J.P. Morgan to Establish Bank in Nigeria Following CBN Reforms
Dapo Olagunju, Managing Director of J.P. Morgan West Africa, announced the bank's decision to set up operations in Nigeria, citing the influence of reforms by the Central Bank of Nigeria (CBN) and the U.S. intent to enhance its presence in the country.
This statement was made during a panel discussion titled “Innovation, Investment and the Next Decade of Partnerships” at the 32nd Nigerian Economic Summit held in Abuja, sponsored by IHS. Olagunju noted that J.P.
Morgan's entry signifies the positive impact of reforms implemented over the past three to four years, comparable to previous significant shifts in Nigeria's political and economic landscape. The bank is moving to establish a merchant banking business in Nigeria, having received approval-in-principle from the CBN on October 23.
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