JPMorgan gets the nod to open a merchant bank in Nigeria
The Central Bank of Nigeria has granted approval-in-principle for JPMorgan Merchant Bank Nigeria, with Dapo Olagunju as managing director.
Abuja — The Central Bank of Nigeria (CBN) said on Friday, 23 October, that it has granted JPMorgan approval-in-principle to set up a merchant bank in the country, to be called JPMorgan Merchant Bank Nigeria Limited, BusinessDay reports.
A vote of confidence
The approval follows the completion of Nigeria's banking recapitalisation exercise, which the CBN says has made the system stronger. Governor Olayemi Cardoso said the aim is a stable, competitive and internationally connected financial system, and welcomed growing interest from international financial institutions.
What happens next
Approval-in-principle is the first step, not a final licence. The bank must incorporate with the Corporate Affairs Commission and complete its operational and regulatory arrangements before the CBN issues a final licence.
The CBN has approved:
- Adedapo Adedayo Olagunju as managing director
- Non-executive directors Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza
- Independent non-executive directors Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni
Source: BusinessDay, 23 October 2026.
