By Abiodun Folarin
WorldStage— The Central Bank of Nigeria (CBN), has granted approval in principle to global financial services giant JPMorgan to establish a merchant bank in Nigeria, signalling growing international interest in the country’s financial markets following banking sector recapitalisation.
The proposed institution, to be known as JPMorgan Merchant Bank Nigeria Limited, is expected to deepen Nigeria’s integration with global capital markets and expand the capacity of its financial system to support investment and economic growth.
The Director, Corporate Communications and Investor Relations Department of the CBN, Michael Akuka, announced the approval, describing it as a development coming amid sustained reforms to strengthen financial stability, improve market confidence and attract international investment.
The approval follows the successful implementation of the banking sector recapitalisation exercise, which the CBN says has strengthened the resilience and capacity of Nigeria’s banking industry.
The development also aligns with the broader reform agenda under CBN Governor Olayemi Cardoso, focused on restoring international confidence, deepening financial markets and strengthening the credibility of the 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 said.
He added that the Bank was encouraged by growing interest from international financial institutions and remained committed to sustaining reforms that would enable domestic and foreign institutions to participate and thrive in Nigeria’s financial markets.
However, the CBN clarified that the approval-in-principle represents only the first stage of the regulatory process and does not amount to a final banking licence.
JPMorgan Merchant Bank Nigeria Limited must meet all applicable regulatory requirements, including incorporation with the Corporate Affairs Commission and the completion of necessary operational and regulatory arrangements, before it can receive authorisation to commence business.
The apex bank approved the nomination of Adedapo Adedayo Olagunju as managing director of the proposed institution.
It also approved Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as non-executive directors, while Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni were approved as independent non-executive directors.
The CBN stressed that the proposed merchant bank could begin operations only after the issuance of a final banking licence.
The Bank reaffirmed its commitment to maintaining a sound, competitive and internationally connected financial system capable of supporting sustainable economic growth and expanding Nigeria’s participation in global financial markets.
