Global financial giant JP Morgan is set to expand its presence in Nigeria by converting its Lagos representative office into a fully operational business branch.

According to a report by Africa Intelligence, the US banking powerhouse, which has maintained a presence in Nigeria since the 1980s, plans to apply for a merchant banking licence from the Central Bank of Nigeria (CBN) in the coming months.

The report stated: “Present in Lagos since the 1980s, US bank JP Morgan plans to transform its Nigerian representative office into a fully-fledged branch. The New York-based financial institution, led in Nigeria by Dapo Olagunju, will apply to the Central Bank of Nigeria (CBN) for a merchant banking licence in the coming months.”

When contacted for confirmation, JP Morgan declined to comment on the development.

If the licence is granted, the bank will expand its offerings to include dollar-denominated loans for large corporations, complementing its existing advisory and asset management services. This move aligns with JP Morgan’s broader strategy to strengthen its foothold across Africa under the leadership of its CEO, Jamie Dimon.

In mid-October, Dimon visited Nigeria and held discussions with CBN Governor Olayemi Cardoso. His African tour also included South Africa, where JP Morgan operates a subsidiary, and Kenya. Prior to the visit, Dimon told Reuters of the bank’s ambition to expand its footprint in Africa by adding a new market every few years.

In January, JP Morgan executives met with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja. Led by Olagunju, the engagement was part of a broader initiative to bolster investor confidence and reinforce Nigeria’s commitment to market-driven reforms.

According to a statement from the Ministry of Finance’s Director of Information and Public Relations, Mohammed Manga, the delegation comprised major institutional investors with significant holdings in Nigeria’s Eurobonds and local securities. The visit was described as an exploratory effort to provide international investors with insights into the nation’s economic landscape.

The statement highlighted Nigeria’s proactive approach to attracting foreign investment, noting: “The engagement with JP Morgan underscores Nigeria’s strategic efforts to strengthen investor confidence and reinforce its economic fundamentals. As the country continues its structural reforms, it is positioning itself as a key investment destination in Africa’s evolving financial landscape.”