CBN Approves JP Morgan’s Proposed Merchant Bank In Nigeria
By Sabiu Abdullahi
The Central Bank of Nigeria (CBN) has granted global financial services firm JP Morgan approval-in-principle to establish a merchant bank in Nigeria following a reported $38 million deposit.
The apex bank disclosed this in a statement issued on Friday, noting that the proposed institution, JPMorgan Merchant Bank Nigeria Limited, must obtain a final banking licence before it can commence operations.
The approval-in-principle represents an initial regulatory step and does not authorise the bank to begin operations immediately.
The development follows an earlier report by DAILY POST that JP Morgan had deposited $38 million with the CBN as part of its application for a banking licence.
The proposed establishment of the merchant bank marks a step towards JP Morgan’s planned entry into Nigeria’s banking sector, subject to the fulfilment of the regulator’s licensing requirements.