Nume Ekeghe with agency reports

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 licence 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 licence in the coming months.”

The report noted that JP Morgan declined to comment when contacted.

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.”

Furthermore, in January, JP Morgan executives met with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja.

The engagement, led by Olagunju, was part of a broader initiative to boost investor confidence and highlight Nigeria’s commitment to market-driven reforms.

According to a statement from the Ministry of Finance’s Director of Information and Public Relations, Mohammed Manga, then, the meeting was part of JP Morgan’s ongoing efforts to connect institutional investors with significant holdings in Nigeria’s Eurobonds and local securities.

“The delegation, which included major investors with significant holdings in Nigeria’s Eurobonds and local securities, was part of an exploratory visit organised by JP Morgan for a diverse group of international institutional investors seeking insights into the nation’s economic landscape,” the statement read.

It further noted that the meeting underscored Nigeria’s proactive approach to attracting foreign investment and driving economic growth.

“The engagement with JP Morgan underscores Nigeria’s proactive approach to deepening investor confidence and strengthening its economic fundamentals. As the country pushes ahead with structural reforms, it is positioning itself as a key investment destination in Africa’s evolving financial landscape,” it had stated.

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