According to reports JP Morgan continues to progress toward improving its Lagos representative office into an operational business branch which supports its sustained African expansion plan.
Sources from Africa Intelligence indicate that the American banking giant positioned in Nigeria since 1980 plans to file a merchant banking license application to the Central Bank of Nigeria this upcoming year.
JP Morgan Chase plans to expand its Nigerian operations by offering dollar-based funding options to large companies under the leadership of Dayo Olagunju who oversees the New York-based banking institution from Nigeria.
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During his October 2024 Nigeria visit Jamie Dimon met with Olayemi Cardoso who holds the position of CBN Governor. His African business tour visited both South Africa to support the subsidiary and Kenya. Before this Africa mission Dimon shared with Reuters his yearly plan to create a stronger presence in new African nations throughout the years.
Abidjan and Nairobi serve as JP Morgan’s baseground offices which prove the bank’s dedication to African market expansion.
The bank participates as a fundamental element in the Eurobond issuance process by African governments as it implements its regional expansion strategy. The bank played a role in making Nigeria achieve its first international fundraising of 2023 following President Bola Tinubu’s $2.2 billion funding round that attracted $9 billion in additional funding requests.
