JPMorgan Chase, a leading United States bank, plans to launch a merchant bank in Nigeria before the end of 2026 as part of efforts to expand its presence in Africa, RaveNewsOnline reports.
Dapo Olagunju, Managing Director of JPMorgan’s West Africa business, disclosed this at the Nigeria–Asia Financial Connectivity Dialogue hosted at the bank’s offices in Singapore.
The event was organised by the Central Bank of Nigeria (CBN) in collaboration with JPMorgan, Nigerian Exchange Group (NGX) and FMDQ Group.
The dialogue formed part of engagements by CBN Governor Olayemi Cardoso in Singapore ahead of the International Monetary Fund (IMF) and World Bank Annual Meetings in Bangkok.
The engagements were aimed at strengthening Nigeria’s financial relationships with Asian markets and attracting international investment.
Speaking at the event, Cardoso said sustaining investor confidence required consistent economic reforms, credible monetary policy and predictable regulations.
“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,” he said.
JPMorgan’s planned entry into merchant banking in Nigeria would deepen its presence in one of Africa’s major economies and potentially expand access to international corporate finance and investment services.
The bank’s history in Nigeria dates back to 1961, when its predecessor, Chase Manhattan Bank, opened a branch in Lagos to provide commercial banking services.
It later established a representative office in Nigeria in 1982.
Chase Manhattan subsequently became part of the modern JPMorgan Chase group following its merger with J.P. Morgan & Co. in 2000.
The proposed merchant banking operation also aligns with the bank’s broader strategy to expand its African presence.
In October 2024, JPMorgan Chief Executive Officer Jamie Dimon told Reuters that the bank intended to enter new African markets or deepen its existing presence every few years.
At the time, the bank was considering expansion into Kenya and Côte d’Ivoire, with a focus on commercial and investment banking as well as treasury services.
JPMorgan has also participated in transactions involving Nigerian businesses seeking access to international capital markets.
In May 2026, Bloomberg reported that the bank was among three financial institutions engaged by Nigeria-linked payments company OPay as it prepared for a potential initial public offering (IPO) in the United States.
Citigroup and Deutsche Bank were also reportedly involved in preparations for the proposed listing, which targeted a valuation of about $4 billion.
The valuation represented OPay’s target and not a confirmed transaction value.
The planned Nigerian merchant bank is expected to further strengthen JPMorgan’s engagement with the country’s financial sector as Nigeria seeks to attract foreign capital and deepen its financial markets.
