CBN grants JPMorgan approval-in-principle to establish merchant bank

The Central Bank of Nigeria (CBN) has granted JPMorgan approval-in-principle to establish JPMorgan Merchant Bank Nigeria Limited. The approval is the first stage of the regulatory process, not a final banking licence; the proposed bank must meet regulatory and operational requirements, including incorporation with the Corporate Affairs Commission, before it can begin business. The CBN approved Adedapo Adedayo Olagunju as managing director, along with several non-executive and independent non-executive directors. The move follows the banking sector recapitalisation and forms part of reforms under Governor Olayemi Cardoso.