The Central Bank of Nigeria has granted approval-in-principle to JPMorgan to establish a merchant bank in Nigeria, marking a significant step towards the expansion of the American financial institution’s operations in the country.

The proposed bank, to be known as JPMorgan Merchant Bank Nigeria Limited, will operate subject to meeting regulatory requirements and the apex bank issuing a final banking licence.

In a statement issued on Friday, the Director of the Corporate Communications and Investor Relations Department at the CBN, Michael Akuka, announced the approval, describing it as a reflection of growing international interest in Nigeria’s financial sector.

The statement said, “The Central Bank of Nigeria has granted Approval-in-Principle to JPMorgan to establish a merchant bank in Nigeria, to be known as JPMorgan Merchant Bank Nigeria Limited.”

The CBN explained that the development followed the implementation of its banking sector recapitalisation programme and other reforms intended to strengthen financial stability, improve market confidence and deepen Nigeria’s integration with global capital markets.

JPMorgan is one of the world’s largest financial institutions, with operations spanning investment banking, commercial banking, asset management and financial services.

Its proposed merchant banking subsidiary would expand its institutional presence in Nigeria, although the approval does not yet authorise the commencement of banking operations.

Merchant banks primarily provide specialised financial services, including corporate finance, investment banking, capital raising and advisory services, rather than conventional retail banking services.

The apex bank clarified that approval-in-principle represented only the first stage of its regulatory authorisation process.

Akuka explained that JPMorgan Merchant Bank Nigeria Limited must complete its incorporation with the Corporate Affairs Commission and satisfy all applicable operational and regulatory requirements before receiving a final licence.

The statement emphasised that the proposed institution could commence operations only after the CBN had issued the necessary final authorisation.

Speaking on the development, the CBN Governor, Olayemi Cardoso, said the bank’s reform agenda was aimed at establishing a financial system capable of attracting investment and supporting economic growth.

“Our objective is to build a financial system that is stable, competitive and internationally connected, one that commands confidence and can effectively support investment and economic growth,” Cardoso said.

He added that the interest shown by international financial institutions reflected the importance of sustaining reforms and strengthening confidence in Nigeria’s financial markets.

The CBN also announced its approval of Adedapo Olagunju as the proposed bank’s Managing Director.

Other approved appointments include Latter George, Nzelu Izunwanne and Syed Murtaza as Non-Executive Directors.

Alade Sarah Omotunde, Ajayi Olukonyinsola, and Adetu Seni were approved as Independent Non-Executive Directors.

The sharp rise in international crude oil prices could trigger another increase in petrol prices in Nigeria, with Brent crude climbing to $115.18 per barrel on Friday amid growing fears of renewed military strikes on Iran and further disruptions to global oil supplies.

The latest rally in crude prices comes as Dangote Petroleum Refinery and other depot owners sell petrol at N1350 at their gantries.

A further increase in the cost of crude could put additional pressure on domestic petrol prices, with marketers facing higher replacement costs and the possibility of passing the increases on to consumers.

According to Oilprice.com, Brent crude climbed to a five-month high on Friday as escalating tensions in the Middle East heightened concerns over global oil supplies, raising the prospect of another increase in petrol prices in Nigeria.

The international benchmark rose by 1.8 per cent to $115.18 per barrel, while United States West Texas Intermediate crude futures gained two per cent to $101.56 per barrel, amid growing expectations that Washington could resume military strikes on Iran in the coming weeks.

The rally comes as Nigerian consumers continue to grapple with elevated petrol prices, which affected inflationary pressure and heightened the cost of living.

Although no fresh increase has been announced by either refiners or importers, sustained increases in international crude prices usually put further pressure on domestic petrol prices by raising feedstock and refined-product replacement costs.

CNBC reports that the latest oil price rally was driven by fears of a renewed military escalation involving the United States and Iran, alongside attacks on energy infrastructure and shipping routes in the Middle East.

Reuters reported on Friday that Brent crude had touched $115.16 per barrel, its highest level since May 4, as attacks by Houthi militants in Saudi Arabia heightened concerns about further disruption to energy supplies.

The report also highlighted the evacuation of Saudi Aramco’s headquarters in Dhahran amid intensifying regional fighting.

Brent futures were on course for a weekly gain of about five per cent, which would mark their third consecutive week of increases. WTI was also heading for a weekly gain, although its advance was considerably smaller.

The renewed concerns followed remarks by United States President Donald Trump on Wednesday that Washington was not negotiating with Iran and that something would happen “fairly soon”.

The comments came amid reports that US and Israeli officials were considering fresh strikes against Iran after the American midterm elections.

Iran’s army chief, meanwhile, said the country’s military was fully prepared for “asymmetric warfare” after strengthening its capabilities, according to the Iranian state media agency Tasnim.

The growing tensions have also extended to Saudi Arabia, where Iran-allied Houthi militants have continued attacks. The United States State Department ordered non-essential personnel to leave the country amid the security concerns.

A drone attack targeting the Shaybah oil field in Saudi Arabia’s Eastern Region on Wednesday reportedly killed two people and injured two others. Another attack on King Fahd International Airport in Dammam also left at least two people dead and eight injured, according to Saudi state media.

Reuters reported that Saudi Aramco had ordered staff to evacuate its Dhahran headquarters and work remotely following attacks by Iran-backed Houthi rebels.

The developments have raised fears of further disruption to crude production, exports and shipping across the Middle East, a region central to global energy supplies.

Of particular concern is the Strait of Hormuz, a strategic waterway through which a significant share of the world’s oil supplies normally passes. Disruptions to shipping through the strait have already contributed to market volatility, while renewed attacks could further tighten supplies and increase freight and insurance costs.

For Nigeria, higher international crude prices could feed into the cost of petrol supplied by domestic refiners and imported products, depending on their crude procurement costs, refining margins, logistics and prevailing market prices.

Dangote Petroleum Refinery, a major supplier to the domestic market, last announced an increase in its petrol gantry price from N1,265 to N1,350 per litre, effective 12 September.

Segilola Resources Operating Limited, a subsidiary of Thor Explorations Ltd and operator of Nigeria’s first commercial gold mine, reaffirmed its commitment to responsible mining at Nigeria Mining Week 2026, where it participated as a Diamond Sponsor.

Held from 12-14 October in Abuja, the 11th edition of NMW brought together government representatives, investors, mining companies and technical experts to fully explore this year’s theme of ‘Unlocking Investment and Growth through Partnerships’ and build capacity across the mining value chain.

The event was hosted by the Ministry of Solid Minerals Development and organised by the Miners Association of Nigeria in partnership with PwC Nigeria.

Delivering the keynote address at the main conference, SROL’s Country Manager, Austin Menegbo, noted that the success of the Segilola Gold Mine is operating proof that successful commercial gold mines can be built and operated in Nigeria and also highlighted the importance of patient capital, technical discipline, effective regulation and strong community partnerships in establishing a commercially viable mining industry in Nigeria.

He said: “The opportunity before Nigeria is significant. But potential, by itself, creates no jobs, earns no export revenue, builds no skills and transforms no communities. Potential becomes valuable only when institutions and industry work together to convert it into responsible production. Segilola has shown that this can be done. Our responsibility now is to make the path clearer for the projects that should follow—not by lowering the bar, but by making the rules coherent, the processes credible and the partnerships real. If we do that, Nigeria will not merely have a successful gold mine. It will have a stronger mining industry: one that attracts serious capital, rewards responsible operators, expands Nigerian participation and delivers enduring value to the nation.”

At its masterclass, ‘From Compliance to Stewardship – Water Management: The SROL Way’, SROL shared insights into its approach to water management, recycling and conservation. The session highlighted the importance of integrating water stewardship into mining operations and managing water resources responsibly throughout the mining process.

SROL also delivered ‘Building a Commercial Gold Industry in Nigeria – Lessons from Segilola and the Path to Scale’, sharing lessons from establishing Nigeria’s first large-scale commercial gold mining operation and exploring opportunities for the wider industry. Through its exhibition booth, the company further engaged stakeholders on environmental stewardship, workplace safety and host community development.

Nigeria’s mining sector offers significant opportunities for economic diversification, job creation and industrial development. Realising this potential will require investment, effective regulation, local capabilities and responsible environmental management.

SROL’s participation at NMW 2026 reinforces its commitment to sharing operational expertise, advancing responsible mining practices and supporting the development of a competitive mining industry that creates lasting value for Nigeria and its communities.

Nigeria’s daily petrol imports fell by 58.9 per cent between January and September 2026, as domestic refineries continued to account for a larger share of supply, although the volume of petrol received into the country remained below consumption in September.

This was as the country received an average of 105.9 million litres of imported petrol per day in total across the nine months from January to September 2026.

Using the number of calendar days in each month, Nigeria received an estimated 3.24 billion litres of imported petrol between January and September 2026. This was calculated by multiplying each month’s reported daily import average by the number of days in that month. The estimate is based on rounded NMDPRA figures and may differ slightly from the regulator’s underlying totals.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority’s September fact sheet released on Thursday showed that petrol imports declined from 24.8 million litres per day in January to 10.2 million litres per day in September.

This represented a reduction of 14.6 million litres per day, or 58.9 per cent, in the daily average volume of imported petrol received over the period.

The decline occurred alongside a significant increase in domestic supply between September 2025 and September 2026, reflecting the growing contribution of local refining to Nigeria’s petrol market.

According to the NMDPRA data, domestic petrol receipts rose from 17.6 million litres per day in September 2025 to 28.5 million litres per day in September 2026, representing an increase of 61.9 per cent.

Consequently, locally supplied petrol accounted for 73.6 per cent of the 38.7 million litres received daily in September, while imports contributed 26.4 per cent.

The September figures, however, showed that the decline in imports was not matched by a corresponding increase in overall petrol supply, as total receipts fell by 23.4 per cent from 50.5 million litres per day in August.

The NMDPRA attributed the September decline to reductions in both domestic supply and imports, noting that approved import permit volumes were being exhausted.

Domestic petrol receipts fell by 20.6 per cent from 35.9 million litres per day in August to 28.5 million litres in September. Imported supplies declined by 30.1 per cent from 14.6 million litres to 10.2 million litres daily.

The combined reduction of 11.8 million litres per day in receipts came as petrol consumption increased

The regulator reported that daily petrol consumption rose by seven per cent from 41.5 million litres in August to 44.4 million litres in September.

This left a gap of 5.7 million litres per day between reported petrol receipts and consumption in September, with daily receipts covering about 87.2 per cent of reported consumption.

The development also affected stock sufficiency. Petrol stock cover increased slightly from 22.9 days in August to 23.9 days in September, but remained below the 30-day threshold used by the regulator.

The stock cover represented an improvement of 4.4 per cent over August, although the country still had about six days less than the benchmark.

The figures suggest that the reduction in imports has not, by itself, eliminated supply pressures. Sustaining lower import dependence will require domestic refineries to provide sufficient and consistent volumes to meet consumption.

A review of the monthly data from January to September showed that petrol imports fluctuated considerably during the period.

Imported petrol receipts fell from 24.8 million litres per day in January to 3.0 million litres in February, before rising to 5.9 million litres in March. They dropped to 3.7 million litres in April, increased to 5.9 million litres in May and then climbed sharply to 18.1 million litres in June.

Imports rose further to 19.7 million litres per day in July before falling to 14.6 million litres in August and 10.2 million litres in September.

The July figure was the highest monthly import receipt since January, while September’s volume was 48.2 per cent below July’s level.

Domestic supplies also varied during the nine-month period. They rose from 40.1 million litres per day in January to 40.7 million litres in April and peaked at 41.5 million litres in May, before falling to 32.5 million litres in June and 25.8 million litres in July.

Domestic receipts recovered to 35.9 million litres daily in August before declining to 28.5 million litres in September.

The Development Bank of Nigeria has disbursed N1.4tn to Micro, Small and Medium Enterprises nationwide, supporting the creation of about 1.6 million jobs as of December 2025.

The bank also announced plans to reach more than two million MSMEs under a new five-year strategy, with particular attention to women-led businesses, young entrepreneurs and underserved states.

The bank disclosed this in a statement issued on Thursday after its seventh Annual Lecture, held in Abuja, on Wednesday.

“As at December 2025, DBN had disbursed a cumulative N1.4tn to MSMEs through 84 Participating Financial Institutions, creating about 1.6 million jobs nationwide. Under its new five-year strategy, the Bank aims to reach more than two million MSMEs, with deliberate targets for women-led businesses, youth-led businesses and underserved states,” the statement read.

Speaking at the event, the Managing Director and Chief Executive Officer of DBN, Dr Tony Okpanachi, said the bank had channelled the funds through 84 Participating Financial Institutions to improve access to credit for small businesses.

“The major reforms are now in place. How do we make sure their benefits reach the trader in Onitsha, the fabricator in Aba, the farmer in Kebbi and the young founder in Yaba?” he asked.

Okpanachi noted that MSMEs accounted for nearly half of Nigeria’s Gross Domestic Product and more than 80 per cent of employment, making their performance critical to the success of economic reforms.

“When reform works for MSMEs, it works for most Nigerians,” he added.

The DBN boss explained that economic reforms would translate into prosperity only when entrepreneurs could access long-term financing, acquire equipment, improve their operations and expand their businesses.

At the lecture, DBN launched its Action for Women in Nigeria initiative, known as DAWN, alongside its Impact Report and MSME Data Assets.

The initiative is designed to address financing constraints facing women-owned businesses by combining loans, credit guarantees, technical assistance, outcome-linked grants and market access.

Its priority sectors include agriculture, exports, healthcare, creative industries, technology and green businesses.

“DAWN is about moving gender-focused lending beyond intention and turning access into opportunity”, Okpanachi said.

The bank also signed a $61m Gender Line of Credit agreement with the African Development Bank to strengthen financing for women-led enterprises.

Okpanachi urged financial institutions to expand lending into underserved sectors and states, while encouraging entrepreneurs to formalise their businesses and maintain proper financial records.

He also called on policymakers to “measure reform by what changes for the business at the end of the chain”.

The event featured the Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and the Chairman of the Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya, as keynote speakers.

Other participants included Sterling Bank CEO, Abubakar Suleiman; entrepreneur Omoyemi Chukwurah; and Babban Gona’s Kola Masha, who joined virtually.

Nigeria’s Vice President, Kashim Shettima, was represented by Dr Fred Iklaga, Senior Technical Adviser in the Office of the Special Adviser to the President on the Economy.

The Central Bank of Nigeria, on Thursday, warned Nigerians that failing to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment, and cautioned bank customers against sharing their personal details with fraudsters.

The CBN Governor, Olayemi Cardoso, who explained that the act falls under financial crimes that attract severe punishment, gave the warning during the stakeholders’ meeting themed, “Central Bank of Nigeria Listens Programme,” held at Jogor Event Centre, Ibadan, Oyo State.

Cardoso, who spoke through Hakama Sidi Ali, said the CBN was committed to financial stability and the protection of customers’ rights.

He said, “Obtaining information relating to another person(s) account through fraudulent means attracts severe penalties. A customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment.

“The CBN Listens Programme is one of our flagship platforms for direct interaction with stakeholders across the country. It reflects our conviction that effective policy formulation and implementation must be supported by continuous dialogue and mutual understanding, and constructive feedback from the people and institutions we serve.

“The theme, ‘Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,’ is both timely and significant as Nigeria continues to navigate a rapidly evolving economy and financial landscape. The CBN remains steadfast in its mandate of ensuring monetary and financial system stability while promoting confidence in the economy.”

“Recent years have witnessed significant reforms aimed at restoring macroeconomic stability, strengthening financial markets, enhancing transparency, deepening financial inclusion and positioning Nigeria for sustainable growth. These priorities align with the bank’s strategic objectives of promoting a robust, sound and inclusive financial system that leverages innovation to enhance Nigeria’s competitiveness.

“To achieve these objectives, the bank has undertaken far-reaching reforms designed to strengthen the resilience and integrity of the Nigerian financial system. Over the past 38 months, the governor has pursued bold and pragmatic reforms to lay the foundation for Nigeria’s next economic phase, promoting inclusive growth and wealth creation to alleviate poverty.”

He added, “The launch of the non-resident BVN to connect Nigerians in the diaspora with local banking services, the system of forex trading, the unveiling of the Nigerian Payments System Vision 2028, and the implementation of the 75 per cent cash reserve ratio on non-treasury single account public sector deposits are intended to improve liquidity management and mitigate risk.

“The Nigerian Overnight Financial Rate was also introduced by the bank in collaboration with the Financial Market Dealers Association, among other initiatives. This benchmark, which aligns Nigeria’s monetary market infrastructure with international practices, provides a transparent market-based reference rate for short-term lending transactions.

“The CBN firmly believes that economic growth cannot be sustainable unless it is inclusive. Therefore, financial inclusion remains a critical pillar of national development. It expands economic opportunities, reduces poverty, supports entrepreneurship and promotes shared prosperity.

“We, therefore, continue to work closely with financial institutions, fintech companies, mobile money operators, development partners and state governments to expand and extend financial services to underserved populations of Nigerians.”

The CBN governor stressed that the bank’s Listens Programme was rooted in the recognition that stakeholders were partners in the development and implementation of effective policies.

He said, “The programme, therefore, provides opportunities for us to further explain policies, clarify misconceptions where they exist, receive feedback and identify issues affecting individuals, businesses and communities.

“As depositors, you have the right to escalate your complaint to the Director, Consumer Protection and Financial Inclusion Department, after lodging your complaint, if your bank fails to acknowledge it within three days.

“In the alternative, you can issue a tracking number if the bank fails to resolve the complaint within the timelines as stipulated by the Consumer Protection Regulation.”

It will be recalled that the CBN was established by the Central Bank Act of 1958 and officially commenced operations on July 1, 1959, in Lagos, taking over control from the British colonial West African Currency Board.

The Nigerian equities market closed on a bearish note on Wednesday, reversing previous gains as heavy selling pressure in major banking and financial stocks dragged the key performance indicators lower.

The All-Share Index dropped by 0.32 per cent or 794.64 points to settle at 245,116.49 points, down from 245,911.13 points recorded on Tuesday. Correspondingly, market capitalisation shed N515.95bn to close at N159.15tn compared to N159.67tn in the previous session, representing a similar 0.32 per cent decline.

Sectoral performance reflected broad-based weakness across major indices. The NGX Banking Index spearheaded the downturn with a 1.49 per cent contraction to close at 2,456.31 points, pressured by notable drawdowns in tier-one and tier-two lenders. Access Holdings recorded a significant loss of 6.12 per cent to close at N26.10, while First HoldCo dropped 4.59 per cent to N131.00.

Zenith Bank dipped 1.21 per cent to N122.00, and Ecobank Transnational Incorporated slid 1.47 per cent to N67.00. Guaranty Trust Holding Company, United Bank for Africa, and Wema Bank also closed lower, falling 0.08 per cent, 0.24 per cent, and 0.33 per cent to settle at N122.40, N41.90, and N30.00, respectively. Conversely, Fidelity Bank provided a key buffer within the sector, advancing 6.02 per cent to close at N22.00.

The NGX Insurance Index also suffered a decline, dropping 1.41 per cent to 1,053.31 points as insurance stocks faced heightened profit-taking. Custodian Investment was among the top decliners in the sector, losing 7.57 per cent to close at N64.70, while Royal Exchange fell 7.41 per cent to N1.00. Consolidated Hallmark Holdings lost 7.14 per cent to settle at N6.50, and Regency Alliance Insurance dropped 6.41 per cent to N0.73. Sovereign Trust Insurance, Fortis Global Insurance, and International Energy Insurance fell by 5.58 per cent, 4.74 per cent, and 3.33 per cent to N2.03, N1.81, and N2.03, respectively.

AIICO Insurance appreciated 5.00 per cent to N3.80, Veritas Kapital Assurance gained 5.56 per cent to N1.14, and Guinea Insurance rose 2.41 per cent to N0.85.

In the Consumer Goods space, the NGX Consumer Goods Index lost 0.43 per cent to close at 4,024.83 points. Declines in International Breweries, which dropped 5.00 per cent to N9.50, and Honeywell Flour Mill, down 1.41 per cent to N17.50, weighed on the sector. However, Dangote Sugar Refinery managed a modest gain of 0.37 per cent to close at N67.00.

The NGX Industrial Index remained virtually flat, sliding marginally by 0.001 per cent to 10,258.94 points. Although Austin Laz and Cutix fell 9.92 per cent and 2.58 per cent to N3.18 and N2.27, respectively, Meyer Plc provided support by advancing 9.72 per cent to N17.50.

On the flip side, the NGX Oil/Gas Index emerged as the sole gaining sectoral benchmark, advancing 0.12 per cent to close at 6,197.74 points. Market sentiment in the sector was boosted by Oando, which rose 4.50 per cent to N36.00, and Japaul Gold & Ventures, which gained 0.80 per cent to settle at N2.53. Other key oil and gas stocks, including Seplat Energy, Aradel Holdings, Conoil, Eterna, and TotalEnergies Marketing Nigeria, maintained their previous closing prices.

LivingTrust Mortgage Bank led the advancers’ chart with a gain of 9.90 per cent to close at N3.22, followed closely by ABC Transport, which surged 9.77 per cent to N7.30. Meyer gained 9.72 per cent to N17.50, Livestock Feeds rose 9.65 per cent to N18.75, and Caverton Offshore Support Group added 6.67 per cent to finish at N4.80. Other notable gainers included NPF Microfinance Bank, AVA Capital, Abbey Bank, Daar Communications, eTranzact International, and Tantalizers.

Conversely, Chams Switch / CWG led the losers’ chart, declining 9.98 per cent to close at N18.05. UPDC Real Estate Investment Trust sank 9.93 per cent to N19.05, while Austin Laz dropped 9.92 per cent to N3.18. Neimeth International Pharmaceuticals slid 9.52 per cent to N7.60, Critical Minerals Financing Corp lost 7.51 per cent to N3.57, and Africa Prudential decreased 5.00 per cent to N10.45. Other stocks that recorded price declines included Thomas Wyatt Nigeria, VFD Group, The Initiates Plc, and Secure Electronic Technology.

Across all listed boards, total equity trading activity saw investors exchange 354.03 million shares valued across 32,514 deals. Financial services dominated trading volume, with Zenith Bank recording 48.21 million shares traded in 2,626 deals, while Access Holdings recorded 40.98 million shares across 1,718 deals.

Outside equities, Exchange Traded Funds posted 243,433 units traded across 548 deals, led by gains in Vetiva Consumer Goods ETF, Meristem Growth ETF, and Meristem Value ETF, while Stanbic IBTC ETF 30 and Vetiva Sovereign Bond ETF ended in negative territory. In the debt market, 108,720 bond units were traded across 22 deals, highlighted by activity in Dangote Cement’s 2034 Series bond, Chapel Hill Denham’s DIF 2032 bond, and various FGN Sukuk papers.