The three appointments bring experience in central banking, financial regulation, legal advisory and corporate leadership to JPMorgan Merchant Bank Nigeria Limited, which has received Approval-in-Principle from the Central Bank of Nigeria.
JPMorgan Merchant Bank Nigeria Limited has named Dr Sarah Omotunde Alade, Prof. Olukonyinsola Konyin Ajayi and Otunba Seni Adetu as independent non-executive directors as the global financial services group advances plans to establish a merchant banking operation in Nigeria.
The appointments form part of the board and management approvals announced by the Central Bank of Nigeria (CBN) on 23 October 2026, following its grant of Approval-in-Principle for the proposed institution.
Alade brings extensive central banking and regulatory experience, having served as Deputy Governor of the CBN from 2007 to 2017 and briefly as Acting Governor in 2014. She joined the apex bank in 1993 and held various roles spanning research, fiscal analysis and banking operations. In 2019, she was appointed Special Adviser to former President Muhammadu Buhari on Finance and Economy.
Ajayi, Senior Partner at Olaniwun Ajayi LP, brings more than four decades of legal experience, including work across banking and finance, capital markets, mergers and acquisitions, project finance and dispute resolution. A Senior Advocate of Nigeria, he holds an LL.M. from Harvard University and a PhD from the University of Cambridge. His experience also extends to corporate governance and capital market development, including his chairmanship of the Capital Market Master Plan Implementation Committee.
Adetu brings more than 30 years of executive experience across multinational businesses and African markets. He is Founder and Group Chief Executive Officer of First Primus West Africa, which includes Algorithm Media Nigeria and Ogilvy Nigeria. His previous leadership roles include Managing Director and CEO of Guinness Nigeria, Group Managing Director and CEO of East African Breweries, and leadership of Guinness Ghana Breweries. He has also served on the boards of Fidelity Bank and FBN Holdings.
The three independent directors join Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza, who were named non-executive directors of the proposed bank. Adedapo Adedayo Olagunju has been named its proposed Managing Director.
The CBN’s Approval-in-Principle represents an initial regulatory step rather than a final banking licence. The proposed institution must satisfy the outstanding regulatory requirements before commencing operations.
JPMorgan’s proposed merchant bank marks a further step in its Nigerian operations, with the board appointments bringing together experience in financial regulation, legal services and corporate management as the institution progresses towards establishment.
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