Global financial services giant J.P. Morgan plans to establish a merchant bank in Nigeria, targeting the commencement of operations before the end of 2026, subject to final regulatory approval.
Dapo Olagunji, Managing Director of J.P. Morgan West Africa, announced the strategic expansion during the Nigeria–Asia Financial Connectivity Dialogue held in Singapore.
The event was convened by the Central Bank of Nigeria in partnership with J.P. Morgan, the Nigerian Exchange Group, and FMDQ Group to deepen international investor engagement across Asian markets.
Securing a merchant banking license will allow the U.S. lender to transition beyond its long-standing representative office in Lagos into offering direct wholesale banking, trade finance, and corporate underwriting services.
The expansion aligns with ongoing macroeconomic reforms and foreign exchange market stabilization efforts under Central Bank Governor Olayemi Cardoso, aimed at driving foreign portfolio inflows and strengthening capital market liquidity.
It coincides with the rising foreign exchange reserves, which recently grossed $55 billion in September on sustained structural policy adjustments.
If approved, J.P. Morgan will join domestic merchant banks in structuring debt issuances, advisory transactions, and cross-border deals, significantly elevating Nigeria’s appeal as a premier African financial hub.
