JPMorgan Merchant Bank Nigeria Approval

JPMorgan has received approval from the Central Bank of Nigeria to establish a merchant bank, potentially increasing competition for Nigerian banks like Access Bank, Zenith Bank, UBA, and FirstBank in attracting foreign investment and executing major corporate transactions.

JPMorgan plans to establish a merchant bank in Nigeria, with operations expected to start before the end of 2026, pending regulatory approval. The bank has deposited N50 billion with the Central Bank of Nigeria as it seeks a merchant banking license.

JPMorgan Chase & Co. has received approval-in-principle from the CBN to establish JPMorgan Merchant Bank Nigeria Limited. The bank plans to commence operations before the end of 2026, having deposited N50 billion to meet capital requirements.