The Executive Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, has described JPMorgan’s planned expansion into Nigeria’s merchant banking sector as a reflection of growing international investor confidence in the country’s economic reforms.
Adedeji stated this on Monday, October 26, 2026, when he received the newly appointed Managing Director of the proposed JPMorgan Merchant Bank Nigeria Limited, Mr. Adedapo Olagunju, on a courtesy visit to the NRS headquarters in Abuja.
The visit followed the Central Bank of Nigeria’s (CBN) decision on October 23 to grant JPMorgan approval-in-principle to establish a merchant bank in the country, marking a significant step towards expanding the American financial institution’s operations in Nigeria.
Welcoming Olagunju, Adedeji said the growing interest of major international financial institutions in Nigeria reflected the credibility, stability and predictability being fostered by the economic reforms and fiscal policies of President Bola Ahmed Tinubu.
He noted that the administration’s reform programme was laying the groundwork for an investment environment capable of attracting global capital and supporting long-term economic growth.
According to him, a transparent, efficient and predictable fiscal system remains critical to strengthening investor confidence, deepening institutional partnerships and improving Nigeria’s competitiveness as an investment destination.
Adedeji emphasised that sustaining policy consistency and fiscal transparency would be essential to maintaining the confidence of international investors as the country continues implementing its economic reforms.
He further observed that the increasing presence of leading global financial institutions such as JPMorgan reinforced the importance of building a stable and credible fiscal environment that encourages long-term investment.
JPMorgan Expands Nigeria Presence
The CBN’s approval-in-principle allows JPMorgan to proceed with preparations to establish JPMorgan Merchant Bank Nigeria Limited, subject to the fulfilment of outstanding regulatory requirements.
The proposed institution is expected to provide wholesale banking, capital markets and advisory services, expanding the financial group’s capacity to serve corporate and institutional clients in Nigeria.
The apex bank also approved Olagunju’s nomination as Managing Director of the proposed bank.
However, the preliminary approval does not constitute a final banking licence, and the institution must complete the necessary regulatory and operational processes before commencing business.
The development represents a further step in JPMorgan’s engagement with Nigeria’s financial markets and comes amid ongoing efforts to strengthen financial stability, attract international investment and deepen the country’s integration into global capital markets.
