Five Nigerians have been nominated for key leadership positions at JPMorgan Merchant Bank Nigeria Limited, following the Central Bank of Nigeria’s (CBN) approval-in-principle for the American financial institution to establish a merchant bank in the country.
The appointments bring together professionals with extensive experience in banking, financial regulation, electronic trading, corporate law and multinational business management.
The five Nigerians are Adedapo Adedayo Olagunju, Nzelu Chinedum Izunwanne, Sarah Omotunde Alade, Olukonyinsola Ajayi and Seni Adetu. They are among seven nominees whose appointments received regulatory approval.
1. Adedapo Adedayo Olagunju – Managing Director
Popularly known as Dapo Olagunju, he has led JPMorgan’s West African operations since 2018. Before joining the American banking institution, he held several senior positions at Access Bank, including Group Treasurer and Head of Global Markets.
He began his banking career at Investment Banking & Trust Company, which later became part of Stanbic IBTC. He holds a bachelor’s degree in Banking and Finance from Ogun State University, now Olabisi Onabanjo University, and an MBA from the University of Oxford.
He also completed Harvard Business School’s General Management Programme in 2014.
2. Nzelu Chinedum Izunwanne – Non-Executive Director
Professionally known as Chi Nzelu, Izunwanne is a senior JPMorgan executive with expertise in financial markets, technology and electronic trading.
He has served as the bank’s Global Head of Macro Electronic Trading, having joined the institution’s London office in 2005 as a foreign exchange electronic commerce analyst.
He holds a first degree in engineering and a master’s degree in computer science, both obtained in the United Kingdom. He was promoted to Managing Director at JPMorgan in 2016.
3. Sarah Omotunde Alade – Independent Non-Executive Director
Alade is a former Deputy Governor of the Central Bank of Nigeria, a position she held between 2007 and 2017. She also served as Acting Governor of the apex bank in 2014.
In 2019, she was appointed Special Adviser to the President on Finance and the Economy.
Her professional experience spans monetary policy, financial regulation, public finance and banking operations. She studied Economics at the University of Ife, now Obafemi Awolowo University, and obtained postgraduate qualifications from the University of Melbourne and the University of Ilorin.
4. Olukonyinsola Ajayi – Independent Non-Executive Director
Popularly known as Konyin Ajayi, he is a Nigerian lawyer and partner at Olaniwun Ajayi LP, with extensive experience in corporate finance, capital markets, mergers and acquisitions, infrastructure and project financing.
He has participated in major corporate transactions, including Airtel Africa’s $750 million dual listing in the United Kingdom and Nigeria, as well as Seplat Petroleum Development Company’s acquisition of Eland Oil and Gas.
His experience in corporate transactions and regulatory compliance is expected to contribute to the proposed bank’s board oversight.
5. Seni Adetu – Independent Non-Executive Director
Adetu is an experienced corporate executive who has held senior management positions in several multinational companies.
He previously served as Managing Director and Chief Executive Officer of Guinness Nigeria and Chief Executive of East African Breweries, a subsidiary of Diageo. His career also includes senior positions at John Holt, Coca-Cola and Diageo.
He holds a bachelor’s degree in Chemical Engineering and an MBA specialising in Marketing from the University of Lagos. He is also the founder and Group Chief Executive of First Primus West Africa.
Adetu has previously served on the boards of financial institutions, including FBN Holdings and Fidelity Bank.
The other two approved nominees for the proposed merchant bank are Latter Kevin George and Syed Gabriel Murtaza, who were appointed as non-executive directors.
JPMorgan Merchant Bank Nigeria Limited is expected to expand the American banking group’s activities in Nigeria, with proposed services covering corporate finance, structured financing, treasury management and capital market solutions.
However, the CBN’s approval-in-principle does not constitute a final banking licence. The proposed institution must complete the outstanding regulatory and operational requirements before it can officially commence operations in Nigeria.
