JPMorgan has deposited about $38 million (reported as N50 billion) with Nigeria’s Central Bank as part of the steps required to secure a banking licence. Multiple outlets say the deposit is one of the last regulatory requirements before the firm can move forward with its planned operations.
Context differs slightly across coverage. Premium Times and The Rio Times frame the story around JPMorgan’s licence bid and its broader expansion agenda in Africa, describing ambitions to grow payments, lending, trade finance and corporate banking. Nigerian Eye and Daily Post Nigeria focus on the reported deposit amount and attribute the development to a Bloomberg report, noting that the central bank has not yet confirmed the claim.
One outlet also adds a forward-looking detail: JPMorgan’s West Africa managing director is reported to target commencing operations of a merchant bank in Nigeria before the end of 2026. Other coverage stays more tightly tied to the deposit and licence process.
