JPMorgan Secures Initial Approval for Nigeria Merchant Bank

The Central Bank of Nigeria (CBN) has granted JPMorgan Approval-in-Principle (AIP) to establish a merchant bank in Nigeria, named JPMorgan Merchant Bank Nigeria Limited. This approval marks the initial stage of the licensing process and does not equate to a final banking license.

The bank can only begin operations after fulfilling all regulatory requirements and obtaining a final license from the CBN. Michael Akuka, CBN’s Director of Corporate Communications and Investor Relations, stated that this decision aims to enhance financial stability and market confidence while strengthening Nigeria's ties with global capital markets.

CBN Governor Olayemi Cardoso emphasized the goal of creating a stable and competitive financial system that attracts international interest. The CBN has also approved Adedapo Adedayo Olagunju as Managing Director and several other directors for the proposed bank.

JPMorgan Chase & Co. previously deposited N50 billion with the CBN as part of the capital requirement for the merchant banking license.