JP Morgan, an American bank, is planning to convert its representative office in Lagos into a fully operational business branch.
This move is part of the CEO’s strategy to enhance the bank’s presence on the African continent.
JP Morgan has been present in Lagos since the 1980s and intends to expand its operations in Nigeria with this transformation.
The New York-based financial institution, managed in Nigeria by Dapo Olagunju, will apply to the Central Bank of Nigeria, CBN, for a merchant banking licence in the coming months.
If successful, this new US-Nigeria entity will be able to offer dollar loans to large companies in addition to its advisory and asset management activities.
This is part of JP Morgan’s and its CEO, Jamie Dimon’s, strategy to increase its presence on the African continent. In mid-October, Dimon visited Nigeria, where he met the CBN Governor, Mr. Olayemi Cardoso.
He also visited South Africa, where JP Morgan has a subsidiary, and Kenya. Before the trip, Mr. Dimon stressed that he wanted to strengthen the bank’s presence in Africa by adding a country or two every couple of years or so.
JP Morgan has since opened offices in Abidjan, Côte d’Ivoire, and Nairobi, Kenya, to deepen its presence in Africa.
The strategy for JP Morgan in Africa is to accompany countries in issuing Eurobonds. The bank participated in Nigeria’s 2024 fundraising on the international market.
