JP Morgan Deposits $38 Million with CBN to Secure a Banking Licence in Nigeria

Author: dailypost.ngPublished on: October 20, 2026Country: Nigeria

Business & Economy

JP Morgan Deposits $38 Million with CBN to Secure a Banking Licence in Nigeria

JP Morgan deposited $38 million with the Central Bank of Nigeria (CBN) as part of the requirements for obtaining a banking licence in the country, according to Bloomberg. The CBN has not confirmed the report, which Bloomberg attributed to sources. Dapo Olagunju, JP Morgan’s managing director for West Africa, said the firm aims to begin merchant banking operations in Nigeria before the end of 2026, once it meets regulatory requirements. On September 15, 2026, JP Morgan added Nigeria to its new emerging markets index.

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