# JPMorgan Chase merchant bank expansion in Nigeria > Live situation record from CLSTR: https://clstr.news/situations/jpmorgan-chase-merchant-bank-expansion-in-nigeria > Updated: 2026-10-25T19:49:54.000Z. Sources: 31. Developments: 5. JPMorgan Chase & Co. is advancing plans to establish a licensed merchant bank in Nigeria by the end of 2026, subject to regulatory approval from the Central Bank of Nigeria (CBN). To meet the capital requirements for a nationally authorized merchant bank, the institution has deposited ₦50 billion (approximately $38 million) with the CBN. This transition involves converting its existing Lagos representative office, which has operated in the country since the 1980s, into a licensed operation. A merchant banking license will allow the firm to expand its services beyond advisory roles, such as Eurobond issuances, into wholesale financial activities including corporate lending, treasury services, asset management, and capital markets transactions. In a significant regulatory development, the CBN has granted ‘Approval-in-Principle’ (AIP) to the firm to establish a new entity, JPMorgan Merchant Bank Nigeria Limited. This decision was confirmed by Michael Akuka, the CBN’s Director of Corporate Communications and Investor Relations. The approval aligns with broader banking sector reforms led by CBN Governor Olayemi Cardoso intended to strengthen financial stability and deepen integration with global capital markets. The proposed merchant bank will focus on specialized services such as corporate finance, trade finance, institutional advisory, and large-scale project financing. The CBN has also approved the nomination of Adedapo Adedayo Olagunju as the managing director of the proposed entity. The bank’s leadership structure will include six directors, five of whom are Nigerians: Chinedum Nzelu Izunwanne, Sarah Omotunde Alade, Olukonyinsola Ajayi, and Seni Adetu. The bank may only commence operations after completing incorporation with the Corporate Affairs Commission and obtaining a final banking license. ## Claims - The Central Bank of Nigeria granted Approval-in-Principle to JPMorgan to establish a merchant bank. (corroborated by 3 sources) - The new entity will be named JPMorgan Merchant Bank Nigeria Limited. (corroborated by 3 sources) - JPMorgan Chase intends to launch a merchant bank in Nigeria by the end of 2026, subject to regulatory approval. (corroborated by 2 sources) - The approval follows the implementation of Nigeria’s banking sector recapitalization exercise. (corroborated by 2 sources) - The bank must obtain a final banking license before commencing operations. (corroborated by 2 sources) - The merchant bank will provide services such as corporate finance, trade finance, and investment advisory. (corroborated by 2 sources) - The expansion is part of a broader effort by international lenders to strengthen access to African companies and financial markets. (single source) - Absa Group is considering converting its current Nigerian representative office into a licensed merchant bank. (single source) - Nigeria's banking recapitalization exercise demonstrated the country's capacity for substantial fundraising supported by domestic investors. (single source) - Central Bank of Nigeria reforms have increased market predictability and credibility. (single source) - Standard Bank aims to double its West African business operations within the next four years. (single source) - Adedapo Adedayo Olagunju has been nominated as the managing director of the proposed merchant bank. (single source) ## Timeline ### 2026-10-25: JPMorgan receives preliminary approval for Nigerian merchant bank The Central Bank of Nigeria has granted JPMorgan preliminary approval to establish a merchant bank, expanding its presence to serve institutional clients and corporations. 6 sources. https://clstr.news/cluster/jpmorgan-receives-preliminary-approval-for-nigerian-merchant-bank ### 2026-10-23: JPMorgan receives preliminary approval to establish merchant bank in Nigeria The Central Bank of Nigeria has granted JPMorgan approval-in-principle to establish JPMorgan Merchant Bank Nigeria Limited, following a $38 million capital deposit. 19 sources. https://clstr.news/cluster/jpmorgan-receives-preliminary-approval-for-merchant-bank-in-nigeria ### 2026-10-20: J.P. Morgan targets merchant bank launch in Nigeria J.P. Morgan aims to launch a merchant bank in Nigeria by late 2026, having deposited ₦50 billion to meet regulatory capital requirements. 7 sources. https://clstr.news/cluster/jp-morgan-targets-merchant-bank-launch-in-nigeria ### 2026-10-12: JPMorgan Chase to launch merchant bank in Nigeria by 2026 JPMorgan Chase plans to launch a merchant bank in Nigeria by 2026, while Absa Group and Standard Bank also eye expansion in the country's growing corporate and investment banking sectors. 8 sources. https://clstr.news/cluster/jpmorgan-chase-to-launch-merchant-bank-in-nigeria-by-2026 ### 2026-10-08: JPMorgan Chase plans merchant bank expansion in Nigeria JPMorgan Chase & Co. plans to launch a merchant bank in Nigeria by the end of 2026 to expand corporate financing and international capital market links, subject to regulatory approval. 3 sources. https://clstr.news/cluster/jpmorgan-chase-plans-merchant-bank-expansion-in-nigeria --- Cite as: JPMorgan Chase merchant bank expansion in Nigeria. CLSTR, https://clstr.news/situations/jpmorgan-chase-merchant-bank-expansion-in-nigeria