CBN grants JPMorgan approval to establish merchant bank in Nigeria

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.

Announcing the approval on Friday, Michael Akuka, Director of the Corporate Communications and Investor Relations Department at the CBN, said the development came amid sustained reforms aimed at strengthening financial stability, boosting market confidence and deepening Nigeria’s integration with global capital markets.

“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 statement said.

Speaking on the CBN’s broader reform priorities, its Governor, Olayemi Cardoso, said the bank was committed to building a stable and competitive financial system capable of supporting investment and economic growth.

“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,” he said.

He added that the CBN was encouraged by the growing interest of international financial institutions in Nigeria, noting that the bank would continue to implement reforms to strengthen the credibility of the country’s financial markets.

“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,” Cardoso said.

The CBN also approved the nomination of Mr Adedapo Adedayo Olagunju as Managing Director of the proposed merchant bank.

It further approved Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as Non-Executive Directors.

Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni were also approved as Independent Non-Executive Directors.

The proposed bank will be permitted to commence operations only after the CBN issues a final operating licence.