The Central Bank of Nigeria, CBN has given JPMorgan the green light to establish a merchant bank in the country following a $38 million deposit.
The proposed entity, named JPMorgan Merchant Bank Nigeria Limited, still needs to secure a final license from the regulator before launching its operations.
This move highlights renewed global investor confidence in Nigeria’s financial markets and long-term economic trajectory.
Michael Akuka, Director of Corporate Communications at the CBN, confirmed the approval, linking it to ongoing financial sector reforms.
He noted that the decision reflects the impact of recent recapitalization efforts designed to make Nigeria’s banking system more resilient.
The approval aligns with the broader strategy of CBN Governor Olayemi Cardoso to restore international trust and deepen domestic capital markets.
Alongside the approval-in-principle, the central bank cleared the appointment of Adedapo Olagunju as the prospective bank’s Managing Director.
The regulator also approved several board members, including three non-executive directors and three independent non-executive directors.
Despite these clearances, the institution cannot open its doors to clients until the CBN grants its final operational license.