The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to JPMorgan to establish JPMorgan Merchant Bank Nigeria Limited, marking a brand new step in the US monetary establishment’s plans to develop its presence in the nation.
The approval was introduced by Michael Akuka, Director of the CBN’s Corporate Communications and Investor Relations Department, amid ongoing reforms aimed toward strengthening monetary stability, bettering market confidence and deepening Nigeria’s integration with world capital markets.
The proposed bank shall be ready to begin operations solely after assembly the regulator’s necessities and acquiring a last banking licence.
CBN grants preliminary approval to JPMorgan
The CBN mentioned the approval comes after the profitable implementation of Nigeria’s banking sector recapitalisation train, which was designed to strengthen the resilience and capability of the monetary system.
The improvement additionally aligns with the broader reform agenda below CBN Governor Olayemi Cardoso, which focuses on monetary stability, deeper monetary markets and renewed worldwide confidence.
Cardoso mentioned the bank’s goal was to construct a monetary system that would help funding and financial progress whereas attracting larger participation from worldwide establishments.
- “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 mentioned.
He added that the CBN remained centered on sustaining reforms, strengthening market credibility and creating an atmosphere the place home and worldwide monetary establishments might take part and develop.
JPMorgan’s proposed bank will get board approvals
Alongside the preliminary approval, the CBN authorized the nomination of Adedapo Adedayo Olagunju as managing director of the proposed merchant bank.
The regulator additionally authorized the next appointments:
- Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as non-executive administrators.
- Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni as unbiased non-executive administrators.
The AIP represents an preliminary stage of the licensing course of and doesn’t allow the proposed bank to start enterprise. JPMorgan Merchant Bank Nigeria Limited should full the relevant regulatory necessities, together with incorporation with the Corporate Affairs Commission and the required operational preparations, earlier than the CBN can concern a last licence.
The regulator mentioned the method types a part of its dedication to sustaining a sound, aggressive and internationally related monetary system.
JPMorgan advances Nigeria enlargement plans
The approval follows earlier steps by JPMorgan Chase & Co., the biggest bank in the United States by belongings, to establish a merchant banking presence in Nigeria.
Nairametrics reported on October 20, 2026, that JPMorgan had deposited N50 billion, equal to $38 million, with the CBN as its software for a merchant banking licence progressed.
- The bank plans to convert its longstanding Lagos consultant workplace into a totally operational enterprise department, increasing the vary of companies it will probably present to Nigerian company purchasers.
- Nairametrics also reported in April 2025 that JPMorgan was making ready to apply for a merchant banking licence as a part of efforts to develop its presence in Africa.
The newest approval advances these plans, though the proposed bank should nonetheless fulfill the CBN’s excellent licensing situations earlier than it will probably start operations in Nigeria.
