JP Morgan, largest US bank with $5 trillion in assets to open a merchant bank in Nigeria

JPMorgan Chase, the largest US bank with about $5 trillion in assets, is targeting Africa’s third-largest economy with plans to launch a merchant bank in 2026, expanding its presence on the continent as it seeks to capture more business from companies and investors.

US banking giant JPMorgan plans to launch a merchant bank in Nigeria before the end of 2026, expanding its presence in Africa’s third-largest economy by projected nominal GDP as the country seeks to attract international investment and deepen its financial markets.

Dapo Olagunju, managing director of JPMorgan’s West Africa business, announced the plan at the Nigeria–Asia Financial Connectivity Dialogue, hosted at the bank’s Singapore offices.

The event was convened by the Central Bank of Nigeria (CBN) in collaboration with JPMorgan, Nigerian Exchange Group (NGX) and FMDQ Group.

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The dialogue formed part of CBN Governor Olayemi Cardoso’s high-level engagements in Singapore ahead of the IMF–World Bank Annual Meetings in Bangkok, as Nigeria seeks to strengthen financial ties with Asian markets and attract international investment.

“The real test of reform is not whether you can attract capital once; it is whether you create the confidence for capital to stay, return and grow,” Cardoso said, highlighting the importance of credible monetary policy, stronger governance and predictable rules in sustaining investor confidence.

JPMorgan builds on decades of Nigerian ties

JPMorgan Chase’s history in Nigeria dates back to the operations of its predecessor, Chase Manhattan Bank, which became part of the modern banking group through its 2000 merger with J.P. Morgan & Co.Chase Manhattan opened a branch in Lagos in 1961, providing commercial banking services to local businesspeople and individuals, before establishing a representative office in Nigeria in 1982.

The bank’s timeline notes that these milestones form part of the history of more than 1,200 predecessor institutions that make up today’s JPMorgan Chase.

The plan also fits JPMorgan’s broader African expansion strategy. In October 2024, CEO Jamie Dimon told Reuters: “We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so.”

At the time, the bank was planning to expand into Kenya and Côte d’Ivoire, with a focus on commercial and investment banking and treasury services.

JPMorgan has continued to deepen its involvement in Nigeria-linked financial transactions.

In May 2026, Bloomberg reported that the US banking giant was among three banks engaged by Nigeria-focused payments company OPay as it prepared for a potential US initial public offering targeting a valuation of about $4 billion.

The proposed listing would place JPMorgan alongside Citigroup and Deutsche Bank in a major capital-markets transaction involving a company with strong Nigerian roots. The IPO was still in preparation at the time of the report, and the $4 billion figure represented OPay’s targeted valuation, not a deal value secured by JPMorgan.

The proposed Nigerian venture would therefore, add another step to that strategy while potentially broadening access to international corporate-finance services in one of the continent’s major markets.