After more than eighteen months since a framework agreement was signed in Paris, the Nigerian financial powerhouse United Bank for Africa (UBA) is on the verge of a significant breakthrough. The Autorité de contrôle prudentiel et de résolution (ACPR), France’s prudential supervision and resolution authority, is preparing to grant UBA its coveted full banking license. This marks a pivotal strategic moment for the group founded by the prominent tycoon Tony Elumelu, and powerfully illustrates the robust economic diplomacy actively unfolding between France and West Africa’s leading economy.
The wait has been extensive for the Nigerian institution, United Bank for Africa (UBA), yet the resolution has never felt closer. Multiple reliable sources indicate that UBA is expected to receive its full banking license from the Autorité de contrôle prudentiel et de résolution (ACPR), the French financial sector regulator, within the coming days.
This regulatory green light culminates a process initiated over a year and a half ago. At that time, a crucial memorandum of understanding was formally signed with considerable fanfare by the financial group’s chairman, Nigerian billionaire Tony Elumelu, and former French Finance Minister Antoine Armand, under the direct patronage of Presidents Bola Tinubu and Emmanuel Macron. However, bridging the gap between political intent and the rigorous demands of European banking regulation proved to be a path laden with administrative requirements.
The intricate path to diplomatic and financial clearance
The delay in securing this essential Parisian approval sparked discreet yet persistent negotiations behind the scenes. The matter notably became a central point of discussion during the Africa Forward summit, held last May in Nairobi.
During a working session of the France-Nigeria Business Council (FNBC), the slow progress of UBA’s application was explicitly raised. This discussion took place in the presence of French Minister Delegate for Foreign Trade, Nicolas Forissier, and René-Laurent Alciator, director of UBA’s Paris branch.
“The finalization of this approval was no longer a question of opportunity, but of timeline. Both parties agreed to align French regulatory constraints with the financial group’s regional ambitions,” revealed an individual closely involved in the discussions.
Following this meeting in Kenya, a bilateral working session was scheduled to address and resolve the remaining administrative hurdles with the supervisory authorities at 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, opening a simple representative office as early as 2009. However, by attaining the status of a full-fledged credit institution, it will become the third Nigerian bank to secure a comprehensive license in France, following in the footsteps of two other major players in the sector.
Access Bank has been operational since 2023 through its British subsidiary, Access Bank UK, with its French branch led by Justin Maria, an experienced former executive of BGFIBank. Zenith Bank, chaired by Jim Ovia until May 2026, obtained its license in September 2024. Its inauguration was marked by a lavish evening at the prestigious Ritz hotel in Paris, gathering business elite and prominent political figures, including the President of the Constitutional Council, Richard Ferrand. The branch is currently managed by Rabah Rahmani, a seasoned banker formerly with Société Générale.
UBA’s entry as a full-service commercial bank completes the formation of a Nigerian financial hub in Paris. This hub is designed to streamline the financing of cross-border trade between Europe and Francophone Africa, fostering greater economic integration.
A political opportunity during Emmanuel Macron’s Lagos visit
The timing of this authorization is far from coincidental. On the governance front, UBA is poised for a significant leadership transition: Tony Elumelu is set to hand over the chairmanship of the board to Emmanuel Nnorom on August 21. Nevertheless, the renowned Nigerian magnate may choose to reserve the official announcement of his Paris branch’s opening for a major political milestone: the state visit of French President Emmanuel Macron to Nigeria, scheduled 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 renewed vigor into business partnerships between leading African enterprises and French industrial champions.
The journey towards this agreement has encompassed several crucial stages, from UBA’s initial establishment as a representative office in Paris in 2009, followed by Access Bank’s license in 2023 and Zenith Bank’s in September 2024. The 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, and the anticipated announcement during Emmanuel Macron’s visit in late October 2026.
Heirs Holdings’ global expansion drive
For the Lagos-based magnate, securing this authorization within the heart of the Eurozone represents just one component of a far broader global deployment strategy. UBA is an integral part of the family holding company, Heirs Holdings, a diversified empire spanning sectors from energy and hydrocarbons to luxury hospitality.
In parallel with its Parisian establishment, the group’s financial arm is actively pursuing expansion across the African continent. Its investment bank, United Capital, also under Tony Elumelu’s control, has recently finalized the opening of new strategic subsidiaries in Ethiopia and Rwanda.
By establishing itself in the core of the French financial market, UBA aims not only to provide cash management and credit services to French companies looking to expand into West Africa but also to support African economic champions in their growth across European markets. This operational banking bridge is now poised to play a pivotal role in strengthening the strategic rapprochement between Paris and Lagos.