The Central Bank of Nigeria (CBN) has granted JPMorgan approval-in-principle to establish JPMorgan Merchant Bank Nigeria Limited, but this approval does not yet allow banking operations to begin. The company must complete incorporation with the Corporate Affairs Commission and meet all regulatory requirements before receiving a final licence. The CBN linked the move to its banking recapitalisation programme and other reforms aimed at financial stability, and Governor Olayemi Cardoso said the goal is a financial system that is stable, competitive and internationally connected. The CBN also approved Adedapo Olagunju as Managing Director, along with several non-executive and independent directors. According to PUNCH, JPMorgan earlier deposited N50bn, valued at about $38m, to meet a key requirement of its application.
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Related tickers and likely impact
JPM
• NeutralJPMorgan Chase
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Financials |
| Industry | Diversified Banks |
| Market cap | $891.9B |
| Close on 10/23/2026 | 331.54 |
| Change that session | -1.49% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- CBN okay JPMorgan to establish merchant bank in Nigeria
The Central Bank of Nigeria (CBN) has granted Approval-in-Principle to JPMorgan to establish JPMorgan Merchant Bank Nigeria Limited, but the bank must meet further requirements and obtain a final operating licence before it can begin business. Michael Akuka, Director of Corporate Communications and Investor Relations at the CBN, said this is only the first stage, with registration with the Corporate Affairs Commission and other operational arrangements still required. The CBN also approved Adedapo Adedayo Olagunju as managing director, along with several non-executive and independent non-executive directors. Governor Olayemi Cardoso said the goal is a stable, competitive and internationally connected financial system, following the completion of the banking sector recapitalisation exercise.
- JPMorgan Gets CBN Approval for Nigeria Merchant Bank
The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to JPMorgan to establish JPMorgan Merchant Bank Nigeria Limited. The CBN said this is only the first stage of the regulatory process and not a final banking licence, as the bank must still complete incorporation with the Corporate Affairs Commission and meet other operational and regulatory requirements. The approval follows the successful banking sector recapitalisation and fits the CBN's reform agenda aimed at financial stability and deeper integration with global capital markets. The CBN also approved Adedapo Adedayo Olagunju as proposed Managing Director, along with several non-executive and independent non-executive directors.
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JPMorgan has received approval-in-principle from the Central Bank of Nigeria (CBN) to set up JPMorgan Merchant Bank Nigeria Limited, focused on wholesale banking, capital markets and advisory, which would let it expand beyond its current representative office in Lagos. The approval is preliminary: the bank must still meet remaining requirements, complete incorporation and secure a final banking licence. The CBN has approved Adedapo Adedayo Olagunji as managing director, along with several non-executive and independent directors, and linked the move to its banking recapitalisation programme and efforts to attract foreign capital. Reports say JPMorgan deposited ₦50 billion (about $38 million) with the CBN ahead of the approval, while the article flags risks including currency volatility, borrowing costs, credit risk and FX liquidity.
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