JPMorgan Taps Sarah Alade, Four Other Nigerians to Lead Its Proposed Merchant Bank

JPMorgan has appointed five Nigerians, including former acting Central Bank of Nigeria governor Sarah Alade, to leadership positions at its proposed merchant bank in the country. The appointments follow the CBN's approval in principle for the American banking giant to set up JPMorgan Merchant Bank Nigeria Limited.

The CBN also approved seven proposed board members in total, five of them Nigerians with experience across banking, monetary policy, financial technology, law and corporate leadership. As part of the licensing process, JPMorgan deposited N50 billion, about $38 million, with the CBN to meet the minimum capital requirement for a nationally licensed merchant bank.

The five Nigerians on the board

Dapo Olagunju will serve as Managing Director. He has headed JPMorgan's West Africa business since 2018, managing relationships with major corporations and financial institutions. He previously held senior positions at Access Bank and Investment Banking & Trust Company, now part of Stanbic IBTC. He holds an MBA from the University of Oxford and attended Harvard Business School's General Management Programme.

Chinedum Nzelu Izunwanne, known professionally as Chi Nzelu, is a Non-Executive Director. He is JPMorgan's Global Head of Macro Electronic Trading. He joined the bank in London in 2005 as a foreign exchange e-commerce analyst and became Managing Director in 2016. His experience covers electronic trading, financial technology, automation and risk management.

Sarah Omotunde Alade is an Independent Non-Executive Director. She was CBN Deputy Governor between 2007 and 2017 and briefly headed the apex bank as Acting Governor in 2014. She later became Special Adviser to the President on Finance and the Economy in 2019.

Konyin Ajayi is an Independent Non-Executive Director. He is a Partner at Olaniwun Ajayi LP, with specialities in banking, project finance, capital markets, mergers and acquisitions, energy and infrastructure. His transactions include Airtel Africa's $750 million dual listing and Seplat Petroleum's acquisition of Eland Oil and Gas.

Seni Adetu is an Independent Non-Executive Director. He brings more than three decades of multinational corporate leadership experience. He was Managing Director and CEO of Guinness Nigeria and CEO of East African Breweries. He also held senior positions at Coca-Cola and Diageo and founded First Primus West Africa. He has served on the boards of FBN Holdings and Fidelity Bank.

What the bank plans to offer

The proposed institution will offer corporate finance, structured financing, treasury services and capital market solutions to businesses, financial institutions and institutional investors. JPMorgan had earlier indicated plans to commence operations before the end of 2026, subject to regulatory clearance.

The approval in principle does not permit immediate operations. The lender must fulfil outstanding regulatory and operational requirements before receiving its final banking licence. If granted, JPMorgan will move from running a representative office in Lagos to operating a locally licensed merchant bank.

Why it matters for Nigerian business

The move could deepen Nigeria's access to international capital, strengthen corporate financing and attract institutional investment. It also comes as the CBN implements reforms aimed at improving financial stability and restoring investor confidence. The board's mix of regulatory, trading, legal and corporate experience will matter in the months ahead, when the final licence decision is expected.