JP Morgan Seeks Merchant Banking Licence from CBN

The American financial entity plans to transform its representative office in Lagos into a fully-fledged business branch.

According to reports, the New York-based financial institution, managed in Nigeria by Mr Dapo Olagunju, will apply to the apex bank for the merchant banking licence to further expand its input in the country.

If granted, the JP Morgan entity will offer Dollar loans to large companies in addition to its advisory and asset management activities.

The merchant bank license will also allow the bank to use its decades of experience to serve corporate clients, high-net-worth individuals, and government entities.

It will be able to arrange, structure, and issue bonds, equities, and other securities for corporate clients.

The entry comes at a time when banks are moving to recapitalise ahead of a March 2026 deadline, with some banks possibly up for mergers and acquisitions. As a merchant bank, JP Morgan will be able to provide advisory services on business acquisitions, mergers, and divestitures.

Present in Lagos since the 1980s, JP Morgan plans to transform its Nigeria representative office into a fully-fledged branch, marking a further step in its CEO, Mr Jamie Dimon’s strategy to strengthen its presence on the African continent.

As part of Mr Dimon’s strategy to increase its presence on the African continent, last October, he visited Nigeria, where he met the CBN Governor Mr Yemi Cardoso and promised stronger relationship.

He also visited South Africa, where JP Morgan has a subsidiary, alongside Cote d’Ivoire and Kenya. he stressed that the bank wants to strengthen its presence in Africa by adding a country or two every couple of years or so — with the possibility of Nigeria increasingly possible.