Adedapo Adedayo Olagunju, popularly known as Dapo Olagunju, has been appointed to lead JPMorgan’s proposed merchant banking operations in Nigeria, marking a significant milestone in his career and the American financial institution’s expansion plans.
The Central Bank of Nigeria (CBN) approved Olagunju’s nomination as Managing Director of JPMorgan Merchant Bank Nigeria Limited on Friday, October 23, 2026, alongside an approval-in-principle for the establishment of the proposed bank.
Olagunju brings more than two decades of experience in banking, treasury management, financial markets and international finance to the role. He has led JPMorgan’s West African business since 2018, overseeing relationships with financial institutions, corporate clients and other market participants.
From Banking and Finance Graduate to International Banking Executive
Olagunju graduated from Ogun State University, now Olabisi Onabanjo University, in 1998 with a degree in Banking and Finance.
He subsequently qualified as a chartered accountant in 1999 and went on to obtain an MBA from the University of Oxford’s Saïd Business School. He also completed Harvard Business School’s General Management Programme in 2014.
He is a Fellow of the Institute of Chartered Accountants of Nigeria and an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria.
Interestingly, Olagunju once dreamed of becoming an astronaut. However, his career eventually took a different direction, leading him into the financial services industry.
A Career Built Across Nigeria’s Banking Sector
Olagunju began his professional banking career at Investment Banking and Trust Company (IBTC), where he served as Chief Dealer between 2000 and 2003.
He joined Access Bank in 2003 as Treasurer before returning to the institution in 2006 after a brief consultancy engagement with the United Nations’ Peacekeeping Financing Department in New York.
During his subsequent years at Access Bank, he served as Group Treasurer and later Head of Global Markets, gaining experience in foreign exchange, fixed-income securities, treasury operations and structured finance.
In January 2018, he joined JPMorgan as Managing Director responsible for its West African business.
His experience in both Nigeria’s domestic banking industry and international financial markets is expected to be valuable as JPMorgan works towards establishing a locally incorporated merchant bank.
What JPMorgan’s Proposed Nigerian Bank Means
The proposed merchant bank would expand JPMorgan’s presence beyond its existing representative operations in Nigeria, potentially creating additional opportunities for corporate finance, capital raising, investment advisory services and institutional banking.
The development could also provide Nigerian businesses with another channel for accessing international financial markets and cross-border investment opportunities, subject to the bank’s approved activities and regulatory requirements.
However, the CBN’s approval-in-principle does not constitute a final operating licence. JPMorgan Merchant Bank Nigeria Limited must complete the remaining regulatory requirements before commencing business.
A New Chapter for Olagunju
Olagunju’s appointment places him at the centre of JPMorgan’s plans to establish a dedicated merchant banking operation in one of Africa’s largest economies.
His immediate responsibilities will include helping establish the bank’s operational structure, developing relationships with corporate and institutional clients, and positioning the proposed institution within Nigeria’s financial services market.
His career journey, from an early role in Nigeria’s banking industry to overseeing JPMorgan’s West African business, reflects a progression through treasury management, financial markets and international banking leadership.
