J.P. Morgan is set to deepen its presence in Nigeria with plans to launch a merchant bank before the end of 2026, subject to regulatory approval.
Dapo Olagunji, Managing Director of J.P. Morgan West Africa, disclosed the plan at the Nigeria–Asia Financial Connectivity Dialogue in Singapore, organised by the Central Bank of Nigeria (CBN) in partnership with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group.
The proposed merchant bank is expected to expand J.P. Morgan’s operations in Nigeria while strengthening its links with Nigerian businesses, investors and the country’s capital markets.
Olagunji announced the planned launch while welcoming participants to the financial dialogue, which brought together investors, financial institutions, businesses and Nigerians living and working across Asia.
The bank’s entry into merchant banking would mark a significant expansion of its longstanding presence in Nigeria and provide another channel through which it can participate directly in the country’s financial markets.
However, the planned commencement of operations remains subject to the completion of the required regulatory approval process.
The move also comes as the CBN pushes to attract more international capital and strengthen connections between Nigeria’s financial markets and global investors.
J.P. Morgan’s planned merchant banking operation follows efforts to expand its footprint in Nigeria.
In April 2025, reports indicated that J.P. Morgan was seeking a merchant banking licence from the CBN as part of plans to transform its longstanding Lagos representative office into a more operational presence in the country.
The development followed a January 2025 meeting between a J.P. Morgan delegation led by Olagunju and then Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja.
J.P. Morgan has also continued to increase its engagement with Nigeria’s capital markets.
In September 2026, the global financial institution included Nigeria in its newly introduced Government Bond Index–Emerging Markets Edge (GBI-EM Edge), assigning the country a 7.4 per cent weighting.
Nigeria was previously admitted into J.P. Morgan’s Government Bond Index in October 2012, following the development of a more active domestic Federal Government bond market.
The announcement came during CBN Governor Olayemi Cardoso’s engagements in Singapore ahead of the IMF–World Bank Annual Meetings in Bangkok.
Cardoso’s programme included discussions with the Monetary Authority of Singapore (MAS), as well as the signing of a Memorandum of Understanding with the Global Finance & Technology Network (GFTN).
The CBN and GFTN agreement provides a framework for collaboration on financial innovation and stronger links between financial institutions and innovation ecosystems in Nigeria and Singapore.
Discussions with MAS focused on financial-sector development, regulation, market connectivity and innovation.
Speaking at the Nigeria–Asia Financial Connectivity Dialogue, Cardoso said Nigeria’s ongoing financial-sector reforms were aimed at creating deeper, more liquid and internationally connected markets.
He said reforms to the foreign exchange market were designed to remove distortions, improve transparency and strengthen investor confidence. “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,” Cardoso said.
The CBN governor said credible monetary policy, stronger governance, improved market functioning and predictable rules would be critical to attracting long-term domestic and international capital.
He added that a more stable financial system would support greater institutional participation and strengthen Nigeria’s links with international markets.
A panel moderated by J.P. Morgan’s Chief Economist for Africa, Gbolahan Taiwo, brought together the group chief executives of NGX and FMDQ Group, alongside senior CBN officials.
The discussion examined Nigeria’s reform trajectory, capital formation, foreign exchange market confidence and the financial-market infrastructure required to sustain greater international participation.
J.P. Morgan’s planned merchant bank therefore comes at a time of increased efforts to position Nigeria as a more attractive destination for global capital and strengthen its integration with international financial markets.
