WorldStage– The Central Bank of Nigeria (CBN) has granted an Approval-in-Principle (AIP) to American financial powerhouse JPMorgan Chase & Co. to establish a merchant banking subsidiary in the country, to be known as JPMorgan Merchant Bank Nigeria Limited.
The regulatory milestone was announced via an official statement released by the apex bank’s Director of Corporate Communications and Investor Relations Department, Michael Akuka.
As part of the initial clearance, the CBN formally vetted and approved the proposed leadership team for the incoming institution, naming Adedapo Adedayo Olagunju as Managing Director, Latter Kevin George, Nzelu Chinedum Izunwanne, and Syed Gabriel Murtaza as Non-Executive Directors, and Alade Sarah Omotunde, Ajayi Olukonyinsola, and Adetu Seni as Independent Non-Executive Directors.
The green light follows reports that JPMorgan deposited N50 billion (approximately $38 million) with the central bank, satisfying the statutory minimum capital threshold for a nationally authorized merchant bank under Nigeria’s ongoing recapitalization framework.
Governor of the CBN, Olayemi Cardoso, noted that the move underscores growing global confidence in Nigeria’s financial ecosystem.
The CBN emphasized that the Approval-in-Principle is only the first phase of the formal licensing process.
Before it can legally open its doors or execute commercial transactions, JPMorgan Merchant Bank Nigeria Limited must satisfy a series of remaining regulatory obligations.
These prerequisites include completing formal corporate incorporation with the Corporate Affairs Commission (CAC) and finalizing extensive operational, technological, and governance infrastructure.
Only after these conditions are fully met will the apex bank issue a final operating licence.
Dr Alade, a former CBN Deputy Governor, briefly served as Acting Governor in 2014. She joined the apex bank in 1993 and held various positions before becoming Deputy Governor in 2007, a role she retained until 2017. In 2019, she was appointed Special Adviser on Finance and Economy to former President Muhammadu Buhari. Her experience spans monetary policy, banking regulation and economic management.
Prof. Ajayi, a Senior Partner at Olaniwun Ajayi LP and a Senior Advocate of Nigeria, has more than four decades of legal experience covering banking and finance, capital markets, mergers and acquisitions, project finance and dispute resolution.
He holds an LL.M. from Harvard University and a PhD from the University of Cambridge. He has also contributed to corporate governance and capital market development, including chairing the Capital Market Master Plan Implementation Committee.
Otunba Adetu brings more than 30 years of executive experience across multinational corporations and African markets. He is the Founder and Group Chief Executive Officer of First Primus West Africa, with interests including Algorithm Media Nigeria and Ogilvy Nigeria.
His previous leadership positions include Managing Director and CEO of Guinness Nigeria from 2012 to 2014, Group Managing Director and CEO of East African Breweries, and leadership of Guinness Ghana Breweries. He has also served on the boards of Fidelity Bank and FBN Holdings.
Industry analysts view the entry of JPMorgan—which recently bolstered its local footprint by depositing the required capital—as a major vote of confidence in recent macroeconomic stabilization policies and foreign exchange reforms spearheaded by Nigerian authorities.
