FRI OCT 23 2026-theGBJournal| The Central Bank of Nigeria (CBN) has granted Approval-in-Principle to JPMorgan to establish JPMorgan Merchant Bank Nigeria Limited, marking a significant step in the United States banking giant’s expansion plans in Nigeria.
In a statement on Friday, the CBN said the proposed lender, to be known as JPMorgan Merchant Bank Nigeria Limited, must obtain a final banking licence from the apex bank before commencing operations.
According to Michael Akuka, Director of the CBN’s Corporate Communications and Investor Relations Department, the approval reflects growing international interest in Nigeria’s financial markets and economic prospects.
“The approval reflects growing international interest in Nigeria’s financial markets and economic prospects.”
The approval will enable JPMorgan to proceed with plans to transform its longstanding Lagos representative office into a fully licensed merchant bank.
However, the proposed institution cannot commence operations until it fulfils all outstanding regulatory requirements and secures a final operating licence from the CBN.
The apex bank has also approved the proposed board of the institution, naming Adedapo Adedayo Olagunju as Managing Director (MD).
The development follows JPMorgan’s reported deposit of ₦50 billion with the CBN to meet the minimum capital requirement for a nationally authorised merchant bank.
The proposed establishment of JPMorgan Merchant Bank Nigeria Limited marks another development in the country’s financial services sector, as international financial institutions continue to explore opportunities in Nigeria’s banking and investment markets.
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