CBN grants JP Morgan approval-in-principle to establish merchant bank in Nigeria

The Central Bank of Nigeria (CBN) has granted global financial services firm JP Morgan approval-in-principle to establish a merchant bank in Nigeria after receiving a $38 million deposit from the company.

The apex bank disclosed this in a statement on Friday, stating that the proposed lender, JPMorgan Merchant Bank Nigeria Limited, must obtain a final banking licence before commencing operations.

The development follows reports that JP Morgan deposited $38 million with the CBN as part of its preparations to secure a banking licence in Nigeria.