The Executive Chairman of the Nigeria Revenue Service (NRS) Dr. Zacch Adedeji, on Monday met with the newly appointed leader of JPMorgan’s Nigerian operations Adedapo Olagunju, in Abuja.
NRS disclosed this on its official Facebook page, a courtesy call coming as the American bank deepens its presence in Nigeria’s economy amid a broader drive by President Bola Tinubu’s administration to attract foreign capital.
Dr. Adedeji received Olagunju, the incoming Managing Director of JPMorgan – Nigeria, at the NRS headquarters.
The meeting came days after the Central Bank of Nigeria (CBN) granted JPMorgan approval-in-principle to establish JPMorgan Merchant Bank Nigeria Limited, a preliminary step that still requires a final operating licence before the unit can begin business.
In his remarks during the meeting Dr. Adedeji said JPMorgan’s expanding Nigerian footprint signalled growing confidence among international investors in the direction of the country’s economy.
He linked that confidence to the President Tinubu administration’s economic reforms and fiscal policies, which he said were fostering greater credibility, stability and predictability.
“A transparent, efficient and predictable fiscal environment is key to attracting global capital, strengthening institutional partnerships and positioning Nigeria as a competitive investment destination,” Adedeji said.
The NRS chief executive said the interest of global financial institutions such as JPMorgan reinforced the message that Nigeria was building foundations for sustainable growth.
Mr. Olagunju has led JPMorgan’s West African business since 2018 and was approved by the central bank to lead the proposed merchant bank.
The institution, which currently operates in Nigeria through a Lagos representative office, must still complete incorporation and other regulatory requirements before receiving final authorization to operate.
NewsQuest reports that the visit further indicates the government’s effort under President Tinubu to present recent reforms – including measures aimed at improving fiscal transparency and broadening the tax base, as evidence that the country is becoming a more predictable destination for long-term investment.
