Adedapo Adedayo Olagunju, an Oxford-trained Nigerian banker with over 20 years of experience in the financial services sector, has been nominated to head JPMorgan’s proposed merchant banking operation in Nigeria, subject to regulatory approval by the Central Bank of Nigeria (CBN).
Since January 2018, Olagunju has led JPMorgan’s West Africa business, managing relationships with financial institutions, corporate clients, and key participants across the region’s financial markets. His nomination reflects the bank’s strategic commitment to deepening its presence in Nigeria through the establishment of a merchant banking subsidiary.
In an announcement dated October 23, 2026, the CBN granted approval-in-principle for the establishment of JPMorgan Merchant Bank Nigeria Limited and approved Olagunju’s appointment as Managing Director. The institution is expected to commence operations upon receiving its final banking licence from the regulator.
Here are 13 things to know about Dapo Olagunju:
1. He once dreamed of becoming an astronaut
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.
2. He graduated from Olabisi Onabanjo University in 1998
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.
3. He qualified as a chartered accountant in 1999
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.
4. He obtained an MBA from Oxford University
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.
5. He began his banking career at IBTC
Olagunju started his professional banking career at Investment Banking & 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.
6. He joined Access Bank as Treasurer in 2003
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.
7. He worked as a United Nations consultant
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.
8. He spent 11 years as Access Bank’s Group Treasurer
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.
9. He became Head of Global Markets at Access Bank in 2017
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.
10. He joined JPMorgan in 2018
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.
11. He discussed JPMorgan’s merchant bank plans in Singapore
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 required regulatory approvals.
12. The CBN approved his nomination as Managing Director
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 authorised banking activities.
13. He is set to lead JPMorgan’s expansion into merchant banking in Nigeria
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.
