JPMorgan Chase, the largest bank in the United States with approximately $5 trillion in assets, plans to establish a merchant banking operation in Nigeria before the end of 2026 as it expands its presence across Africa.
The plan was announced by Dapo Olagunju, the bank’s managing director for West Africa, during the Nigeria–Asia Financial Connectivity Dialogue held at JPMorgan’s offices in Singapore.
The event was organised in collaboration with the Central Bank of Nigeria (CBN), Nigerian Exchange Group and FMDQ Group as part of efforts to strengthen Nigeria’s financial connections with Asian markets and attract foreign investment.
CBN Governor Olayemi Cardoso stressed the importance of maintaining credible monetary policies, improving governance and providing predictable regulations to build investor confidence and encourage long-term capital inflows.
JPMorgan’s relationship with Nigeria dates back to 1961, when its predecessor, Chase Manhattan Bank, opened a branch in Lagos. The bank later established a representative office in the country in 1982.
The planned launch forms part of JPMorgan’s wider strategy to expand its operations across Africa, particularly in commercial banking, investment banking and treasury services.
The US banking giant has also been involved in major financial transactions connected to Nigeria. In May 2026, it was reported among the banks engaged by payments company OPay as the company prepared for a potential US stock market listing targeting a valuation of approximately $4 billion.
The planned merchant banking operation could broaden access to international financial services for Nigerian businesses and investors while strengthening the country’s links with global capital markets.
