The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to JPMorgan to establish a merchant banking subsidiary in the country, to be known as JPMorgan Merchant Bank Nigeria Limited.
The approval marks a key regulatory step for the proposed bank and represents a potential expansion of JPMorgan’s presence in Nigeria’s financial sector. However, the CBN said the approval-in-principle does not constitute a final banking licence.
According to the regulator, JPMorgan Merchant Bank Nigeria Limited must meet all applicable regulatory requirements, including incorporation with the Corporate Affairs Commission and the completion of operational and regulatory processes, before it can receive authorisation to commence business.
The CBN said the development reflects growing interest from international financial institutions in Nigeria’s financial markets and follows reforms aimed at strengthening financial stability, improving market confidence and deepening integration with global capital markets.
The approval also comes after the banking sector recapitalisation exercise, which the regulator said has strengthened the resilience and capacity of the Nigerian banking system.
The central bank approved the nomination of 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, while Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni were approved as independent non-executive directors.
The CBN said the proposed institution may commence operations only after a final banking licence has been issued.
The regulator added that it remains committed to maintaining a sound, competitive and internationally connected financial system that supports economic growth and participation in global financial markets.
