JP Morgan to Establish Full-Service Branch in Nigeria, Seeks CBN Merchant Banking License
JP Morgan is set to expand its footprint in Nigeria by converting its Lagos representative office into a fully operational business branch.
This development was disclosed in a report by Africa Intelligence, which stated that the US banking giant, which had been present in Nigeria since the 1980s, plans to apply for a merchant banking license from the Central Bank of Nigeria (CBN) in the coming months.
The report noted: “Present in Lagos since the 1980s, US bank JP Morgan plans to transform its Nigerian representative office into a fully-fledged branch.
“The New York-based financial institution, managed in Nigeria by Dapo Olagunju, will apply to the Central Bank of Nigeria (CBN) for a merchant banking license in the coming months.”
If successful, the newly structured entity would expand its services to include dollar-denominated loans for large corporations, complementing its existing advisory and asset management operations.
This move aligns with the broader strategy of JP Morgan and its CEO, Jamie Dimon, to strengthen the bank’s presence across Africa.
In mid-October, Dimon visited Nigeria, where he met with CBN Governor Olayemi Cardoso. His African tour also included visits to South Africa, where JP Morgan maintains a subsidiary, and Kenya. Ahead of this trip, Dimon told Reuters of his ambition to expand the bank’s presence on the continent by “adding a country or two every couple of years.”
Source: Arisetv
