J.P. Morgan Consolidates Strategic Entry Into Nigeria With CBN’s Approval-In-Principle, Appoints Olagunju, Adetu, Others As Directors

Following the Central Bank of Nigeria (CBN) approval-in-principle (AIP) granted to JPMorgan, the American banking giant has consolidated its entry into Nigeria’s merchant banking industry with the nomination of Adedapo Adedayo Olagunju as managing director. Seni Adetu was also nominated into the position of independent non-executive, together with six other directors for the proposed JPMorgan Merchant Bank Nigeria Limited and the CBN has approved all the nominations.

The CBN’s Director of Corporate Communications and Investor Relations, Michael Akuka, announced the AIP and the approvals on Friday, October 23, 2026. The apex bank said the approval followed the successful implementation of its banking sector recapitalisation programme, which it said had strengthened the resilience of the Nigerian banking system.

The CBN stressed that the AIP is only the first stage of the licensing process and is not a final banking licence. The proposed bank cannot start business until it incorporates with the Corporate Affairs Commission (CAC), completes the necessary operational arrangements and receives a final licence from the CBN.

Alongside Olagunju, the CBN cleared Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as non-executive directors. Alade Sarah Omotunde, Ajayi Olukonyinsola, and Seni Adetu were approved as independent non-executive directors.

Seni Adetu is a former managing director and chief executive officer of Guinness Nigeria Plc. As an independent non-executive director, his role is expected to centre on board oversight and guidance.

Adetu began his career at John Holt Plc before moving into the beverage industry. He became managing director of Coca-Cola English West Africa in Ghana in 2001. He then moved to Diageo, where he was named managing director and chief executive of Guinness Ghana Plc in 2006, the first African to hold the position. He led Diageo East Africa from 2009 and headed Guinness Nigeria from 2012 until December 2014.

He later founded First Primus West Africa Limited, an integrated marketing communications company whose subsidiaries include Ogilvy Nigeria Limited and Algorithm Media Nigeria Limited. He joined the board of Fidelity Bank Plc as an independent non-executive director on April 28, 2016.

Olagunju, on the other hand, according to reports, joined JPMorgan in January 2018 as managing director responsible for its West African business.

JPMorgan Chase & Co. was earlier reported to have deposited ₦50 billion, about $38 million, with the CBN as part of its bid for the licence. The CBN said it was encouraged by the growing interest of international financial institutions in Nigeria.