The Central Bank of Nigeria has granted Approval-in-Principle to JPMorgan to establish a merchant bank in the country, to be known as JPMorgan Merchant Bank Nigeria Limited. The CBN said the move reflects growing international interest in Nigeria's financial markets and long-term economic prospects, and comes as the central bank pursues broader reforms to strengthen financial stability and deepen the country's integration with global capital markets.
Michael Akuka, Director of the Corporate Communications and Investor Relations Department at the CBN, said the approval follows the successful implementation of the banking sector recapitalisation exercise, which has strengthened the resilience and capacity of the Nigerian banking system. The development is part of the CBN's wider reform agenda under Governor Olayemi Cardoso, focused on strengthening financial stability, deepening financial markets and rebuilding international confidence in Nigeria's financial system.
Governor Cardoso said the central bank's objective is to build a financial system that is stable, competitive and internationally connected. "We are encouraged by the growing interest of international financial institutions in Nigeria," he said. "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."
The CBN approved Adedapo Adedayo Olagunju as Managing Director of the proposed bank. It also approved Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as Non-Executive Directors, and Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni as Independent Non-Executive Directors. Akuka clarified that the Approval-in-Principle represents the first stage of the regulatory approval process and does not constitute a final banking licence.
JPMorgan Merchant Bank Nigeria Limited must fulfil all applicable regulatory requirements, including incorporation with the Corporate Affairs Commission and completion of necessary operational and regulatory arrangements, before receiving authorisation to commence business. The proposed bank may only begin operations once the CBN issues a final licence.