The Central Bank of Nigeria has granted JPMorgan approval-in-principle to establish a merchant banking subsidiary, a step that could broaden international participation in Nigeria’s financial services industry.
The proposed institution, JPMorgan Merchant Bank Nigeria Limited, cannot begin banking operations until it completes incorporation and other regulatory requirements and receives a final license. The CBN said the preliminary approval was therefore not an authorization to commence business.
CBN Governor Olayemi Cardoso described the decision as consistent with the bank’s objective of building a stable, competitive and internationally connected financial system that can attract investment and support economic growth.
The regulator said Adedapo Adedayo Olagunju had been cleared as proposed managing director. It also approved Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as non-executive directors, alongside Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni as independent non-executive directors.
In a separate engagement in Ibadan, CBN Director of Stakeholder Engagement and Institutional Relations Hakama Sidi Ali called for feedback from businesses, financial institutions, state governments and communities on how the bank’s reforms were affecting everyday economic activity.
Speaking at the CBN Listens Programme, she cited the foreign exchange market’s Bloomberg BMatch platform, bank recapitalization, the Non-Resident Bank Verification Number and the Nigeria Payments System Vision 2028 among initiatives intended to improve market confidence and financial access.
She also referenced a 75 per cent cash reserve requirement on non-Treasury Single Account public-sector deposits and the Nigerian Overnight Financing Rate as tools for liquidity management and improved money-market transparency. She said policy effectiveness would depend not only on financial stability but also on access to services for underserved households and businesses.
