{
  "id": 16205179,
  "title": "CBN approves JPMorgan’s plan to establish merchant bank in Nigeria",
  "url": "https://urgent.news/2026/10/23/cbn-approves-jpmorgans-plan-to-establish-merchant-bank-in-nigeria",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-23T14:25:18.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/23/cbn-approves-jpmorgans-plan-to-establish-merchant-bank-in-nigeria/"
  },
  "original_language": "en",
  "account": "The Central Bank of Nigeria (CBN) has given a provisional green light to JPMorgan to establish a merchant bank called JPMorgan Merchant Bank Nigeria Limited, signaling the US financial giant's expansion plans in the country. CBN Director Michael Akuka announced the approval amid ongoing reforms aimed at boosting financial stability, confidence, and integration with global capital markets. The proposed bank would only be able to commence operations after meeting CBN requirements and acquiring a final banking license. The CBN's decision follows Nigeria's successful banking sector recapitalization exercise, which aimed to strengthen the resilience and capacity of the financial system. This development aligns with CBN Governor Olayemi Cardoso's broader reform agenda, which focuses on financial stability, deeper financial markets, and renewed international confidence. Cardoso stated that the bank's goal is to create a financial system that can support investment and economic growth while attracting greater participation from international institutions. The CBN also approved the nomination of Adedapo Adedayo Olagunju as the proposed bank's managing director and several other appointments. The approval is seen as an initial stage in the licensing process and does not allow the proposed bank to commence business. JPMorgan Merchant Bank Nigeria Limited must complete all necessary regulatory requirements, including incorporation with the Corporate Affairs Commission and operational arrangements, before the CBN issues a final license. The approval is part of the CBN's commitment to maintaining a sound, competitive, and internationally connected financial system. JPMorgan Chase & Co. had previously announced plans to establish a merchant banking presence in Nigeria, depositing N50 billion (approximately $38 million) with the CBN as part of its application process.",
  "summary": "The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to JPMorgan to establish JPMorgan Merchant Bank Nigeria Limited, marking a new step in the US financial institution’s plans to expand its presence in the country. The post CBN approves JPMorgan’s plan to establish merchant bank in Nigeria appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}