JPMorgan Gets CBN Approval-in-Principle for Merchant Bank
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…
An Approval-in-Principle is the preliminary stage in the Central Bank of Nigeria's licensing process for new banks, allowing an applicant to set up operations, meet regulatory conditions and build infrastructure before receiving a final operating licence. Merchant banks, unlike commercial banks, are restricted from retail deposit-taking and focus instead on wholesale banking, corporate finance, treasury and investment banking services for institutional clients.
JPMorgan's move to establish a locally registered merchant bank marks an expansion of its footprint in Nigeria, where it has long maintained a presence through its Lagos representative office and involvement in Nigerian bond and equity markets. The coverage across outlets is consistent on the core facts — the AIP, the proposed name JPMorgan Merchant Bank Nigeria Limited, and the CBN as approving authority — with BusinessDay adding that Adedapo Adedayo Olagunju has been named managing director. Details on the timeline for the final licence and the scale of planned operations have not yet been reported.