JPMorgan Deposits N50bn in CBN For Merchant Bank Licence

JPMorgan Chase & Co. has deposited 50 billion naira ($38 million) with the Central Bank of Nigeria (CBN) as it moves closer to a banking licence in Africa’s most populous nation, Bloomberg reported, citing people familiar with the matter.
The deposit is one of the final regulatory requirements for approval. It signals that the largest US lender is ready to launch a merchant-banking operation in Nigeria if its application succeeds. The sources who asked not to be named because the process is private, told Bloomberg.
The amount matches the minimum capital the CBN set in its March 2024 recapitalisation rules for a merchant bank, against 500 billion naira for a commercial bank with intern...