The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to JPMorgan to establish JPMorgan Merchant Bank Nigeria Limited.
This is a preliminary step in the US bank’s plan to expand in Nigeria by converting its longstanding Lagos representative office into a full merchant bank. The proposed bank cannot start operations until it meets remaining regulatory requirements and receives a final licence.
The CBN also approved the board, including Adedapo Adedayo Olagunju as managing director. The move follows JPMorgan’s earlier N50 billion deposit.
