The Central Bank of Nigeria (CBN) has granted JPMorgan approval-in-principle to establish a merchant bank in Nigeria, paving the way for the American financial giant to expand its institutional presence in the country.
The proposed subsidiary, JPMorgan Merchant Bank Nigeria Limited, must still meet regulatory requirements and obtain a final banking licence before commencing operations.
In a statement issued on Friday, October 23, the CBN’s Director of Corporate Communications and Investor Relations, Michael Akuka, said the approval reflected growing international interest in Nigeria’s financial sector.
The apex bank linked the development to its banking sector recapitalisation programme and other reforms designed to strengthen financial stability, improve investor confidence and deepen the country’s integration with global capital markets.
CBN Governor Olayemi Cardoso said the reforms were intended to create a stable and competitive financial system capable of attracting investment and supporting economic growth. He added that interest from international institutions highlighted the importance of sustaining reforms and strengthening confidence in Nigeria’s markets.
The CBN also approved Adedapo Olagunju as the proposed bank’s managing director. Latter George, Nzelu Izunwanne and Syed Murtaza were approved as non-executive directors, while Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni were cleared as independent non-executive directors.
Before receiving final authorisation, the proposed bank must complete its incorporation with the Corporate Affairs Commission and satisfy all applicable operational and regulatory conditions.
Merchant banks typically provide corporate finance, investment banking, capital-raising and advisory services rather than conventional retail banking.
JPMorgan’s planned entry could broaden access to specialised financial services for Nigerian companies and strengthen connections between domestic businesses and international capital markets.
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