The Central Bank of Nigeria has given JP Morgan initial approval to establish a merchant bank in the country, Premium Times reports.
The proposed JP Morgan Merchant Bank Nigeria Limited would offer wholesale banking, capital markets and advisory services. The US bank has run a representative office in Nigeria for years. The central bank stressed that the approval is only the first stage of licensing, and that JP Morgan must still incorporate the company and win operational approvals before it can begin trading.
The regulator also approved Adedapo Olagunju as managing director. Governor Olayemi Cardoso said the interest of international lenders showed growing confidence in Nigeria's banking reforms. Bloomberg reported earlier this week that the bank had deposited 50 billion naira with the central bank and hopes to have a full licence by the end of the year or early 2027.
Source: Premium Times
