JPMorgan has appointed five Nigerians to board positions for its proposed merchant bank in the country.
The five Nigerians on the board are Dapo Olagunju who will serve as Managing Director. Others include:Chinedum Nzelu Izunwanne, He is a Non-Executive Director. He is JPMorgan’s Global Head of Macro Electronic Trading., Sarah Omotunde Alade is an Independent Non-Executive Director; Konyin Ajayi is an Independent Non-Executive Director, and Seni Adetu is an Independent Non-Executive Director
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.
