The Central Bank of Nigeria (CBN) has granted JPMorgan an Approval-in-Principle (AIP) to establish a merchant bank in the country, to be called JPMorgan Merchant Bank Nigeria Limited.
The move by one of the world’s biggest financial institutions is a major boost for Nigeria’s financial sector. It points to growing international interest in the country’s markets and its long-term economic prospects.
Michael Akuka, Director of Corporate Communications and Investor Relations at the CBN, announced the approval. He said it comes amid ongoing reforms to strengthen financial stability, boost market confidence and deepen Nigeria’s integration with global capital markets.
According to the apex bank, the approval follows the successful completion of the banking sector recapitalisation exercise, which has strengthened the resilience and capacity of the country’s banking system.
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It also fits into the wider reform agenda of CBN Governor Olayemi Cardoso, which centres on financial stability, deeper financial markets and restoring international confidence in Nigeria’s financial system.
Cardoso said: “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.
“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 clarified that the AIP is only the first stage of the regulatory process and is not a final banking licence.
He said JPMorgan Merchant Bank Nigeria Limited must meet all regulatory requirements before it can be authorised to begin operations. These include incorporation with the Corporate Affairs Commission (CAC) and completion of the necessary operational and regulatory arrangements.
The CBN approved Mr 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.
Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni were approved as Independent Non-Executive Directors.
The bank can start operations only after the CBN issues a final licence.
The CBN reaffirmed its commitment to a sound, competitive and internationally connected financial system that supports sustainable economic growth and widens Nigeria’s participation in global financial markets.
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