JPMorgan Chase plans merchant bank expansion in Nigeria

JPMorgan Chase & Co. plans to establish a merchant bank in Nigeria by the end of 2026, pending regulatory approval. Dapo Olagunji, Managing Director of JPMorgan West Africa, announced the expansion during the Nigeria–Asia Financial Connectivity Dialogue in Singapore.

The proposed merchant bank aims to deepen the institution’s presence in the country and strengthen links between Nigerian businesses and international capital markets. Unlike retail banking, merchant banks typically provide wholesale financial services, including corporate financing, investment banking, debt structuring, and trade finance. This move is expected to provide large Nigerian companies with increased access to international financing and financial advisory services.

The dialogue where the announcement was made was convened by the Central Bank of Nigeria (CBN) in collaboration with JPMorgan, the Nigerian Exchange Group, and the FMDQ Group. This expansion follows previous efforts by the CBN to attract greater international participation in Nigeria’s financial markets.