₦airaland Forum

CBN Approves JPMorgan’s Merchant Bank in Nigeria

The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to JPMorgan to establish JPMorgan Merchant Bank Nigeria Limited.

This is a preliminary step in the US bank’s plan to expand in Nigeria by converting its longstanding Lagos representative office into a full merchant bank. The proposed bank cannot start operations until it meets remaining regulatory requirements and receives a final licence.

The CBN also approved the board, including Adedapo Adedayo Olagunju as managing director. The move follows JPMorgan’s earlier N50 billion deposit.

Source

ryloy:
CBN Approves JPMorgan’s Merchant Bank in Nigeria

The Central Bank of Nigeria (CBN) has granted Approval-in-Principle (AIP) to JPMorgan to establish JPMorgan Merchant Bank Nigeria Limited.

This is a preliminary step in the US bank’s plan to expand in Nigeria by converting its longstanding Lagos representative office into a full merchant bank. The proposed bank cannot start operations until it meets remaining regulatory requirements and receives a final licence.

The CBN also approved the board, including Adedapo Adedayo Olagunju as managing director. The move follows JPMorgan’s earlier N50 billion deposit.

An omoluabi will be leading the bank in Nigeria as usual. Billions of dollars will flow into Nigeria through JPMorgan. The Tinubu administration is definitely getting everything right. Dear Nigerians, our best years are ahead. The economic boom go too loud.

Obidients will be very sad with this development

PDPdestroyer:
Obidients will be very sad with this development

So an American bank siting a branch in Nigeria is now a tinubu achievement?

LordBiden:
So an American bank siting a branch in Nigeria is now a tinubu achievement?

You are a CLOWN 😂😂😂

When Uber left; it was Tinubu’s fault but when JP Morgan comes in, it’s not Tinunu achievement.

I see a boom in demand for micro mini skirt... this i have seen

Wonder the value it will add to a Nigeria that has more than enough banks

Aren't they going to approve it before 🤣🤣🤣. Are they approving it for free without a fee?🤣

Na wa oooo. To come out of this US net go hard ooo. Foolish Nigerians will probably think it's a good thing.

Apc lunatics will soon start celebrating as if they gave J.P. Morgan the $38m deposit!

The primitive Emilokans are already ejaculating over this.

LordBiden:
So an American bank siting a branch in Nigeria is now a tinubu achievement?

This is why I will fix my $1 billion

Enemies will cry taya tonight

Some of the News that the government should by now be propagating presently should be;
- New oil refinery
- Increase in crude oil production to 2.6mpb and above
- 20,000MW of electricity for generation and distribution
- free prepaid meters readily available
- Massive Rural Areas Electrification
- Intentional investment in agriculture massively
- Reduction of insecurity to a minimal
etc

Crying about over foreign company in Nigeria that is here to maximize it's profit shouldn't be in the front burner.

This is good for Banking, better competition.

they will leave soon, fintech is the way now conventional are trying to catch up

seunmsg:
An omoluabi will be leading the bank in Nigeria as usual. Billions of dollars will flow into Nigeria through JPMorgan. The Tinubu administration is definitely getting everything right. Dear Nigerians, our best years are ahead. The economic boom go too loud.

Jah poonish you! ! say Jah soonish you!

Very old news. Ever since Bolas' son acquired this platform it has gone to the dogs

Money laundry. Here we go ..

43Ronin:
Very old news. Ever since Bolas' son acquired this platform it has gone to the dogs

No one force you here, go to your hoooopaaa heeewwweekaa Group of maaahhhhhddd people .

how much enter someone sho koto pocket for this deal?

seunmsg:
An omoluabi will be leading the bank in Nigeria as usual. Billions of dollars will flow into Nigeria through JPMorgan. The Tinubu administration is definitely getting everything right. Dear Nigerians, our best years are ahead. The economic boom go too loud.

tell me about its reputation

JPMorgan Chase & Co. carries a dual reputation: it is widely regarded by industry peers and investors as the world's dominant financial institution, yet it frequently faces public and regulatory criticism over consumer service friction, high-profile legal settlements, and political controversies.


Controversies & Regulatory Scrutiny

• Legal Settlements & Fines: Over the decades, JPMorgan has paid billions in cumulative regulatory fines and settlements relating to mortgage practices, risk management lapses (such as the 2012 "London Whale" trading loss), compliance oversights, and hiring practices in overseas markets.
• Debanking & Political Accusations: The bank (along with subsidiaries like WePay) has faced public scrutiny and lawsuits from conservative figures and political groups alleging politically motivated account closures or "debanking," which the bank has defended as part of standard risk and compliance protocols.
• Whistleblower & Systemic Risk Claims: Occasional high-profile internal whistleblowers have drawn Congressional and regulatory attention (such as inquiries led by lawmakers regarding internal capital reserve calculations and reporting rules).


Global Presence

Why this global presence matters
J.P. Morgan's offices across Europe and Asia allow it to support international businesses with cross-border payments, trade finance, foreign exchange, investment banking and access to financial markets.

For example, a Nigerian company trading with suppliers in Germany and China might be able to work with J.P. Morgan on eligible international banking transactions, depending on its existing banking relationships and the services available.

You can explore its official worldwide locations here: J.P. Morgan global offices.

One important distinction: these are not all ordinary retail bank branches. Many focus on corporations, institutional investors and high-net-worth clients. Having a local office does not automatically mean that an individual Nigerian resident can open a personal account or qualify for a loan there.

Some Bitter people no go Kuku happy

People that voted Peter Obi should not be employed into bank

seunmsg:
An omoluabi will be leading the bank in Nigeria as usual. Billions of dollars will flow into Nigeria through JPMorgan. The Tinubu administration is definitely getting everything right. Dear Nigerians, our best years are ahead. The economic boom go too loud.

bank is to facilitate outflows for American companies

Thewrath:
Apc lunatics will soon start celebrating as if they gave J.P. Morgan the $38m deposit!

Just take out time and imagine Seyi doling out the measly amount on the side to further consolidate and launder their national loot.

They are consolidating on their stranglehold and take over of the forest called Nigeria.

Those applauding this development should at least list the precise benefits to the country

Its a nice one but I read the bank will be for the high profile persons or corporate body's in the country. Like to open an account you'll have to get like billions of naira with you.

Some people will just be sad for nothing

May God deliver us from hatred

43Ronin:
Very old news. Ever since Bolas' son acquired this platform, it has gone to the dogs.

Wow, I am glad and impressed to know that a comrade who understands and knows what's up is here with me. Do not forget Bosun Tijani, the Minister of Communications or whatever.

It is so sad watching it all unfold in real time and not able to do anything about it while the ones worse hit and at the receiving end who should be calling for heads are the same ones hired for a morsel to shout down the opposing voices.

How sad.

I hope they go into asset management 👌

This move follows JPMorgan’s earlier N50 billion deposit.

Good Development.