The Central Bank of Nigeria (CBN) has granted Approval-in-Principle to JPMorgan to establish JPMorgan Merchant Bank Nigeria Limited, paving the way for the United States financial institution to expand its operations in the country.
The approval will allow JPMorgan to proceed with plans to transform its longstanding representative office in Lagos into a fully licensed merchant bank.
However, the proposed institution cannot begin operations until it meets all outstanding regulatory requirements and secures a final operating licence from the CBN.
The apex bank has also approved the proposed board of the new institution, with Adedapo Adedayo Olagunju named as its Managing Director.
The development follows JPMorgan’s reported deposit of ₦50 billion with the CBN to satisfy the minimum capital requirement for a merchant bank authorised to operate nationwide.
The proposed establishment of JPMorgan Merchant Bank Nigeria Limited marks a new phase in the bank’s presence in Nigeria, subject to the completion of the remaining regulatory approval process.
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