BY COBHAM NSA – Global financial services giant, JPMorgan has received Approval-in-Principle (AIP) from the Central Bank of Nigeria (CBN) to float a merchant bank in Nigeria with the name, JPMorgan Merchant Bank Nigeria Limited.
CBN’s Director of Corporate Communications and Investor Relations Department, Michael Akuka, who announced the development in Abuja, said the nod comes amid sustained reforms seeking to strengthen financial stability, improve market confidence and deepen Nigeria integration with global capital markets.
According to Akuka, the AIP extended to the Wall Street giant signals growing international confidence in Nigeria financial sector reforms and follows successful banking sector recapitalisation exercise.
A statement signed by the apex bank Director said the proposed establishment of a Merchant Bank by one of the world’s leading financial institutions marks significant development for Nigeria’s financial sector, adding that this reflects growing international interest in the country’s financial markets and long term economic prospects.
Akuka stated that these developments are unfolding alongside the sweeping reform agenda by the CBN Governor Olayemi Cardoso, stressing that the apex bank is aggressively targeting three core pillars of bolstering financial stability, deepening local markets, and restoring battered international confidence in Nigeria’s financial ecosystem.
Hinting on Governor Cardoso’s broader reform priorities, Akuka said the ultimate goal is building a stable, competitive, and globally integrated financial system, adding that the Cardoso-led team is focused on its conviction that a resilient banking sector is vital to restoring market trust and driving the domestic investment needed to fuel broader economic growth.
He maintained that the CBN is buoyed by a resurgence of interest from global financial institutions and plans to double down on its current trajectory with its immediate focus also shifting to locking in market credibility and creating an even playing field where both local and foreign investors can thrive side by side.
However, the CBN spokesperson clarified that the AIP is merely the preliminary stage of the licensing process and does not permit the bank to begin immediate business, adding that to secure the final banking licence with authorisation to commence business, the institution must first complete its incorporation with the Corporate Affairs Commission (CAC) and finalize all structural and operational arrangements.
The CBN statement said to steer the proposed bank, it has approved the nomination of Mr. Adedapo Adedayo Olagunju as Managing Director, while also ratifying a high-profile board of directors to oversee the emerging entity.
The listed names include, Latter Kevin George, Nzelu Chinedum Izunwanne, and Syed Gabriel Murtaza as Non-Executive Directors, while Alade Sarah Omotunde, Ajayi Olukonyinsola, and Adetu Seni will serve as Independent Non-Executive Directors.
Further explaining that this regulatory milestone directly follows Nigeria’s banking sector recapitalization exercise, the CBN said the step aligns with its broader economic priorities to sustain reforms, protect market credibility, and foster a highly competitive, internationally connected financial system.
