The CBN has approved Adedapo Olagunju as proposed JPMorgan Nigeria MD, alongside six other board appointments for its planned merchant banking subsidiary.
The Central Bank of Nigeria (CBN) has approved the appointment of Adedapo Adedayo Olagunju as the proposed Managing Director of JPMorgan Nigeria, marking another step towards the establishment of the American financial institution’s merchant banking subsidiary in the country.
Olagunju, an Oxford-trained banker, has been overseeing JPMorgan’s operations in West Africa since 2018. Following the regulatory approval of his nomination, he is expected to lead the proposed Nigerian merchant bank.
The CBN has also approved the appointment of other members of the institution’s proposed board, including Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza, who will serve as Non-Executive Directors.
In addition, Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni have received approval to serve as Independent Non-Executive Directors.
The latest development follows earlier moves by JPMorgan Chase & Co. to establish a merchant banking subsidiary in Nigeria, signalling the global financial services group’s plans to expand its presence in the country’s financial sector.
With the necessary regulatory approval for the proposed leadership in place, attention will now turn to the next stages of the bank’s establishment and its eventual commencement of operations in Nigeria.
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