Nigeria is too important for global banks to overlook — JPMorgan

JPMorgan Chase has described Nigeria as too important for international financial institutions to overlook, citing recent economic reforms and improvements in banking regulation.

According to Peoples Gazette, the bank’s West Africa Managing Director, Dapo Olagunju, disclosed this during the 32nd Nigerian Economic Summit in Abuja on Tuesday.

His remarks followed the Central Bank of Nigeria’s approval-in-principle for the establishment of JPMorgan Merchant Bank Nigeria Limited.

“We think that the central bank is very well professionally run at this time,” Olagunju said.

He explained that the bank’s decision to expand reflected confidence in Nigeria’s economic reforms, despite reports of multinational companies exiting the country.

“You cannot aim to be an international bank or a global bank and not be present in Nigeria,” he added.

Olagunju noted that JPMorgan’s relationship with Nigeria dates back decades, with its representative office operating since 1982.

However, the proposed merchant bank must fulfil outstanding regulatory requirements and secure final approval before commencing operations.