Approval signals growing international confidence in Nigeria’s financial sector
reforms and follows a successful banking sector recapitalisation exercise
ABUJA – The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP)
to JPMorgan to establish a merchant bank in Nigeria, to be known as JPMorgan
Merchant Bank Nigeria Limited.
The proposed establishment of a merchant bank by one of the world’s leading
financial institutions marks a significant development for Nigeria’s financial sector,
reflecting growing international interest in the country’s financial markets and long-
term economic prospects.
Announcing the approval, Michael Akuka, Director of the Corporate Communications
and Investor Relations Department at the CBN, said the development comes amid
sustained reforms aimed at strengthening financial stability, improving market
confidence and deepening Nigeria’s integration with global capital markets.
The approval follows the successful implementation of the banking sector
recapitalisation exercise, which has strengthened the resilience and capacity of the
Nigerian banking system.
The development comes against the backdrop of the CBN’s broader reform agenda
under Governor Olayemi Cardoso, focused on strengthening financial stability,
deepening financial markets and rebuilding international confidence in Nigeria’s
financial system.
Speaking on the Bank’s broader reform priorities, Governor Cardoso said:
“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.
“We are encouraged by the growing interest of international financial institutions in
Nigeria. Our focus remains on sustaining the reforms, strengthening the credibility of
our markets and creating an environment in which both domestic and international
institutions can participate and thrive.”
Akuka clarified that the AIP represents the first stage of the regulatory approval
process and does not constitute a final banking licence. JPMorgan Merchant Bank
Nigeria Limited must fulfil all applicable regulatory requirements, including
incorporation with the Corporate Affairs Commission and completion of the
necessary operational and regulatory arrangements, before receiving authorisation
to commence business.
The CBN has approved the nomination of Mr Adedapo Adedayo Olagunju as
Managing Director of the proposed bank.
The Bank also approved Latter Kevin George, Nzelu Chinedum Izunwanne and
Syed Gabriel Murtaza as Non-Executive Directors. Alade Sarah Omotunde, Ajayi
Olukonyinsola and Adetu Seni were also approved as Independent Non-Executive
Directors.
The proposed bank may commence operations only upon the CBN issuing a final
licence.
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.
