CBN GRANTS JPMORGAN APPROVAL-IN-PRINCIPLE TO ESTABLISH MERCHANT BANK

The Central Bank of Nigeria has granted JPMorgan approval-in-principle to establish a merchant bank in the country.

The proposed institution will operate as JPMorgan Merchant Bank Nigeria Limited once it meets the remaining requirements and receives a final banking licence.

Announcing the development, the CBN’s Director of Corporate Communications and Investor Relations, Michael Akuka, said the approval comes amid reforms aimed at strengthening financial stability, improving investor confidence and connecting Nigeria more closely with global capital markets.

He clarified that approval-in-principle is the first stage of the licensing process and does not authorise the bank to begin business.

JPMorgan must complete incorporation with the Corporate Affairs Commission, put the necessary operational arrangements in place and satisfy all applicable regulatory conditions before receiving final authorisation.

The CBN also approved the nomination of Adedapo Adedayo Olagunju as Managing Director of the proposed bank.

Commenting on the regulator’s broader priorities, CBN Governor Olayemi Cardoso said the goal was to build a stable, competitive and internationally connected financial system capable of supporting investment and economic growth.

He welcomed growing interest from international financial institutions and stressed the importance of sustaining reforms and strengthening confidence in Nigeria’s markets.

The approval marks a significant step in JPMorgan’s plans to expand its Nigerian operations, with the commencement of business still subject to final regulatory clearance.