The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to JPMorgan to establish a merchant bank in Nigeria, to be known as JPMorgan Merchant Bank Nigeria Limited.
The proposed bank marks a significant development for Nigeria’s financial sector, signalling continued international interest in the country’s financial markets and long-term economic prospects.
Announcing the approval, Michael Akuka, Director of the CBN’s Corporate Communications and Investor Relations Department, said the development came amid ongoing reforms aimed at strengthening financial stability, boosting market confidence and deepening Nigeria’s integration with global capital markets.
The approval also follows the implementation of the banking sector recapitalisation exercise, which the CBN says is intended to strengthen the resilience and capacity of the Nigerian banking system.
It further aligns with the broader reform agenda under CBN Governor Olayemi Cardoso, which focuses on financial stability, deeper financial markets and restoring international confidence in Nigeria’s financial system.
“Our objective is to build a financial system that is stable, competitive and internationally connected, one that commands confidence and can effectively support investment and economic growth,” Cardoso was quoted as saying.
“We are encouraged by the growing interest of international financial institutions in Nigeria. Our focus remains on sustaining the reforms, strengthening the credibility of our markets and creating an environment in which both domestic and international institutions can participate and thrive.”
Akuka explained that the AIP represents the first stage of the regulatory approval process and does not amount to a final banking licence.
He said JPMorgan Merchant Bank Nigeria Limited must satisfy all applicable regulatory requirements, including registration with the Corporate Affairs Commission (CAC) and the completion of necessary operational and regulatory arrangements, before it can be authorised to commence business.
The CBN also approved the appointment of Adedapo Olagunju as managing director of the proposed bank.
Other approved non-executive directors are Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza.
The bank’s approved independent non-executive directors are Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni.
JPMorgan Merchant Bank Nigeria Limited can commence operations only after the CBN grants it a final banking licence.
