One of the world’s biggest banks has just made a very concrete move in Nigeria. JPMorgan Chase has reportedly deposited ₦50 billion, roughly $38 million, with the Central Bank of Nigeria (CBN). The deposit satisfies a key capital requirement in its application for a merchant banking licence, according to an exclusive Bloomberg report on Monday.
The deposit is described as one of the final regulatory requirements before approval. The bank is aiming to secure the licence by the end of 2026 or in early 2027, depending on CBN clearance.
If approved, JPMorgan’s Lagos representative office would become a fully operational merchant bank. Its main offering would be dollar-denominated loans to large Nigerian corporations.
This is not a sudden pivot. JPMorgan has had a presence in Lagos since the 1980s, and in April 2025 Africa Intelligence reported that it planned to upgrade its office into a full branch and apply for a merchant banking licence. CEO Jamie Dimon met CBN Governor Olayemi Cardoso during a visit to Nigeria in October 2024, as part of an African tour that also took in South Africa and Kenya.
More recently, on October 8, 2026, JPMorgan West Africa Managing Director Dapo Olagunji told a gathering in Singapore that the bank hopes to begin operations before the end of the year, subject to regulatory approval. The event was convened by the CBN with JPMorgan, the Nigerian Exchange Group and FMDQ Group. The latest report suggests the timeline could stretch slightly into early 2027.
For Nigerian businesses, the biggest draw is access to foreign-currency funding. Large corporations that need dollar financing for expansion, imports or infrastructure could gain a new, globally connected lender operating on home soil.
It also lands at a politically meaningful moment. Supporters of the CBN’s reforms, particularly in the foreign exchange market, will see the capital commitment as a sign that international institutions are regaining confidence in Nigeria’s financial system. Cardoso has said the reforms are meant to remove distortions, improve transparency and build trust among market participants.
A deposit is a milestone, not an approval. The licence still depends on the CBN’s final clearance, and the exact timing remains open. Nigerians should also watch how the new lender prices its dollar loans and which sectors it prioritises, as that will show how much of its capital reaches the wider economy.
For now, the signal is clear: JPMorgan is putting real money behind its Nigerian ambitions.
