…boosting confidence in reforms … appoints Adedapo Adedayo Olagunju as managing director The Central Bank of Nigeria (CBN) on Friday
…boosting confidence in reforms
… appoints Adedapo Adedayo Olagunju as managing director
The Central Bank of Nigeria (CBN) on Friday said it has granted approval-in-principle to JPMorgan to establish a merchant bank in Nigeria, signalling growing international confidence in the country’s financial sector reforms and prospects for deeper capital market integration.
The proposed lender, JPMorgan Merchant Bank Nigeria Limited, marks a significant development for Nigeria’s financial services industry, reflecting growing international interest in the country’s financial markets and long-term economic prospects.
Michael Akuka, director of the Corporate Communications and Investor Relations Department at the CBN, announced the approval, saying the development comes amid sustained reforms aimed at strengthening financial stability, improving market confidence and deepening Nigeria’s integration with global capital markets.
The approval follows the successful implementation of the banking sector recapitalisation exercise, which has strengthened the resilience and capacity of the Nigerian banking system.
The development also comes amid broader reforms under Olayemi Cardoso, governor of the CBN, focused on strengthening financial stability, deepening financial markets and rebuilding international confidence in Nigeria’s financial system.
“Our objective is to build a financial system that is stable, competitive and internationally connected, one that commands confidence and can effectively support investment and economic growth,” Cardoso said.
“We are encouraged by the growing interest of international financial institutions in Nigeria. Our focus remains on sustaining the reforms, strengthening the credibility of our markets and creating an environment in which both domestic and international institutions can participate and thrive,” he added.
However, the CBN clarified that the approval-in-principle represents the first stage of the regulatory approval process and does not constitute a final banking licence.
JPMorgan Merchant Bank Nigeria Limited must fulfil all applicable regulatory requirements, including incorporation with the Corporate Affairs Commission and completion of the necessary operational and regulatory arrangements, before receiving authorisation to commence business.
The CBN has approved the nomination of Adedapo Adedayo Olagunju as managing director of the proposed bank.
It also approved Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as non-executive directors. Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni were approved as independent non-executive directors.
The proposed bank may commence operations only after the CBN issues a final licence.
The apex bank reaffirmed its commitment to maintaining a sound, competitive and internationally connected financial system that supports sustainable economic growth and expands Nigeria’s participation in global financial markets.
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Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.