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JPMorgan's Nigerian merchant bank: a vote of confidence, with strings attached
The Central Bank of Nigeria (CBN) has granted JPMorgan an Approval-in-Principle (AIP) to set up JPMorgan Merchant Bank Nigeria Limited. The approval is the clearest sign yet that a global financial heavyweight is willing to commit regulated capital to Nigeria. It is also only the first step, and the gap between approval and operation is where the real questions sit.