JPMorgan Secures Approval for Merchant Bank in Nigeria

The Central Bank of Nigeria (CBN) has granted JPMorgan approval-in-principle to establish a merchant bank in Nigeria, named JPMorgan Merchant Bank Nigeria Limited. This approval allows the bank to commence operations only after meeting regulatory requirements and obtaining a final banking license from the CBN.

Michael Akuka, Director of the CBN’s Corporate Communications and Investor Relations Department, announced the approval. Adedapo Adedayo Olagunju has been nominated as the managing director of the proposed bank, with Latter Kevin George, Nzelu Chinedum Izunwanne, and Syed Gabriel Murtaza approved as non-executive directors.

Additionally, Alade Sarah Omotunde, Ajayi Olukonyinsola, and Adetu Seni have been approved as independent non-executive directors. The establishment of the bank is part of the CBN's efforts to strengthen financial stability and deepen capital markets in Nigeria.

However, the approval-in-principle is not a final operating license, and the proposed bank must complete its incorporation and fulfill operational conditions before commencing business.