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JPMorgan Chase merchant bank expansion in Nigeria

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2026-10-23 16:36 UTC → 2026-10-26 05:02 UTC · added ~~removed~~

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.

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