JP Morgan Plans Full Business Expansion in Nigeria
Global financial giant JP Morgan is reportedly looking to upgrade its Lagos representative office into a full-fledged business branch, marking a significant step in its African expansion strategy.
According to a report by Africa Intelligence, the move aligns with CEO Jamie Dimon’s vision to strengthen the bank’s footprint across the continent. From its current Lagos office, JP Morgan provides asset and wealth management, as well as commercial and investment banking services. The bank has also recently established representative offices in Kenya and Côte d’Ivoire to deepen its presence in East and West Africa.
Dimon, during his visit to Nigeria in October 2023, revealed that he had initially planned an African expansion after the 2008 financial crisis but was restricted by U.S. regulators due to concerns about banking risks. “They said banks were risky and didn’t want to add any risks. They were wrong,” Dimon said at the time.
JP Morgan previously attempted to secure banking licences in Ghana and Kenya in 2018 without success. However, its latest approach in Nigeria could see the bank applying for a merchant banking licence from the Central Bank of Nigeria (CBN) in the coming months. If approved, the U.S. bank – led in Nigeria by Dapo Olagunju – will be able to offer foreign currency-denominated loans to large corporations, alongside its advisory and asset management services.
During his visit to Nigeria, Dimon met with CBN Governor Olayemi Cardoso and participated in the 30th anniversary of the Nigerian Economic Summit Group, discussing financial innovation and sustainable economic growth. His trip also included stops in South Africa and Kenya, reinforcing his commitment to gradually expanding JP Morgan’s presence across the continent.
