By turning its representative office in Lagos into a fully functional business branch, JP Morgan plans to increase its presence in Nigeria.

The US banking behemoth, which has operated in Nigeria since the 1980s, intends to seek for a commercial banking license from the Central Bank of Nigeria (CBN) in the upcoming months, according to a report released by Africa Intelligence.

The report noted: “Present in Lagos since the 1980s, US bank JP Morgan plans to transform its Nigerian representative office into a fully-fledged branch.

“The New York-based financial institution, managed in Nigeria by Dapo Olagunju, will apply to the Central Bank of Nigeria (CBN) for a merchant banking licence in the coming months.” JP Morgan refused to comment when approached, according to the article.

If it proves effective, the newly formed company would supplement its current advising and asset management activities by offering dollar-denominated loans for big businesses.

This action is in line with JP Morgan's and CEO Jamie Dimon's overarching plan to increase the bank's footprint throughout Africa.

When Dimon traveled to Nigeria in the middle of October, he met with Olayemi Cardoso, the governor of the CBN. He also visited South Africa, where JP Morgan has a business, and Kenya as part of his African tour.

Prior to this journey, Dimon told Reuters that he wanted to expand the bank’s presence on the continent by “adding a country or two every couple of years.”

Furthermore, in January, JP Morgan executives met with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja.

Olagunju spearheaded the engagement, which was a component of a larger effort to attract investors and emphasize Nigeria's dedication to market-driven reforms.

Therefore, the meeting was a part of JP Morgan's continuous efforts to link institutional investors with substantial holdings in Nigeria's Eurobonds and local securities, according to a statement from Mohammed Manga, Director of Information and Public Relations in the Ministry of Finance.

“The delegation, which included major investors with significant holdings in Nigeria’s Eurobonds and local securities, was part of an exploratory visit organised by JP Morgan for a diverse group of international institutional investors seeking insights into the nation’s economic landscape,” the statement read.

It added that the conference demonstrated Nigeria's proactive strategy for drawing in international capital and promoting economic expansion.

“The engagement with JP Morgan underscores Nigeria’s proactive approach to deepening investor confidence and strengthening its economic fundamentals. As the country pushes ahead with structural reforms, it is positioning itself as a key investment destination in Africa’s evolving financial landscape,” it had stated.