Business News
CBN grants JPMorgan approval-in-principle to establish Merchant Bank in Nigeria
The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to JPMorgan to establish JPMorgan Merchant Bank Nigeria Limited, marking a step towards expanding the US financial institution’s operations in the country.
The approval represents an initial stage in JPMorgan’s plan to convert its longstanding representative office in Lagos into a fully licensed merchant bank.
However, the proposed bank cannot commence operations until it fulfils the outstanding regulatory requirements and obtains a final operating licence from the CBN.
The apex bank also approved the proposed board of the merchant bank, including Adedapo Adedayo Olagunju as its managing director.
The development follows JPMorgan’s earlier deposit of ₦50 billion, although further details about the deposit and its specific regulatory implications were not provided in the information available.
The proposed establishment of JPMorgan Merchant Bank Nigeria Limited would mark a significant development in the bank’s Nigerian operations, subject to the completion of the licensing process.
JPMorgan’s next steps will depend on meeting the CBN’s remaining requirements before the proposed merchant bank can begin business.
Follow Us on Google Discover
Atiku dares Tinubu to name ministers, appointees involved in alleged bribery
Flamingos beat North Korea 3-1 to reach U-17 WWC knockout stage
EFCC opens portal for 2026 recruitment – Step-by-step guide to apply
Tinubu reinstates Mohammed Danjuma as permanent secretary after suspension
Nigerian Electricity Supply Corporation (NESCO) opens recruitment for five positions – Apply Now
Chevron opens recruitment for five console operator positions in Nigeria – Apply
Remi Tinubu, Seyi Tinubu clash over APC Youth leadership appointment
EXCLUSIVE: Rainbow Coalition emerges in Ogun Central as Iyabo Obasanjo moves to back Peter Obi
Kwara Gov promotes 5,956 SUBEB staff, approves October benefits
JUST IN: Bayern Munich Boss Vincent Kompany hospitalized after collapsing during training
Ebola: Tinubu approves ₦10bn, appoints Gbajabiamila to lead Presidential Task Force
CBN grants JPMorgan approval-in-principle to establish Merchant Bank in Nigeria
653 terrorists convicted as FG prosecutes 1,060 in Abuja
PSG vs Lyon Ligue 1 match postponed amid violent protests in Paris
Panic as multi-storey building collapses during construction in Nairobi
Seven-Up opens recruitment for 17 positions across Nigeria – Apply Now
Backend Office HQ announces 9 job openings with salaries of up to ₦400,000 – Apply Now
CDCFIB Recruitment: Portal opens October 28 for shortlisted candidates
‘Politics Is Not Madness’: Emir of Katsina warns Tinubu Campaign DG Yari
10 things you never knew about late Nollywood veteran, Francis Duru
BREAKING: Veteran Nollywood actor Francis Duru is dead
2027: He is a ‘wole wole’ man – APC National Secretary questions Atiku’s ability to fix Nigeria’s economy
Hardship: NLC, TUC threaten nationwide action, give FG October 27 deadline
‘Every Nigerian made poorer by 300%’ – Obasanjo slams Tinubu reforms
Tinubu’s Gov’t only about him, his wife, son and bank account; ‘Renewed Hope’ Is ‘Renewed Hunger’ — Emir of Katsina
Ebola: Akwa-Ibom govt intensifies surveillance after confirmed case in Abuja
Bauchi Imam removed from position for allegedly campaigning for Tinubu’s second term
NEC approves 90-Day plan to tackle high food prices, transport cost
Ebola: Tinubu approves ₦10bn, appoints Gbajabiamila to lead Presidential Task Force
