US banking giant J.P. Morgan plans to open a merchant bank in Nigeria before the end of 2026, a move that would upgrade its decades-old Lagos presence. The JP Morgan Merchant Bank in Nigeria still needs regulatory approval, but the timeline was confirmed publicly on Thursday, October 8.
Dapo Olagunji, Managing Director of J.P. Morgan West Africa, announced the plan at the Nigeria–Asia Financial Connectivity Dialogue in Singapore, convened by the Central Bank of Nigeria (CBN) in partnership with J.P. Morgan.
The bank said the venture would strengthen its links with Nigerian businesses and the country’s capital markets. 
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What a Merchant Bank Would Change
A merchant bank differs from a retail lender. A BusinessDay analyst said the focus would be on high-end and structured transactions rather than retail deposits. Analysts see the plan as a sign of growing confidence in Nigeria’s economic outlook.
For corporate Nigeria, the main draw could be foreign-currency funding. If a licence is granted, the new entity is expected to offer dollar-denominated loans to large corporations, on top of its advisory and asset management services. That would help large companies that struggle to access foreign currency.
A Plan Years in the Making
The announcement is not a surprise.
The New York-based bank has operated in Nigeria since the 1980s. In April 2025, reports said it planned to convert its Lagos representative office into a full branch and apply to the CBN for a merchant banking licence. That followed a visit by CEO Jamie Dimon in October 2024, when he met CBN Governor Olayemi Cardoso.
JP Morgan was also among the banks that worked on Nigeria’s $2.2 billion Eurobond issuance, alongside Citi and Goldman Sachs. The bank has also opened offices in Abidjan and Nairobi as part of a wider push across Africa.
The news came during Cardoso’s trip to Singapore, ahead of the IMF–World Bank Annual Meetings in Bangkok. The CBN is working to attract more international participation in Nigeria’s financial markets and to link domestic and global capital.
Cardoso held talks with the Monetary Authority of Singapore. The CBN also signed an agreement with the Global Finance & Technology Network (GFTN) on cooperation in financial innovation.
Cardoso said Nigeria’s reforms aim to build deeper, more liquid and internationally connected markets.
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What Happens Next
The CBN has not yet publicly confirmed approval of a licence. Whether JP Morgan can meet its year-end target depends on that process. If it does, Nigeria’s corporates and capital markets will gain a direct local link to one of the world’s largest banks.
The JP Morgan merchant bank in Nigeria would mark a notable return of Wall Street banking to Lagos.
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