J.P. Morgan targets merchant bank launch in Nigeria

J.P. Morgan is working toward establishing a licensed merchant bank in Nigeria, with a target launch date before the end of 2026, pending regulatory approval from the Central Bank of Nigeria (CBN).

To meet key capital requirements for a nationally authorized merchant bank, the institution has deposited ₦50 billion (approximately $38 million) with the CBN. This move follows previous plans to convert its existing Lagos representative office, which has been active in the country since the 1980s, into a licensed operation.

A merchant banking license would allow the firm to expand its services beyond advisory roles—such as its work on Eurobond issuances—into wholesale financial activities. These potential services include corporate lending, treasury services, asset management, and capital markets transactions for large Nigerian companies.