JPMorgan Chase has reportedly deposited ₦50 billion with the Central Bank of Nigeria as part of its application for a merchant banking license, signaling an effort to expand beyond its longstanding representative-office presence in Lagos.
According to a Bloomberg report cited in the supplied account, the deposit satisfies a key minimum-capital requirement for nationally authorized merchant banks. The application remains subject to the CBN’s assessment and has not yet been approved.
The US banking group is reportedly targeting a license decision by late 2026 or early 2027. A locally licensed merchant banking operation could allow it to broaden services to major companies, financial institutions and other wholesale clients, depending on the scope of regulatory authorization.
JPMorgan has previously worked on Nigerian sovereign and corporate financing transactions, including international bond issues. A stronger domestic presence could increase competition in corporate finance, treasury and capital markets services while improving some clients’ access to international investors.
The move comes amid Nigeria’s banking recapitalization drive and continuing efforts to strengthen confidence in the financial sector. Currency volatility and regulatory requirements remain important considerations.
The source report said JPMorgan declined to comment and that the CBN had not immediately responded. Until a formal license is granted, the proposed expansion remains an application rather than an authorized new banking operation.
