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JP Morgan's banking expansion in Nigeria
JP Morgan has taken significant steps to establish a banking presence in Nigeria, including a $38 million deposit and receiving approval for a merchant bank.
No new coverage since 23 October 2026.
The story so far as of 23 October 2026
On October 20, 2026, JP Morgan deposited $38 million with the Central Bank of Nigeria as part of its application for a banking licence. On October 23, 2026, the Central Bank of Nigeria granted Approval-in-Principle to JP Morgan to establish a merchant bank named JPMorgan Merchant Bank Nigeria Limited. This approval was announced by Michael Akuka and is seen as part of ongoing financial sector reforms.
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Coverage, day by day
- Companies
CBN approves JPMorgan's merchant bank in Nigeria
Impact Financial institutions and investors gain confidence from JPMorgan's entry into Nigeria's banking sector.
Sources: Business Day ↗, Daily Trust ↗
- Companies
JP Morgan deposits $38m for Nigerian banking licence
Impact Nigerian financial markets and banking sector may see increased competition and investment from JP Morgan's entry.
Sources: Premium Time ↗, Daily Post Nigeria ↗
Sources in this story
Sources: each headline links to the original article on the publisher's site.