQ Group.
The proposed subsidiary would broaden JPMorgan’s existing presence in Nigeria beyond its representative office in Lagos subject to the required regulatory approvals and licensing.
On October 23 2026 the CBN announced its approval-in-principle for the establishment of JPMorgan Merchant Bank Nigeria Limited and approved Olagunju’s nomination as Managing Director.
The regulator also approved Latter Kevin George Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as Non-Executive Directors.
Alade Sarah Omotunde Ajayi Olukonyinsola and Adetu Seni were approved as Independent Non-Executive Directors.
However the proposed bank must obtain its final operating licence before commencing its authorised banking activities.
If the proposed subsidiary receives its final operating licence Olagunju will lead its operations as JPMorgan seeks to broaden its regulated banking activities in Nigeria.
The nomination marks another milestone in a career spanning more than 26 years from his early days at IBTC to senior treasury and global markets positions at Access Bank and his leadership of JPMorgan’s West African business.
His experience in Nigerian banking international financial markets and institutional relationships is expected to play an important role in establishing and developing the proposed merchant bank.