Global financial services giant J.P. Morgan is planning to launch a merchant banking business in Nigeria before the end of 2026, subject to regulatory approval, in a move that could strengthen its presence in the country’s financial sector and expand its engagement with local businesses and investors.
Dapo Olagunji, Managing Director of J.P. Morgan West Africa, disclosed the plan during the Nigeria–Asia Financial Connectivity Dialogue in Singapore, where policymakers, investors and financial industry executives discussed ways to improve financial ties between Nigeria and Asian markets.
The proposed launch comes as Nigeria seeks to attract more foreign investment and improve access to international capital. Brandspur Banking News Desk gathered that the plan forms part of J.P. Morgan’s broader efforts to expand its Nigerian operations, although the commencement date will depend on the completion of the necessary regulatory approvals.
The Central Bank of Nigeria (CBN), which regulates the country’s banking sector, has been working to strengthen confidence in the financial system and improve connections between domestic markets and international investors. The proposed entry by J.P. Morgan would add to the presence of a major global financial institution in Nigeria’s banking landscape.
J.P. Morgan’s expansion plans have been developing for some time. In April 2025, reports emerged that the financial institution intended to convert its Lagos representative office into a fully operational business branch and seek a merchant banking licence from the CBN.
In January 2025, a delegation led by Olagunji also met with then Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the ministry’s headquarters in Abuja.
The bank has maintained links with Nigeria’s government debt market as well. The country was included in J.P. Morgan’s Government Bond Index–Emerging Markets Edge, with a weighting of 7.4 per cent. Nigeria had previously joined the institution’s Government Bond Index in October 2012, following the development of its domestic federal government bond market.
The latest announcement was made during CBN Governor Olayemi Cardoso’s engagements in Singapore ahead of the IMF–World Bank Annual Meetings in Bangkok.
Cardoso held discussions with the Monetary Authority of Singapore on financial regulation, market development and innovation. The CBN also signed a memorandum of understanding with the Global Finance & Technology Network to support cooperation in financial innovation and strengthen links between the Nigerian and Singaporean financial ecosystems.
Addressing the dialogue, Cardoso said Nigeria’s economic reforms were intended to create deeper financial markets, improve transparency in the foreign exchange market and build investor confidence.
He stressed that attracting investment would require consistent monetary policy, effective governance and predictable regulations to encourage investors to commit capital over the long term.
For Nigerian businesses and investors, J.P. Morgan’s proposed merchant banking operation could create additional opportunities for engagement with international financial markets. However, the actual scope of its services and the timing of its launch will depend on regulatory approval and the arrangements eventually put in place.
