Nigeria's central bank gives JPMorgan initial nod for merchant bank
The Central Bank of Nigeria granted approval-in-principle to JPMorgan for a merchant bank, but a final licence is still pending, according to Reuters.
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what happened
The Central Bank of Nigeria (CBN) has granted JPMorgan approval-in-principle to set up a merchant bank in the country. The planned entity, JPMorgan Merchant Bank Nigeria Limited, can start operating only after meeting the remaining regulatory requirements and receiving a final banking licence.
The CBN said the decision reflects growing international interest in Nigeria's financial sector and follows the recapitalisation of local banks. The regulator also approved Adedapo Adedayo Olagunju as managing director and named several non-executive and independent directors.
The central bank stressed that the approval does not yet allow JPMorgan to conduct banking business.
why it matters
For markets, the news signals wider foreign participation in Nigeria's financial sector after the bank recapitalisation exercise. It has no direct effect on the naira or other assets, since the final licence has not been issued.
tags
instruments
sources
- ZAWYA: CBN grants JPMorgan approval to establish Merchant Bank in Nigeria — Reuters, 27 October 2026 at 09:09 UTC
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