JP Morgan Deposits $38 Million for Nigeria Banking Licence

JP Morgan Chase & Co. is seeking a merchant banking licence in Nigeria to expand its African operations across payments, lending, trade finance, and corporate banking. The American bank has deposited N50 billion, approximately $38 million, with the Central Bank of Nigeria, clearing a final regulatory hurdle for the approval process.

Dapo Olagunju, managing director of JP Morgan West Africa, first announced the plan to establish a merchant banking subsidiary during the Nigeria-Asia Financial Connectivity Dialogue in Singapore. The bank currently maintains a representative office in Lagos and has operated in Nigeria since 1961.

Pending final regulatory approvals, the bank expects to receive the permit by the end of 2026 or in early 2027. This expansion aims to scale the institution's presence and service offerings within the Nigerian market.