The NRS chairman spoke after meeting the bank’s newly appointed Nigeria managing director, days after the CBN granted approval-in-principle for its proposed merchant banking operations……
The Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has described JP Morgan’s expanding presence in Nigeria as a sign of growing international investor confidence in the country’s economic direction under President Bola Tinubu.
Adedeji made the remarks on Monday while receiving Adedapo Olagunju, the newly appointed managing director of JP Morgan Nigeria, during a courtesy visit to the NRS headquarters in Abuja.
According to a post on the NRS’s official X account, Adedeji said the development reflected confidence in the credibility, stability and predictability that the administration’s economic reforms and fiscal policies were seeking to establish.
“Welcoming his guest, the ECNRS noted that J.P. Morgan’s growing presence in Nigeria is a significant signal of international investor confidence in the direction of the country’s economy,” the post reads.
The NRS chairman stressed that a transparent and predictable fiscal environment was essential to attracting foreign capital, strengthening institutional relationships and improving Nigeria’s competitiveness as an investment destination.
“Zacch Adedeji emphasised that a transparent, efficient and predictable fiscal environment is key to attracting global capital, strengthening institutional partnerships and positioning Nigeria as a competitive investment destination.”
He added that the confidence shown by major international financial institutions would support efforts to build a foundation for sustainable economic growth and long-term investment as the government’s reforms continue.
CBN grants JP Morgan approval for merchant bank
Adedeji’s remarks come days after the Central Bank of Nigeria (CBN) granted JP Morgan approval-in-principle to establish a merchant bank in the country.
The approval was announced on October 23, paving the way for the proposed lender, JPMorgan Merchant Bank Nigeria Limited, to proceed with the regulatory requirements for its planned operations.
However, the proposed bank must secure a final banking licence from the CBN before it can commence business.
JP Morgan’s planned entry into Nigeria’s merchant banking segment comes as the Federal Government continues to pursue economic and fiscal reforms aimed at improving investor confidence and attracting capital.
Merchant banks typically provide services such as corporate financing, investment banking, advisory services and other financial solutions for businesses and institutional clients.
The proposed establishment of the Nigerian subsidiary could expand the range of financial services available to companies and investors, subject to regulatory approval and the bank’s eventual commencement of operations.
For the NRS chairman, the development reflects the importance of maintaining a stable, transparent and predictable policy environment to attract international financial institutions and support Nigeria’s long-term investment ambitions.
