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J.P. Morgan plans to establish a merchant bank in Nigeria, with operations targeted to commence before the end of 2026, subject to regulatory approval.
Dapo Olagunji, Managing Director of J.P. Morgan West Africa, announced the plan at the Nigeria–Asia Financial Connectivity Dialogue in Singapore, convened by the Central Bank of Nigeria (CBN) in partnership with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group.
The proposed merchant bank would deepen J.P. Morgan’s presence in Nigeria and strengthen the financial institution’s links with Nigerian businesses and the country’s capital markets.
J.P. Morgan targets 2026 launch
Olagunji announced the plan while welcoming participants to the Dialogue, which brought together investors, financial institutions, businesses and Nigerians living and working across Asia.
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The launch remains subject to the completion of the relevant regulatory approval process.
The proposed entry comes as the CBN seeks to attract greater international participation in Nigeria’s financial markets and build stronger connections between domestic and global capital.
Back story
In April 2025, Nairametrics reported that JP Morgan Chase & Co., is gearing up to expand its operations in Nigeria by converting its long-standing Lagos representative office into a fully operational business branch.
According to a report by African Intelligence, JP Morgan planned to apply for a merchant banking licence from the Central Bank of Nigeria (CBN).
- In January 2025, a delegation led by JP Morgan’s Dapo Olagunju met with the then Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the ministry’s headquarters in Abuja.
- Nairametrics earlier reported that J.P. Morgan included Nigeria in its newly introduced Government Bond Index–Emerging Markets Edge (GBI-EM Edge), assigning the country a 7.4% weighting in the benchmark designed to track local-currency government debt across frontier emerging markets.
Nigeria was first admitted into J.P. Morgan’s Government Bond Index in October 2012 following the development of an active domestic FGN bond market supported by market makers, a two-way quote system and a broad investor base.
CBN deepens Nigeria-Asia financial ties
The announcement formed part of CBN Governor Olayemi Cardoso’s engagements in Singapore ahead of the IMF–World Bank Annual Meetings in Bangkok.
- Cardoso’s engagements included discussions with the Monetary Authority of Singapore (MAS), the signing of a Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN), and the Nigeria–Asia Financial Connectivity Dialogue.
- The discussions with MAS covered financial-sector development, regulation, market connectivity and innovation, with both sides exploring areas for continued institutional cooperation.
The CBN and GFTN also signed an MoU establishing a framework for collaboration on financial innovation, including links between institutions and innovation ecosystems in Nigeria and Singapore.
Cardoso targets deeper, more liquid markets
Speaking at the Dialogue, Cardoso said Nigeria’s financial-sector reforms were laying the foundation for deeper, more liquid and internationally connected markets.
He said reforms to the foreign exchange market were designed to remove distortions, improve transparency and strengthen confidence among market participants.
- “The real test of reform is not whether you can attract capital once; it is whether you create the confidence for capital to stay, return and grow,” Cardoso said.
The governor said credible monetary policy, stronger governance, improved market functioning and predictable rules were necessary to attract long-term domestic and international capital.
He added that stabilising the financial system was a foundation for increasing institutional participation and strengthening connections with international markets.
A panel moderated by J.P. Morgan’s Chief Economist for Africa, Gbolahan Taiwo, brought together the Group CEOs of NGX and FMDQ Group alongside senior CBN officials.
The discussion focused on Nigeria’s reform trajectory, capital formation, foreign exchange market confidence and the infrastructure required to support sustained international participation.
