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.

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‎The approval marks a significant development for Nigeria’s financial sector, reflecting growing international interest in the country’s financial markets and long-term economic prospects.

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‎In a statement, the Director of the CBN’s Corporate Communications and Investor Relations Department, Michael Akuka, said the approval comes amid ongoing reforms aimed at strengthening financial stability, improving market confidence and deepening Nigeria’s integration with global capital markets.

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‎According to the CBN, the development follows the successful completion of the banking sector recapitalisation exercise, which is expected to strengthen the resilience and capacity of the Nigerian banking system. It also aligns with broader reforms under CBN Governor Olayemi Cardoso to reinforce financial stability, deepen financial markets and rebuild international confidence.

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‎Cardoso said the CBN was committed to building a stable, competitive and internationally connected financial system capable of supporting investment and economic growth. He added that the Bank would sustain reforms, strengthen market credibility and create an enabling environment for domestic and international financial institutions.

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‎The CBN also approved the nomination of Adedapo Adedayo Olagunju as Managing Director of the proposed bank. It 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.

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‎Akuka clarified that the Approval-in-Principle represents only the first stage of the regulatory process and does not amount to a final banking licence.

The proposed bank must meet all applicable regulatory requirements, including incorporation with the Corporate Affairs Commission and completion of the necessary operational and regulatory arrangements.

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‎JPMorgan Merchant Bank Nigeria Limited can commence operations only after obtaining a final licence from the CBN.

The apex bank 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.