JP Morgan Plans Merchant Bank in Nigeria, Targets 2026 Launch

The Managing Director of JP Morgan West Africa, Mr. Dapo Olagunji, has disclosed that the global financial services firm plans to establish a merchant bank in Nigeria, with operations expected to commence before the end of 2026, subject to regulatory approval.

Olagunji announced the plan at the Nigeria–Asia Financial Connectivity Dialogue in Singapore.

The dialogue was convened by the Central Bank of Nigeria (CBN) in collaboration with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group.

The proposed merchant bank would mark a new development in J.P. Morgan’s presence in Nigeria, as the country seeks to deepen its financial markets, broaden access to capital and attract international investment.

The move could strengthen the range of financial services available to Nigerian businesses and investors, particularly as the country pursues reforms aimed at improving market liquidity and strengthening investor confidence.

The development comes nearly 11 years after Nigeria was removed from J.P. Morgan’s Government Bond Index–Emerging Markets (GBI-EM) in 2015, following concerns over foreign-exchange market accessibility and liquidity.