Naija news
CBN gives JPMorgan approval in principle to open a merchant bank in Nigeria
The Central Bank of Nigeria has granted JPMorgan approval in principle to set up JPMorgan Merchant Bank Nigeria Limited. Adedapo Olagunju, who has led the bank's West African operations since 2018, has been cleared to run it. The approval is only a first step, as a final licence is still needed before the bank can begin business.
- JPMorgan reportedly placed about $38 million with the central bank as a capital deposit.
- Board nominees, including independent directors, were also approved.
- The firm still has to complete registration with the Corporate Affairs Commission.
