CBN Gives JPMorgan Preliminary Approval for Nigerian Bank

The Central Bank of Nigeria has granted JPMorgan approval-in-principle to establish a merchant bank in the country, an initial regulatory step that does not allow the proposed institution to begin operations. The CBN said JPMorgan Merchant Bank Nigeria Limited must complete applicable regulatory and operational requirements and obtain a final licence before it can start business. Those requirements include incorporation with the Corporate Affairs Commission, according to the bank’s announcement. The CBN did not specify when the remaining steps would be completed. The announcement also named Adedapo Olagunju as the proposed bank’s managing director. The CBN approved Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as non-executive directors, and Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni as independent non-executive directors. The CBN said the approval followed its banking-sector recapitalisation programme and broader reforms intended to strengthen financial stability, improve market confidence and deepen Nigeria’s integration with global capital markets. Governor Olayemi Cardoso said the reforms aim to build a stable, competitive and...