The Managing Director of JP Morgan West Africa, Mr. Dapo Olagunji, has announced the firm’s intention to set up a merchant bank in Nigeria, with operations expected to start before the end of 2026, pending regulatory approval.
This announcement was made during the Nigeria–Asia Financial Connectivity Dialogue held in Singapore, organized by the Central Bank of Nigeria in partnership with J.P. Morgan, the Nigerian Exchange Group, and the FMDQ Group.
The establishment of the merchant bank marks a significant step in JP Morgan’s involvement in Nigeria, as the nation aims to enhance its financial markets, improve access to capital, and attract international investments. This initiative could enhance the variety of financial services available to Nigerian businesses and investors, particularly as the country undertakes reforms to boost market liquidity and foster investor confidence.
This development follows nearly 11 years after Nigeria’s removal from JP Morgan’s Government Bond Index–Emerging Markets in 2015, which was influenced by concerns regarding foreign-exchange market accessibility and liquidity.
