From The Rio Times · Contributing Reporter · · 1m 30s
JPMorgan Nigeria Licence Bid Pays $37.5M Deposit
JPMorgan Chase deposited N50 billion (US$37.5m) with Nigeria's central bank to secure a merchant banking licence by end-2026.
In brief
JPMorgan Chase deposited N50 billion (US$37.5m) with Nigeria's central bank to secure a merchant banking licence by end-2026. JPMorgan Chase paid N50 billion to Nigeria's central bank for a merchant banking licence, expected by end-2026 or early 2027. Originally reported by The Rio Times.
JPMorgan Nigeria Licence Bid
JPMorgan Chase deposited N50 billion (about US$37.5 million) with Nigeria's central bank on Tuesday 20 October 2026.
“n50 billion (about us$37.5 million) with the central bank of nigeria”
What the Deposit Means
The payment meets the capital requirement for a Nigerian merchant banking licence, which needs at least N50 billion.
“a merchant bank in nigeria serves companies governments and large investors”
JPMorgan's Goal in Nigeria
JPMorgan wants to expand its Lagos representative office into a full unit for lending, trade finance and payments.
“the bank wants to turn the office into a full unit for lending trade finance and payments”
Timeline for Approval
People familiar with the matter expect the licence by the end of 2026 or early 2027, subject to central bank approval.
“the timing people familiar with the matter expect the licence by the end of 2026 or in early 2027”
Why It Matters for US Investors
US investors in Nigerian bonds could benefit from easier settlement, hedging and deal advice with a local JPMorgan unit.
“a local unit could ease settlement currency hedging and deal advice for american investors”
Current Status
The central bank has published no approval, and JPMorgan declined to comment on the deposit.
“the central bank has published no approval and jpmorgan declined to comment”
What's Still Unknown
The licence approval date, staff numbers, unit name, and whether JPMorgan will take Nigerian deposits remain unclear.
“it is also open whether the bank will take nigerian deposits from companies or focus on advice and markets work”
JPMorgan's History in Nigeria
JPMorgan has a representative office in Lagos since 1961, offering limited services before the licence bid.
“chase manhattan bank a predecessor of today's jpmorgan chase opened a lagos branch in nineteen sixty-one”
Next Steps
JPMorgan aims to secure the licence by end-2026 or early 2027, with approval pending from Nigeria's central bank.
“the bank plans a nigerian merchant bank by end-2026”
The key point
JPMorgan Chase paid N50 billion to Nigeria's central bank for a merchant banking licence, expected by end-2026 or early 2027.
