The Central Bank of Nigeria has granted JPMorgan approval-in-principle to establish a merchant bank in Nigeria, to be called JPMorgan Merchant Bank Nigeria Limited.
The preliminary approval does not allow the proposed bank to begin business. It must complete the remaining regulatory requirements and obtain a final operating licence from the CBN.
Those requirements include incorporation with the Corporate Affairs Commission and completion of the necessary operational and regulatory arrangements, CBN communications director Michael Akuka said.
Akuka announced the approval on Friday, October 23. The CBN also approved the nomination of Adedapo Adedayo Olagunju as managing director of the proposed bank.
Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza were approved as non-executive directors. Alade Sarah Omotunde, Ajayi Olukonyinsola and Adetu Seni were approved as independent non-executive directors.
CBN Governor Olayemi Cardoso said the regulator wanted a stable, competitive and internationally connected financial system capable of supporting investment and economic growth. He said the bank was encouraged by international financial institutions’ interest in Nigeria and would continue its financial-market reforms.
Sources: Daily Trust, Channels Television
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