JP Morgan is advancing plans to transform its Lagos representative office into a fully-fledged business branch as part of a broader strategy to expand its presence across Africa.

The US bank, which has operated in Nigeria since the 1980s, intends to apply to the Central Bank of Nigeria (CBN) for a merchant banking license in the coming months.

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

In mid-October, CEO Jamie Dimon visited Nigeria and met with CBN Governor Olayemi Cardoso. Dimon’s African tour also included South Africa, where JP Morgan maintains a subsidiary, and Kenya. Before this trip, Dimon stated to Reuters his intention to establish or strengthen the bank’s African presence by expanding into additional countries every few years.

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The bank has recently opened offices in Abidjan and Nairobi, demonstrating its regional expansion efforts.

Eurobond success fuels regional ambitions

JP Morgan’s continental strategy includes supporting countries issuing Eurobonds. In 2023, the bank participated in Nigeria’s first international market fundraising since 2022, when the government, under President Bola Ahmed Tinubu, secured $2.2 billion with $9 billion in oversubscriptions.

The institution also participated in Abidjan’s $2.6 billion January issue following President Bassirou Diomaye Faye’s election, though it was not selected for Ivory Coast’s most recent fundraising effort by Finance Minister Adama Coulibaly (27/01/25). Additionally, Dakar borrowed $1 billion on international markets with JP Morgan’s assistance (15/01/25).