JPMorgan Wins Central Bank Nod for Merchant Bank in Nigeria — First Step to a Full Licence

JPMorgan Wins Central Bank Nod for Merchant Bank in Nigeria — First Step to a Full Licence

Nigeria's central bank has granted JPMorgan approval-in-principle to establish a merchant bank in the country, a first step toward turning the US banking giant's longstanding Lagos representative office into a fully operational business. The Central Bank of Nigeria (CBN) said the proposed JPMorgan Merchant Bank Nigeria Limited must still complete all regulatory requirements, including incorporation with the Corporate Affairs Commission, before it can receive a final licence and begin operations.

The CBN also approved Adedapo Adedayo Olagunju as managing director of the proposed bank, along with a slate of non-executive and independent directors. JPMorgan, the largest bank in the United States by assets, had earlier deposited N50 billion, equivalent to about $38 million, with the CBN as its application progressed. Once licensed, the merchant bank is expected to expand services to Nigerian corporate clients.

The approval comes amid the CBN's push to strengthen financial stability and deepen Nigeria's integration with global capital markets. The regulator said the move reflects growing international interest in the country's financial sector and its commitment to a sound, competitive and internationally connected financial system. The approval-in-principle does not yet authorise JPMorgan to conduct banking business in Nigeria, and the bank must still satisfy all operational and regulatory conditions before opening its doors.

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