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.
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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% |
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- JPMorgan Gets CBN Approval for Nigeria Merchant Bank
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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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