LAGOS — Global financial institution JPMorgan Chase plans to establish a full-scale merchant bank in Lagos, Nigeria, with operations targeted to begin before the end of 2026. The initiative remains subject to formal regulatory submission and license approval from the Central Bank of Nigeria (CBN).
The expansion timeline was announced on October 8, 2026, by Dapo Olagunji, JPMorgan’s Managing Director for West Africa, during the Nigeria–Asia Financial Connectivity Dialogue held at the bank’s Singapore offices.
Scope of Operations
The planned merchant bank will operate strictly within corporate and institutional financial markets rather than offering retail banking to the general public. Key operational functions will include:
- Corporate Finance & Advisory: Structuring major corporate transactions, debt issuances, and cross-border mergers and acquisitions.
- Dollar-Denominated Lending: Providing hard-currency credit facilities and specialized loans for large corporate enterprises operating in the region.
- Market Operations: Facilitating institutional trading, liquidity management, and foreign exchange connectivity for global and local institutional investors.
Institutional Background
JPMorgan’s institutional presence in Nigeria dates back to 1961 through Chase Manhattan Bank, leading to the establishment of its representative office in Lagos in the 1980s. The current office provides commercial banking, asset management, and financial advisory services.
Under the new plan, JPMorgan intends to convert or expand its existing representative footprint into a licensed merchant banking entity, allowing it to directly underwrite transactions, extend balance-sheet loans, and execute broader corporate financial services within the country.
Regulatory and Strategic Context
The entry timeline is contingent upon receiving the necessary statutory authorizations from the CBN.
The announcement coincides with targeted capital market engagements by Nigerian authorities to attract global institutional investment and deepen local capital liquidity. The Nigeria–Asia Financial Connectivity Dialogue was convened by the CBN in partnership with JPMorgan, the Nigerian Exchange Group (NGX), and FMDQ Group to strengthen financial integration between West African and Asian capital markets.
JPMorgan-Chase-Tower-Dallas-Texas-Photo-by-Joe-Mabel
