JP Morgan is advancing plans to upgrade its Lagos representative office into a full-service business branch, as part of a larger strategy to expand its footprint across Africa.
According to Africa Intelligence, the US-based bank, which has operated in Nigeria since the 1980s, is preparing to apply for a merchant banking license from the Central Bank of Nigeria (CBN) in the coming months.
Expanding Beyond Advisory and Asset Management
Under the leadership of Dayo Olagunju, JP Morgan’s Nigeria manager, the financial institution aims to broaden its services beyond advisory and asset management to include dollar-denominated loans for large corporations.
In October 2024, JP Morgan CEO Jamie Dimon visited Nigeria and met with CBN Governor Olayemi Cardoso. His trip also included stops in South Africa and Kenya, reinforcing the bank’s commitment to expanding its African presence.
Dimon had previously told Reuters that JP Morgan intends to enter or expand in new African countries every few years as part of a long-term growth strategy.
Eurobond Success Boosting Regional Expansion
JP Morgan’s African expansion is further strengthened by its role in facilitating sovereign Eurobond issuances.
- In 2023, the bank participated in Nigeria’s first international market fundraising since 2022, when the Bola Tinubu administration raised $2.2 billion, attracting $9 billion in oversubscriptions.
- In January 2025, JP Morgan helped Ivory Coast raise $2.6 billion after President Bassirou Diomaye Faye’s election.
- The bank also assisted Senegal in securing $1 billion from international markets.
JP Morgan’s expansion in Nigeria aligns with its broader ambitions in Africa, as the bank seeks to strengthen financial markets, support economic growth, and enhance corporate financing options across the region.
