1 min readBy Ayodeji Adegboyega
US largest bank JPMorgan secures initial approval for Nigerian merchant bank after $38 million capital deposit
The Central Bank of Nigeria has granted JPMorgan approval-in-principle to establish a merchant bank, moving the largest US bank closer to expanding its decades-old presence in Africa’s most populous country. The proposed institution will be called JPMorgan Merchant Bank Nigeria Limited and will be led by Adedapo Olagunju, the bank’s managing director for West Africa.
By Ayodeji AdegboyegaSouth Africa
JPMorgan has secured approval-in-principle to establish a merchant bank in Nigeria after its reported $38 million capital deposit.[REUTERS\Eduardo Munoz]
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About this article
- Length
- 19 words · 1 min read
- Published
- October 23, 2026
- Byline
- Ayodeji Adegboyega
- Source
- Business Insider