The Managing Director of JP Morgan West Africa, Dapo Olagunju, has explained why the firm chose Nigeria as an investment destination.
Speaking at a recent event, Olagunju said it was impossible to be regarded as a global or international bank without having a presence in Nigeria.
According to him, JP Morgan is expanding its operations in Nigeria due to the impact of President Bola Ahmed Tinubu’s reforms, particularly in the banking sector.
“The level of reforms and the impact of the reforms are why we are expanding in Nigeria. We are also very impressed with the quality of banking regulations at the Central Bank,” he said.
“You cannot claim to be an international and global bank and not be present in Nigeria,” he stated in a viral video.
The development comes as JP Morgan recently secured a provisional licence to establish a merchant bank in Nigeria.
JP Morgan’s entry into Nigeria’s banking sector is expected to introduce a new level of competition in the country’s financial services industry.
Earlier, JP Morgan reportedly deposited $38 million, equivalent to about N50 billion, with the apex bank to meet the requirements for commencing operations in Nigeria.
