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 increase 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, enhancing market confidence and deepening Nigeria’s integration with international capital markets.
The proposed bank will likely be in a position to start 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 beneath 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 assist funding and financial development whereas attracting better 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 surroundings 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 authorised the nomination of Adedapo Adedayo Olagunju as managing director of the proposed merchant bank.
The regulator additionally authorised 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 impartial 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 subject a last licence.
The regulator mentioned the method kinds a part of its dedication to sustaining a sound, aggressive and internationally related monetary system.
JPMorgan advances Nigeria growth plans
The approval follows earlier steps by JPMorgan Chase & Co., the most important 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 utility 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 providers it might present to Nigerian company shoppers.
- Nairametrics also reported in April 2025 that JPMorgan was getting ready to apply for a merchant banking licence as a part of efforts to increase its presence in Africa.
The newest approval advances these plans, though the proposed bank should nonetheless fulfill the CBN’s excellent licensing circumstances earlier than it might start operations in Nigeria.
