JP Morgan, an American bank, is planning to transform its Lagos representative office into a fully-fledged business branch as part of a broader strategy to expand its presence across Africa.
The US bank, according to a report by African Intelligence on March 31, intends to apply to the Central Bank of Nigeria (CBN) for a merchant banking licence in the coming months.
JP Morgan is yet to reply to TheCable’s enquiry about the business transformation at the time of filing this report.
The New York-based financial institution, managed in Nigeria by Dayo Olagunju, JP Morgan’s head of West Africa, seeks to enhance its service offerings beyond advisory and asset management to include dollar loans for large companies.
In January, representatives of JP Morgan, led by Olagunju, visited Nigeria and met with Wale Edun, minister of finance. The ministry said the visit was part of an exploratory mission organised by JP Morgan for a diverse group of international institutional investors seeking insights into Nigeria’s economic landscape.
In October 2024, Jamie Dimon, JP Morgan’s chief executive officer (CEO), told Reuters his intention to strengthen the bank’s presence in Africa by expanding into additional countries every few years.
JP Morgan, which has operated in Nigeria since the 1980s, has offices in Abidjan, Cote d’Ivoire, Nairobi, and Kenya to deepen its presence in Africa.
The strategy for JP Morgan in Africa is to accompany countries in issuing Eurobonds.
JP Morgan participated in Nigeria’s 2024 fundraising on the international market.
