The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to American banking giant JPMorgan to establish a merchant bank in the country.
CDA News Nigeria gathered that the proposed subsidiary, to be known as JPMorgan Merchant Bank Nigeria Limited, will expand the financial institution’s institutional operations in Nigeria. The approval was announced on Friday by Michael Akuka, Director of the CBN’s Corporate Communications and Investor Relations Department.
The CBN explained that the development followed the successful implementation of its banking sector recapitalisation programme and broader reforms aimed at strengthening financial stability, improving market confidence and deepening Nigeria’s integration with global capital markets.
CDA News Nigeria reports that CBN Governor Olayemi Cardoso said the objective is to build a financial system that is stable, competitive and internationally connected, capable of supporting investment and economic growth.
The apex bank clarified that the AIP represents only the first stage of the regulatory process and does not constitute a final banking licence. JPMorgan Merchant Bank Nigeria Limited must complete its incorporation with the Corporate Affairs Commission and satisfy all operational requirements before commencing operations.
The CBN also approved the appointment of Adedapo Olagunju as Managing Director, alongside Latter George, Nzelu Izunwanne and Syed Murtaza as Non-Executive Directors, and Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni as Independent Non-Executive Directors.
CDA News Nigeria gathered that JPMorgan had earlier deposited N50 billion (about $38 million) with the CBN to meet the minimum capital requirement for a merchant banking licence under the 2024 recapitalisation reforms.
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