More than eighteen months after a framework agreement was initially signed in Paris, the Nigerian financial powerhouse, United Bank for Africa (UBA), is on the verge of a significant breakthrough. France’s Autorité de contrôle prudentiel et de résolution (ACPR) is set to grant the institution its coveted full banking license. This pivotal moment not only marks a strategic turning point for the group founded by the prominent tycoon Tony Elumelu but also vividly demonstrates the active economic diplomacy between France and West Africa’s leading economic power, Nigeria.
The wait has been extensive for the Nigerian banking giant, United Bank for Africa (UBA), yet the final resolution has never been closer. Reliable reports indicate that the establishment is expected to receive its full commercial banking accreditation from the Autorité de contrôle prudentiel et de résolution (ACPR), France’s financial sector regulator, within the coming days.
This regulatory green light brings to fruition a process initiated over a year and a half ago. At that time, a crucial memorandum of understanding was formally endorsed with much fanfare by the financial group’s chairman, Nigerian billionaire Tony Elumelu, and former French Finance Minister Antoine Armand. This high-level ceremony took place under the direct patronage of Presidents Bola Tinubu and Emmanuel Macron. However, the journey from political intent to the rigorous demands of European banking regulation proved to be fraught with administrative complexities.
Behind the scenes: diplomatic and financial breakthroughs
The delay in securing this essential Parisian approval triggered discreet yet persistent negotiations behind the scenes. The matter notably became a key discussion point during the Africa Forward summit, which convened last May in Nairobi.
During a dedicated working session of the France-Nigeria Business Council (FNBC), the slow progression of UBA’s application was explicitly raised. This discussion occurred in the presence of French Minister Delegate for Foreign Trade, Nicolas Forissier, and the director of UBA’s Paris branch, René-Laurent Alciator.
“The realization of this accreditation was no longer a question of opportunity, but of timing. Both parties committed to aligning French regulatory constraints with the financial group’s regional ambitions,” an individual closely involved in the discussions revealed.
Following this meeting on Kenyan soil, a bilateral working session was arranged to address and remove the final administrative obstacles with the supervisory authorities of the Banque de France. This proactive approach ultimately yielded the desired results.
Nigeria’s top financial institutions now established in Paris
As a trailblazer among financial institutions from Sub-Saharan Africa’s largest economy, UBA was the very first Nigerian bank to establish a presence in the French capital. Its journey began in 2009 with the opening of a representative office. However, by achieving full credit institution status, it will become the third bank from Nigeria to secure a comprehensive license in France, following in the footsteps of two other major players in the sector.
Access Bank, for instance, has been operational since 2023 through its British subsidiary, Access Bank UK, with its French branch expertly managed by Justin Maria, a seasoned former executive from BGFIBank. Zenith Bank, led by Jim Ovia until May 2026, obtained its license in September 2024. Its inauguration was marked by a lavish evening event at the prestigious Ritz hotel in Paris, drawing together prominent business leaders and key political figures, including the President of the Constitutional Council, Richard Ferrand. The Paris branch is currently under the direction of Rabah Rahmani, a former banker with a background at Société Générale.
UBA’s arrival as a fully operational commercial bank completes the establishment of a Nigerian financial hub in Paris. This strategic development is designed to streamline the financing of cross-border trade between Europe and Francophone Africa.
A political moment during Emmanuel Macron’s Lagos visit
The timing of this official approval is no mere coincidence. From a governance perspective, UBA is preparing for a significant transition: Tony Elumelu is scheduled to hand over the chairmanship of the board to Emmanuel Nnorom on August 21. Nevertheless, the renowned Nigerian magnate might choose to make the official announcement of his Paris branch’s opening during a major political event: the state visit of French President Emmanuel Macron to Nigeria, slated for October 29 and 30.
The bond between the two leaders has notably strengthened in recent months. Last March, the French head of state appointed Tony Elumelu to lead the Africa France Impact Coalition. This platform, initially conceived ahead of the Nairobi summit, aims to inject new momentum into business partnerships between leading African enterprises and French industrial champions.
The path to this agreement has encompassed several crucial milestones, beginning with UBA’s initial presence in Paris as a representative office in 2009, followed by Access Bank’s license in 2023 and Zenith Bank’s in September 2024. A decisive meeting at the Africa Forward summit in Nairobi in May 2026 paved the way for the group’s presidential handover on August 21, 2026, leading to the eagerly anticipated announcement during Emmanuel Macron’s visit in late October 2026.
Heirs Holdings’ global market ambitions
For the Lagos-based magnate, securing this license within the heart of the Eurozone is merely one component of a far more expansive global deployment strategy. UBA is an integral part of the family holding company, Heirs Holdings, a diverse empire spanning sectors from energy and hydrocarbons to luxury hospitality.
In parallel with its new Parisian anchor, the group’s financial arm is actively pursuing expansion across the African continent. Its investment bank, United Capital, also controlled by Tony Elumelu, has recently established new strategic subsidiaries in Ethiopia and Rwanda.
By embedding itself in the core of the French financial market, UBA intends not only to provide cash management and credit services to French companies looking to invest in West Africa but also to support African economic leaders in their expansion into European markets. This newly operational banking bridge is poised to play a pivotal role in strengthening the strategic alignment between Paris and Lagos.
