- Clears Adedapo Olagunju As Managing Director, Three Non-Executive, Independent Directors
The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to global financial services giant JPMorgan to establish a merchant bank in Nigeria, to be known as JPMorgan Merchant Bank Nigeria Limited.
The approval marks a significant development for Nigeria’s financial sector, signalling renewed interest from international financial institutions in the country’s financial markets and long-term economic prospects.
The CBN Director of Corporate Communications and Investor Relations, Michael Akuka, who announced the development, said the approval came amid ongoing reforms to strengthen financial stability, restore market confidence and deepen Nigeria’s integration into global capital markets.
He said the development followed the successful implementation of the banking sector recapitalisation exercise, which has strengthened the resilience and capacity of the Nigerian banking system.
The proposed establishment also aligns with the broader reform agenda of CBN Governor Olayemi Cardoso, which focuses on strengthening financial stability, deepening financial markets and rebuilding international confidence in the country’s financial system.
“Our objective is to build a financial system that is stable, competitive and internationally connected, one that commands confidence and can effectively support investment and economic growth,” Cardoso was quoted as saying.
He added that the apex bank was encouraged by growing interest from international financial institutions and remained committed to sustaining reforms, strengthening market credibility and creating an environment where domestic and foreign institutions could thrive.
However, Akuka clarified that the Approval-in-Principle represents only the initial stage of the regulatory process and does not amount to a final banking licence.
JPMorgan Merchant Bank Nigeria Limited must fulfil all applicable regulatory requirements, including incorporation with the Corporate Affairs Commission and the completion of necessary operational and regulatory arrangements, before it can obtain final authorisation to commence business.
The CBN also approved the nomination of Adedapo Olagunju as managing director of the proposed merchant bank.
Those approved as non-executive directors are Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza.
The apex bank also approved Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni as independent non-executive directors.
The proposed merchant bank will be permitted to commence operations only after the CBN grants it a final operating licence.
