JP Morgan, the American banking giant, is set to upgrade its Lagos representative office into a full-fledged business branch as part of its strategy to expand operations across Africa.
The bank intends to apply for a merchant banking license from the Central Bank of Nigeria (CBN) in the coming months.
Currently led in Nigeria by Dayo Olagunju, JP Morgan’s Head of West Africa, the New York-based financial institution aims to broaden its services beyond advisory and asset management to include dollar-denominated loans for large corporations.
Earlier this year, JP Morgan representatives, led by Olagunju, visited Nigeria and met with Minister of Finance Wale Edun. The visit was part of an exploratory mission for international institutional investors seeking insights into Nigeria’s economic landscape.
In October 2024, Jamie Dimon, JP Morgan’s CEO, expressed the bank’s commitment to strengthening its African footprint, with plans to expand into new countries every few years.
Having operated in Nigeria since the 1980s, JP Morgan also has offices in Abidjan (Côte d’Ivoire), Nairobi (Kenya), and other strategic locations to deepen its African presence. The bank plays a significant role in supporting African nations with Eurobond issuances and was a key participant in Nigeria’s 2024 international market fundraising.
