JPMorgan appoints Dapo Olagunju to lead Nigerian bank
By the AFREEQUE newsroom, based on Financialafrik
The Central Bank of Nigeria approved Dapo Olagunju’s appointment as managing director of JPMorgan Merchant Bank Nigeria Limited and granted approval in principle to the future investment bank. Its launch remains subject to obtaining a final licence, according to Financialafrik.
The Central Bank of Nigeria (CBN) approved, on 23 October, the appointment of Dapo Olagunju as managing director of JPMorgan Merchant Bank Nigeria Limited, the future investment bank of the US group in Nigeria. It also granted approval in principle for the establishment, according to Financialafrik.
The bank must still obtain a final licence before beginning operations. It plans to offer services to large companies and institutions, capital markets transactions and financial advice, according to Financialafrik.
Olagunju has worked at JPMorgan since January 2018 and oversees the group’s operations in West Africa. He previously spent nearly 15 years at Access Bank, where he was notably group treasurer and head of global markets. The CBN also approved the appointment of three non-executive directors and three independent non-executive directors, according to Financialafrik.
The appointment comes after authorisation was granted on 23 October for JPMorgan to prepare an investment bank in Nigeria. The project remains subject to obtaining final regulatory approvals.
