JP Morgan is reportedly advancing its plan to upgrade its Lagos representative office into a fully operational business branch, reinforcing its long-term expansion strategy in Africa.
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The American banking giant, which has maintained a presence in Nigeria since the 1980s, is reportedly preparing to submit an application to the Central Bank of Nigeria (CBN) for a merchant banking license in the coming months, according to Africa Intelligence.
The New York-based financial powerhouse, led in Nigeria by Dayo Olagunju, aims to expand its services beyond advisory and asset management by introducing dollar-denominated loans for major corporations.
In October 2024, CEO Jamie Dimon visited Nigeria, where he held discussions with CBN Governor Olayemi Cardoso. His African tour also included stops in South Africa—where JP Morgan operates a subsidiary—and Kenya. Before embarking on the trip, Dimon told Reuters about his vision to establish or strengthen the bank’s presence across Africa by strategically expanding into new markets every few years.
JP Morgan has already set up offices in Abidjan and Nairobi, further demonstrating its commitment to regional growth.
As part of its broader continental strategy, the bank plays a key role in supporting African nations in issuing Eurobonds. In 2023, it contributed to Nigeria’s first international fundraising effort since 2022, when President Bola Tinubu’s administration secured $2.2 billion amid $9 billion in oversubscriptions.
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