CBN GIVES JPMORGAN INITIAL APPROVAL TO ESTABLISH MERCHANT BANK IN NIGERIA

-

By NaijaParrot October 23, 2026 | Business News 

 The Central Bank of Nigeria (CBN) has granted American financial services giant JPMorgan approval-in-principle to establish a merchant bank in Nigeria, marking a major step towards expanding the company’s operations in the country.  

The proposed institution, JPMorgan Merchant Bank Nigeria Limited, will be required to fulfil outstanding regulatory conditions and obtain a final banking licence before it can commence operations. 

 The CBN announced the development on Friday through its Director of Corporate Communications and Investor Relations, Michael Akuka. The regulator said the approval reflects growing international interest in Nigeria’s financial markets and economic prospects.

The CBN clarified that approval-in-principle represents an initial stage in the licensing process and does not authorise the proposed bank to begin business immediately. JPMorgan Merchant Bank Nigeria Limited must meet all applicable regulatory requirements, including incorporation with the Corporate Affairs Commission and the completion of necessary operational arrangements, before receiving final authorization. 

 A merchant bank primarily provides specialized financial services to large businesses, governments and institutional clients. These services can include corporate financing, trade finance, capital markets transactions and other investment-related activities.

 JPMorgan’s proposed entry could widen financing options for Nigerian companies seeking access to international capital and strengthen competition in the country’s wholesale banking market. 

 The development also follows Nigeria’s banking sector recapitalization program and wider reforms aimed at strengthening financial stability, improving investor confidence and deepening the country’s connection to global financial markets.

JPMorgan has maintained a presence in Nigeria through its representative office in Lagos. Establishing a licensed merchant bank would allow it to expand its activities, subject to the scope of the final license granted by the CBN. 

The proposed bank’s commencement date has not been confirmed. Its operations will depend on the completion of the regulatory process and the issuance of a final banking licence.  


NaijaParrot — Hear It First, Hear It True!

Comments

Post a Comment

Popular posts from this blog

OSUN: GUNMEN KILL SECURITY GUARD AT SENATOR OYEWUMI’S BOVAS FILLING STATION, LOOT SUPERMARKET

-
Image
OSOGBO, OSUN STATE | OCTOBER 24, 2026     By NaijaParrot   Crime | Security | Osun News   A security officer, identified as Sunday Adedeji and popularly known as “Portable,” has been killed after armed assailants reportedly attacked Senator Lere Oyewumi’s BOVAS-affiliated filling station and burgled its supermarket in an overnight operation. The incident was disclosed in a statement published on October 24, 2026, by the Media Unit of the Office of the Deputy Minority Leader of the Senate. The statement expressed grief over the death of Adedeji and called on security agencies to investigate the attack and bring those responsible to justice. (Senator Lere Oyewumi) According to the statement, the attackers invaded the filling station under the cover of darkness and killed the security officer who was on duty at the premises. The assailants also reportedly broke into the station’s supermarket and stole goods and other valuables said to be worth millions of...
Read more

TINUBU SETS UP COMMITTEE LED BY GBAJABIAMILA TO RESOLVE OSUN LOCAL GOVERNMENT CRISIS

-
Image
By NaijaParrot October 18, 2026   ABUJA, NIGERIA — President Bola Ahmed Tinubu has reportedly established a committee headed by his Chief of Staff, Femi Gbajabiamila, to develop a framework for resolving the lingering local government crisis in Osun State. The development was disclosed by a senior Osun State Government official, according to a report published by The PUNCH on Sunday. The committee is expected to help the Presidency and the state government find a negotiated solution to the dispute involving the control and administration of local government councils. According to the report, Tinubu initiated the peace process after Osun State Governor Ademola Adeleke visited the Presidential Villa in Abuja following the August 15 governorship election. The official said the President subsequently constituted a small committee under Gbajabiamila to develop a framework for addressing the disagreements between the state government and the All Progressives Congress (APC...
Read more

OSUN GOVERNMENT OPENS RECRUITMENT FOR AD HOC ROAD SWEEPERS, SETS NOVEMBER 12 DEADLINE

-
Image
By NaijaParrot | October 29, 2026  Osogbo, Osun State, Nigeria    The Osun State Government has announced the immediate recruitment of ad hoc road sweepers as part of efforts to strengthen environmental sanitation and maintain cleaner surroundings across designated locations in the state. The recruitment exercise, announced by the Osun State Taskforce on Environmental Sanitation, is open to medically fit men and women who meet the stated requirements and reside in the areas where they intend to work. According to the public service announcement issued by the taskforce, applicants must be at least 30 years old, physically able and medically fit to perform the assigned duties.   Interested applicants have been directed to submit their application letters to the General Manager of the Osun Waste Management Agency at its office located at the former Boreepo House, West Bye-Pass, Ring Road, Osogbo. The deadline for submitting applications is Thursday, Novemb...
Read more

Our Friends & Sponsors

— OUR FRIENDS & SPONSORS —
Maison Tife Everything By Holly