CBN Grants JPMorgan Approval-In-Principle To Establish Merchant Bank In Nigeria
CBN said the proposed lender must still win a final licence and meet regulatory requirements before it can start business.
- On Friday, the Central Bank of Nigeria granted JPMorgan approval-in-principle to establish a merchant bank in Nigeria following the bank's $38 million deposit, meeting minimum capital requirements.
- Governor Olayemi Cardoso's reform agenda aims to strengthen financial stability and deepen Nigeria's connection to international capital markets. Cardoso stated, "Our focus remains on sustaining reforms, strengthening the credibility of our markets."
- Regulators approved Adedapo Adedayo Olagunju as Managing Director of JPMorgan Merchant Bank Nigeria Limited. The CBN also appointed Kevin George Latter, Chinedum Nzelu Izunwanne, and Gabriel Murtaza Syed as non-executive directors.
- JPMorgan Merchant Bank Nigeria Limited must obtain a final license from the CBN before commencing operations and fulfill all regulatory requirements, including incorporation with the Corporate Affairs Commission.
- JPMorgan, which controls approximately $5 trillion in assets, seeks a larger share of corporate lending across Africa. The group previously managed Nigeria's $2.2 billion Eurobond sale in 2024, demonstrating established market presence.
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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.
BREAKING: JP Morgan gets CBN approval to establish bank in Nigeria
The Central Bank of Nigeria, CBN, has granted JP Morgan approval-in-principle to establish a merchant bank in Nigeria after receiving a deposit of $38 million. CBN made this disclosure in a statement on Friday. The apex bank said the proposed lender, to be known as JPMorgan Merchant Bank Nigeria Limited, will be required to obtain […] BREAKING: JP Morgan gets CBN approval to establish bank in Nigeria
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