# 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.
- Title: JPMorgan Nigeria Licence Bid Pays $37.5M Deposit | Shortify
- Summary: 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…
- Keywords: jpmorgan, central bank of nigeria, nigeria, merchant banking licence, n50 billion, us375 million, end-2026, nigerian bonds, us investors, lagos, news, world
- Source: The Rio Times — https://riotimesonline.com/jpmorgan-nigeria-licence-deposit-2026
- Author: Contributing Reporter
- Published: 2026-10-20T18:51:47+00:00
- Read time: 1 min
- Topics: jpmorgan, central bank of nigeria, nigeria, merchant banking licence, n50 billion, us375 million, end-2026, nigerian bonds, us investors, lagos, news, world
## 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
## Key takeaway

JPMorgan Chase paid N50 billion to Nigeria's central bank for a merchant banking licence, expected by end-2026 or early 2027.