CBN Approves JPMorgan’s Plan to Establish Merchant Bank in Nigeria

CBN Approves JPMorgan’s Plan to Establish Merchant Bank in Nigeria

The Central Bank of Nigeria (CBN) has granted JPMorgan approval-in-principle to establish a merchant bank in Nigeria, a move that could deepen the country’s access to international capital markets and expand specialised financial services.

The proposed institution, JPMorgan Merchant Bank Nigeria Limited, will focus on wholesale banking, capital markets and advisory services, according to the apex bank.

In a statement issued on Friday, October 23, 2026, the CBN said the approval reflected growing international interest in Nigeria’s financial sector, amid ongoing reforms to strengthen financial stability, restore investor confidence and improve the country’s integration into global financial markets.

CBN Governor Olayemi Cardoso reaffirmed the bank’s commitment to developing a stable, competitive and globally connected financial system capable of attracting investment and supporting economic growth.

The apex bank also approved the nomination of Adedapo Olagunju as managing director of the proposed institution, alongside other non-executive and independent directors.

However, the approval-in-principle does not authorise the bank to commence operations. JPMorgan Merchant Bank Nigeria Limited must complete its incorporation and satisfy the outstanding regulatory and operational requirements before securing a final banking licence.

If fully licensed, the proposed bank could broaden financing and advisory options for Nigerian businesses while strengthening connections between domestic companies and international investors. Its actual impact will depend on the final licence, the services introduced and the extent to which it supports businesses and investment activity in the country.

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