JPMorgan Chase has moved closer to establishing its first merchant banking subsidiary in Africa after the Central Bank of Nigeria granted approval-in-principle for JPMorgan Merchant Bank Nigeria Limited.
The preliminary approval marks a significant expansion of the U.S. bank’s presence in Nigeria, where it has operated through a representative office in Lagos. Once fully licensed, the merchant bank will provide corporate finance, structured financing, treasury services and capital markets access to corporations, financial institutions and institutional investors.
As part of the licensing requirements, JPMorgan deposited N50 billion, approximately $38 million, with the Central Bank of Nigeria to meet the minimum capital requirement for a nationally licensed merchant bank.
The approval-in-principle does not authorize the bank to commence operations. JPMorgan must still satisfy all remaining regulatory and operational conditions before the CBN issues a final banking licence. The bank had previously indicated plans to launch before the end of 2026, subject to final approval.
The CBN also approved seven board nominees for the proposed bank, including five Nigerians with extensive experience across banking, monetary policy, electronic trading, corporate law and multinational business leadership.
Adedapo Adedayo Olagunju – Managing Director
Dapo Olagunju has been named Managing Director of the proposed bank. He has led JPMorgan’s West Africa business since 2018, overseeing relationships with corporations and financial institutions.
He previously held senior treasury and global markets roles at Access Bank and began his career at Investment Banking & Trust Company, now part of Stanbic IBTC. He holds a BSc in Banking and Finance from Ogun State University (now Olabisi Onabanjo University) and an MBA from the University of Oxford. He is a Fellow of the Institute of Chartered Accountants of Nigeria and an alumnus of Harvard Business School’s General Management Programme.
Chinedum Nzelu Izunwanne – Non-Executive Director
Professionally known as Chi Nzelu, Izunwanne is a senior JPMorgan executive and Global Head of Macro Electronic Trading. He joined JPMorgan in London in 2005 as an FX e-commerce analyst and became Managing Director in 2016. His expertise in electronic trading, automation and risk management is expected to support oversight of the bank’s technology and trading operations.
Sarah Omotunde Alade – Independent Non-Executive Director
Alade served as Deputy Governor of the Central Bank of Nigeria from 2007 to 2017 and as Acting Governor in 2014. She later served as Special Adviser to the President on Finance and the Economy from 2019. She brings deep expertise in monetary policy, financial regulation and public finance.
Olukonyinsola Ajayi – Independent Non-Executive Director
Known as Konyin Ajayi, he is a Partner at Olaniwun Ajayi LP with extensive experience in banking, project finance, capital markets, M&A, energy and infrastructure. He has advised on major transactions including Airtel Africa’s $750 million dual listing and Seplat Petroleum’s acquisition of Eland Oil and Gas.
Seni Adetu – Independent Non-Executive Director
Adetu has over three decades of corporate leadership experience. He previously served as Managing Director and CEO of Guinness Nigeria and CEO of East African Breweries, with earlier senior roles at John Holt, Coca-Cola and Diageo. He is Founder and Group CEO of First Primus West Africa and has served on the boards of FBN Holdings and Fidelity Bank.
Significance:
If fully licensed, the merchant bank would represent JPMorgan’s transition from a representative office to a locally licensed banking operation in Africa. The move is seen as a vote of confidence in Nigeria’s financial market at a time when the CBN is pursuing reforms to strengthen financial stability, deepen domestic markets and rebuild international investor confidence.
