CBN Approves Wall Street Giant JPMorgan’s N50bn Merchant Bank in Nigeria

In a landmark boost to Nigeria’s financial sector, the Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to American investment banking titan JPMorgan to launch JPMorgan Merchant Bank Nigeria Limited.

The long-awaited regulatory nod marks a major milestone in the U.S. financial giant’s African expansion strategy, enabling it to transform its long-standing Lagos representative office into a full-fledged merchant bank.

While the Approval-in-Principle clears a massive regulatory hurdle, the apex bank clarified that the institution cannot commence commercial operations until all remaining regulatory requirements are met to secure the final operating license.

In a key governance move, the CBN has ratified the bank’s executive board, approving financial veteran Adedapo Adedayo Olagunju as the Managing Director to steer JPMorgan’s Nigerian operations.

Underlining its long-term commitment to the Nigerian market, JPMorgan has deposited the mandatory ₦50 billion minimum capital requirement with the CBN for a nationally authorized merchant bank.

Once final licensing is completed, JPMorgan Merchant Bank Nigeria Limited is expected to disrupt corporate banking, investment banking, asset management, and debt capital market underwriting across West Africa.