The Central Bank of Nigeria (CBN) has granted approval-in-principle to global financial services firm JPMorgan to establish a merchant bank in Nigeria, paving the way for its entry into the country’s merchant banking sector.
The proposed institution, JPMorgan Merchant Bank Nigeria Limited, is expected to strengthen Nigeria’s connections with international capital markets and expand financial services available to businesses and investors.
However, the bank will not be permitted to commence operations until it meets all regulatory requirements and secures a final banking licence from the CBN.
The apex bank’s Director of Corporate Communications and Investor Relations, Michael Akuka, said the approval was granted amid ongoing reforms designed to strengthen financial stability, restore investor confidence and improve Nigeria’s integration with global financial markets.
Before commencing business, JPMorgan Merchant Bank Nigeria Limited must complete its incorporation with the Corporate Affairs Commission and satisfy other applicable regulatory and operational conditions.
The CBN has also approved the appointment of Adedapo Adedayo Olagunju as managing director of the proposed bank.
Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza were approved as non-executive directors, while Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni received approval as independent non-executive directors.
The development marks a step towards JPMorgan’s proposed expansion into Nigeria’s merchant banking market, where the institution could provide services to corporate clients and investors, subject to the terms of its final licence.
The CBN reaffirmed its commitment to maintaining a sound, competitive and internationally connected financial system capable of supporting sustainable economic growth and increasing Nigeria’s participation in global financial markets.
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