JP Morgan Chase & Co., an American multinational bank, is strengthening its African expansion by converting its Lagos office into a full-fledged business branch.
According to African Intelligence, JP Morgan plans to apply for a merchant banking license from the Central Bank of Nigeria (CBN) in the coming months. The license would enable the bank to diversify its services beyond advisory and asset management, offering dollar-denominated loans tailored to large corporations.
The bank has maintained a presence in Lagos since the 1980s, and is currently led in Nigeria by its head of West Africa, Dayo Olagunju. If approved, the shift to a fully operational branch would mark a turning point in JP Morgan’s African operations, allowing the bank to expand its specialized financial services and reinforce its regional presence.
This expansion aligns with JP Morgan CEO Jamie Dimon’s broader vision to scale the bank’s operations across Africa. As global institutional investors increasingly explore opportunities in Nigeria’s evolving financial landscape, JP Morgan’s move reflects a growing confidence in the country’s economic potential.
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Earlier this year, a JP Morgan delegation led by Dapo Olagunju engaged in high-level talks with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the ministry’s headquarters in Abuja.
According to an official statement from the Ministry on X, the discussions focused on investment opportunities, investor confidence, and Nigeria’s economic outlook. The delegation included major institutional investors with significant stakes in Nigeria’s Eurobonds and local securities. Their visit formed part of JP Morgan’s broader mission to assess Nigeria’s financial stability and economic trajectory firsthand.
During the January meetings, Minister Wale Edun emphasized recent economic achievements, such as Nigeria’s successful Eurobond issuance, executed without a traditional roadshow. This achievement, driven by strong global investor confidence, highlights the potential for deeper collaboration between Nigeria and international financial institutions like JP Morgan.
