Global financial services giant J.P. Morgan is planning to establish a merchant bank in Nigeria, with operations expected to begin before the end of 2026, subject to regulatory approval.
The Managing Director of J.P. Morgan West Africa, Dapo Olagunji, disclosed the plan at the Nigeria–Asia Financial Connectivity Dialogue in Singapore.
The dialogue was organised by the Central Bank of Nigeria (CBN) in collaboration with J.P. Morgan, the Nigerian Exchange Group (NGX) and FMDQ Group.
The proposed merchant bank would expand J.P. Morgan’s presence in Nigeria’s financial sector, potentially widening access to specialised banking services, investment opportunities and capital for businesses.
The move also comes amid efforts to deepen Nigeria’s financial markets, improve liquidity and strengthen investor confidence as the country seeks to attract more foreign investment.
If approved by regulators, the new institution could provide additional financial services to Nigerian businesses and investors, supporting their access to capital and broader participation in international financial markets.
The planned establishment comes nearly 11 years after Nigeria was removed from J.P. Morgan’s Government Bond Index–Emerging Markets (GBI-EM) in 2015.
The index exclusion followed concerns over foreign-exchange market accessibility and liquidity, which had affected international investors’ ability to access and repatriate funds.
The proposed merchant bank would represent a fresh development in the relationship between the global financial institution and Nigeria’s financial market, although its commencement remains subject to regulatory approval.
