JPMorgan Secures CBN Approval for Nigerian Merchant Bank
JPMorgan Chase & Co. has secured an approval-in-principle from the Central Bank of Nigeria (CBN) to establish a merchant bank in Nigeria.
The proposed entity, to be named JPMorgan Merchant Bank Nigeria Limited, marks a major expansion for the American financial giant in Africa’s most populous economy.
The apex bank announced the milestone on Friday, October 23, 2026, through Michael Akuka, Director of Corporate Communications and Investor Relations. As part of the licensing process, JPMorgan has already deposited ₦50 billion with the CBN.
To lead the new entity, the regulator has approved the appointment of Adedapo Adedayo Olagunju as Managing Director.
While the preliminary nod is a critical milestone, JPMorgan cannot open its doors immediately. The financial institution must complete key requirements such as corporate incorporation with the Corporate Affairs Commission (CAC) and show operational readiness by setting up physical infrastructure and staffing in addition to meeting all outstanding central bank prudential guidelines.
Strategic Context: Driving Foreign Investment
CBN Governor Olayemi Cardoso noted that this approval stems from the recent banking sector recapitalisation exercise, which aimed to bolster the financial system’s resilience. The apex bank views JPMorgan’s entry as a validation of its ongoing reforms to restore international investor confidence and deepen local capital markets.
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