American Bank, JP Morgan, Moves to Establish Branch In Nigeria

The New Diplomat
Writer

Ad

Israel’s strike on Hamas leaders in Doha ignites global backlash, tests US-Qatar ties

By Obinna Uballa Israel’s unprecedented strike on Hamas leaders in Qatar’s capital Doha on Tuesday has triggered an international backlash, raising fears of a wider regional escalation. Hamas says six people were killed, including one Qatari security officer, but insists its senior negotiators, led by Khalil al-Hayya, survived. The Israeli military confirmed it carried out…

‎ ‎How Conflict and Piracy Endanger Global Oil and Gas Transit ‎

Rystad Energy's analysis indicates that the world's five most critical maritime chokepoints are facing escalating risks from conflict, piracy, and environmental hazards, posing a growing threat to global energy security. ‎ ‎These chokepoints, including the Strait of Malacca, Strait of Hormuz, Suez Canal/Bab el-Mandeb, Turkish Straits, and Cape of Good Hope, are vital for transporting…

Ranked: The Size of European Economies by GDP (PPP) in 2025

Key Takeaways Western Europe makes up the largest portion of the $43.8 trillion PPP-adjusted European economy, when measured in International dollars. Eastern Europe ($12.8T) outperforms both Northern ($7.8T) and Southern Europe ($8.3T) in PPP terms, helped in large part by the Russian economy ($7.2T). However, by nominal USD terms, Eastern Europe is the smallest ($4.6T), outweighed by…

Ad

By Kolawole Ojebisi

There are indications that JP Morgan, an American bank, is working towards transforming its Lagos representative office into a fully-fledged business branch.

The move is said to be part of the bank’s broader strategy to expand its presence across Africa.

According to a report by African Intelligence on March 31, the US bank intends to apply to the Central Bank of Nigeria (CBN) for a merchant banking licence in the coming months.

The New York-based financial institution, managed in Nigeria by Dayo Olagunju, JP Morgan’s head of West Africa, seeks to enhance its service offerings beyond advisory and asset management to include dollar loans for large companies.

Recall that in January, representatives of JP Morgan, led by Olagunju, visited Nigeria and met with Wale Edun, minister of finance.

The ministry said the visit was part of an exploratory mission organised by JP Morgan for a diverse group of international institutional investors seeking insights into Nigeria’s economic landscape.

Also recall that in October 2024, Jamie Dimon, JP Morgan’s Chief Executive Officer (CEO), told Reuters his intention to strengthen the bank’s presence in Africa by expanding into additional countries every few years.

JP Morgan, which has operated in Nigeria since the 1980s, has offices in Abidjan, Cote d’Ivoire, Nairobi, and Kenya to deepen its presence in Africa.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp