The Central Bank of Nigeria (CBN) has granted approval-in-principle to global financial institution JPMorgan to establish a merchant bank in Nigeria, in a move expected to deepen the country’s financial markets and strengthen its links with international capital markets.
The proposed institution, to be known as JPMorgan Merchant Bank Nigeria Limited, will be allowed to commence operations only after fulfilling all regulatory requirements and obtaining a final banking licence from the apex bank.
The CBN’s Director of Corporate Communications and Investor Relations, Michael Akuka, said the approval came amid ongoing reforms aimed at strengthening financial stability, rebuilding investor confidence and improving Nigeria’s integration with global financial markets.
JPMorgan Merchant Bank Nigeria Limited is expected to complete its incorporation with the Corporate Affairs Commission and fulfil other applicable regulatory and operational requirements before the CBN can authorise it to begin business.
The CBN has approved the nomination of Adedapo Adedayo Olagunju as Managing Director of the proposed merchant bank.
It also approved Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as non-executive directors, while Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni were approved as independent non-executive directors.
The CBN reaffirmed its commitment to maintaining a sound, competitive and internationally connected financial system that supports sustainable economic growth and expands Nigeria’s participation in global financial markets.
