JP Morgan Seeks Merchant Banking Licence to Expand in Nigeria
TLDR
- JP Morgan Chase & Co. plans to convert its Lagos representative office into a full business branch, marking a significant expansion of its operations in Nigeria
- The U.S. bank will apply for a merchant banking licence from the Central Bank of Nigeria in the coming months
- The upgrade aligns with CEO Jamie Dimon’s strategy to deepen JP Morgan’s footprint across Africa
JP Morgan Chase & Co. plans to convert its Lagos representative office into a full business branch, marking a significant expansion of its operations in Nigeria, according to a report by African Intelligence.
The U.S. bank will apply for a merchant banking licence from the Central Bank of Nigeria in the coming months. If approved, the move will allow JP Morgan to offer dollar-denominated loans and expand its services beyond advisory and asset management. The Nigerian office is currently overseen by Dayo Olagunju, Head of West Africa.
The bank has operated a representative office in Lagos since the 1980s. The upgrade aligns with CEO Jamie Dimon’s strategy to deepen JP Morgan’s footprint across Africa. In January, a delegation led by Dapo Olagunju met with Nigeria’s Minister of Finance, Wale Edun, to discuss investment opportunities and macroeconomic reforms. The meeting included institutional investors active in Nigeria’s Eurobond and local securities markets.
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Key Takeaways
Nigeria’s economic policy reforms, including a shift to market-based foreign exchange rates and subsidy removals, have drawn renewed interest from international investors. Global financial institutions are responding with deeper engagement. JP Morgan’s decision to pursue a merchant banking licence follows recent visits by major institutional investors to Abuja, reflecting growing confidence in the country's fiscal direction. By offering dollar loans, JP Morgan can serve Nigeria’s large corporates facing limited access to foreign currency financing. The move may also help improve liquidity and financial market depth. Nigeria’s recent Eurobond issuance without a roadshow, praised by Finance Minister Wale Edun, further signals improved investor sentiment. With Nigeria remaining Africa’s largest economy and a key frontier market, the expansion of international banks like JP Morgan could enhance capital inflows, support financial innovation, and contribute to economic stability. The transition from representative office to full branch marks a step toward long-term institutional presence and deeper financial integration.
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