After more than eighteen months since a pivotal framework agreement was inked in Paris, the Nigerian financial powerhouse, United Bank for Africa (UBA), is on the cusp of a major achievement. The Autorité de contrôle prudentiel et de résolution (ACPR) is set to grant the institution its coveted full banking license. This represents a significant strategic milestone for the group established by the renowned tycoon Tony Elumelu, and simultaneously underscores the robust economic diplomacy flourishing between France and West Africa’s leading economic force.
The wait has been considerable for United Bank for Africa (UBA), but the resolution of its application now appears imminent. Reports indicate that the Autorité de contrôle prudentiel et de résolution (ACPR), France’s financial regulatory body, is expected to issue UBA its full operational banking license within days. This regulatory approval brings to fruition a process initiated over eighteen months ago. At that time, a crucial memorandum of understanding was formally signed with much fanfare by the financial group’s chairman, Nigerian billionaire Tony Elumelu, and former French Finance Minister Antoine Armand. This signing occurred under the direct auspices of Presidents Bola Tinubu and Emmanuel Macron. However, navigating the path from political aspiration to the stringent demands of European banking regulation proved to be a journey fraught with administrative complexities.
behind the scenes of a diplomatic and financial breakthrough
The delay in securing this essential Parisian approval sparked discreet yet persistent negotiations behind the scenes. This matter notably surfaced during discussions held on the sidelines of the Africa Forward summit, which convened in Nairobi last May.
During a working session of the France-Nigeria Business Council (FNBC), the protracted nature of UBA’s application was explicitly addressed. This discussion took place with French Minister Delegate for Foreign Trade, Nicolas Forissier, and René-Laurent Alciator, director of UBA’s Paris branch, in attendance.
“The realization of this approval was no longer a matter of opportunity, but of timing. Both parties agreed to reconcile French regulatory requirements with the financial group’s regional aspirations,” an individual closely involved in these discussions revealed.
Following this crucial meeting on Kenyan soil, a bilateral working session was scheduled to remove the final administrative obstacles with the supervisory authorities at the Banque de France. This proactive approach ultimately yielded positive results.
Nigeria’s top financial trio now established in Paris
As a trailblazer among financial institutions from Sub-Saharan Africa’s largest economy, UBA first established its presence in the French capital in 2009 by opening a representative office. However, with its imminent upgrade to a full credit institution, UBA 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.
Notably, Access Bank has been active since 2023 through its UK subsidiary, Access Bank UK, with its French branch expertly managed by Justin Maria, a seasoned former executive from BGFIBank. Zenith Bank, on the other hand, which will be chaired by Jim Ovia until May 2026, obtained its license in September 2024. Its official launch was celebrated with a lavish reception 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 led by Rabah Rahmani, a veteran banker who previously worked at Société Générale.
The entry of UBA as a fully operational commercial bank completes the formation of a Nigerian financial hub in Paris. This hub is strategically designed to streamline the financing of cross-border trade between Europe and Francophone Africa.
a political opportunity during emmanuel macron’s visit to Lagos
The timing of this regulatory approval is no mere coincidence. In terms of governance, UBA is preparing for a significant transition: Tony Elumelu is slated to hand over the chairmanship of the board to Emmanuel Nnorom on August 21. Nevertheless, the renowned Nigerian magnate might choose to unveil the official opening of UBA’s Paris branch during a major political event: the state visit of French President Emmanuel Macron to Nigeria, scheduled for October 29 and 30.
The relationship between these two influential figures 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, conceptualized ahead of the Nairobi summit, aims to infuse fresh momentum into business partnerships between leading African enterprises and French industrial champions.
The journey towards this agreement has unfolded through several critical phases. It began with UBA’s initial presence in Paris as a representative office in 2009, followed by Access Bank securing its license in 2023 and Zenith Bank in September 2024. A pivotal meeting at the Africa Forward summit in Nairobi in May 2026 paved the way for the group’s chairmanship handover on August 21, 2026, culminating in the eagerly anticipated announcement during Emmanuel Macron’s visit in late October 2026.
heirs holdings’ global market expansion
For the Lagos-based magnate, securing this authorization within the Eurozone represents just one component of a much broader global expansion strategy. UBA operates under the umbrella of the family holding company, Heirs Holdings, a diversified empire spanning sectors from energy and hydrocarbons to luxury hospitality.
Alongside its new foothold in Paris, the group’s financial arm is intensifying its strategic initiatives across the African continent. United Capital, its investment bank also overseen by Tony Elumelu, has recently established new strategic subsidiaries in both Ethiopia and Rwanda.
By establishing itself at the core of the French financial market, UBA aims to provide cash management and credit services to French companies looking to expand into West Africa. Furthermore, it seeks to support leading African businesses in their growth across European markets. This newly operational banking bridge is poised to play a pivotal role in strengthening the strategic ties between Paris and Lagos.
