CBN Grants JPMorgan Approval in Principle for Nigerian Merchant Bank
The Central Bank of Nigeria has granted JPMorgan Chase approval in principle to establish JPMorgan Merchant Bank Nigeria Limited. The bank has deposited the required ₦50 billion capital with the CBN. It must still complete registration and other regulatory requirements before receiving a full licence to begin operations. JPMorgan is targeting a late-2026 or early-2027 launch. Its proposed services include corporate lending, capital markets, trade finance, payments and advisory services, rather than retail banking. The proposed subsidiary will be led by Managing Director Adedapo Olagunju, subject to the completion of the licensing process.
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