Di name JPMorgan dey trend for Nigeria X on Friday, sitting at number 17 on di trends24.in list, and di reason no far from di banking news wey dey come out of Lagos and Abuja. News reports say di Central Bank of Nigeria don give di United States banking giant approval-in-principle to set up a merchant bank for di country.
Channels Television report on Friday say di CBN grant di approval-in-principle to JPMorgan to establish a merchant bank wey go bear di name JPMorgan Merchant Bank Nigeria Limited.
Business Insider Africa, wey also report di approval on Friday, talk say di proposed bank go dey led by Adedapo Olagunju, JPMorgan managing director for West Africa.
Di approval no come alone. On Tuesday, 20 October 2026, Punch Newspapers report say JPMorgan lodge N50bn with di CBN for banking licence. Di same day, TheCable report say di bank deposit $38 million with di CBN ahead of di Nigeria launch wey dem dey plan. Business Insider Africa follow am up on Wednesday, 21 October, wit report say di deposit dey as di banking launch dey move closer. On Friday, di same outlet note say di deposit of about $38 million, wey be N50 billion, match di minimum capital requirement for a merchant bank wey get national authorisation.
Wetin di licence go change for JPMorgan? Business Insider Africa explain say di Wall Street group dey operate from a representative office for Lagos, where e dey serve corporate and institutional clients wit investment banking, markets, payments and asset-management services. A merchant banking licence go give am locally regulated platform to provide corporate finance, trade finance, foreign-currency loans, capital raising and other services directly to big Nigerian companies.
Di CBN announce di approval inside one statement, and according to di report, di regulator say di move come amid reforms wey dem design to strengthen financial stability and deepen Nigeria connection to international capital markets.
But di regulator still put one condition for front. Approval-in-principle na only di first stage and e no permit di proposed bank to begin operations. Before JPMorgan Merchant Bank Nigeria fit open door for business, e must register wit di Corporate Affairs Commission, set up di operational systems wey dem require and satisfy di remaining regulatory conditions from di CBN. Di bank go only start work after di regulator finish im own assessment and issue final merchant banking licence.
