After more than eighteen months since a foundational agreement was 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 reportedly preparing to grant the institution its coveted banking license. This development represents a strategic turning point for the group, founded by prominent tycoon Tony Elumelu, and powerfully illustrates the deepening economic diplomacy between France and West Africa’s leading economy.
The wait has been extensive for United Bank for Africa (UBA), but the resolution is now closer than ever. Reliable sources indicate that the institution is expected to receive its full banking license from the Autorité de contrôle prudentiel et de résolution (ACPR), France’s financial sector regulator, within the coming days.
This crucial regulatory approval brings to fruition a process initiated over a year and a half ago. At that time, a pivotal memorandum of understanding was ceremoniously signed by the financial group’s chairman, Nigerian billionaire Tony Elumelu, and former French Finance Minister Antoine Armand. The event was held 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 laden with administrative complexities.
Behind the scenes of diplomatic and financial progress
The delay in obtaining this essential Parisian authorization spurred discreet but persistent negotiations behind the scenes. The matter notably became a key point of discussion on the sidelines of the Africa Forward summit, which took place 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. French Minister Delegate for Foreign Trade, Nicolas Forissier, and René-Laurent Alciator, director of UBA’s Paris branch, were both present.
“The realization of this license was no longer a question of opportunity, but of timing. Both parties agreed to align French regulatory constraints with the financial group’s regional ambitions,” disclosed an individual closely involved in the discussions.
Following this meeting in Kenya, a bilateral working session was scheduled to address the final administrative hurdles with the supervisory authorities of the Banque de France. This proactive approach ultimately yielded positive results.
Nigerian finance’s top three now anchored 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 in 2009. However, by achieving full credit institution status, it will become the third bank from its country to secure a complete license in France, following in the footsteps of two other industry giants.
Access Bank has been established since 2023 through its British subsidiary, Access Bank UK, with its French branch led by Justin Maria, an experienced former executive from BGFIBank. Zenith Bank, chaired by Jim Ovia until May 2026, obtained its license in September 2024. Its inauguration was marked by an opulent evening at the prestigious Ritz hotel in Paris, gathering business elites and significant 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 arrival as a fully operational commercial bank completes the structuring of a Nigerian financial hub in Paris, designed to streamline the financing of cross-border trade between Europe and Francophone Africa.
A strategic political moment during Emmanuel Macron’s visit to Lagos
The timing of this authorization is not coincidental. In terms of governance, UBA is preparing for a significant transition: Tony Elumelu is set to hand over the chairmanship of the board to Emmanuel Nnorom on August 21. However, the renowned Nigerian magnate might reserve the official announcement of his Paris branch’s opening for a major political occasion: French President Emmanuel Macron’s state visit 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, conceptualized ahead of the Nairobi summit, aims to inject new momentum into business partnerships between leading African enterprises and French industrial champions.
The journey to this agreement has spanned several key stages, from UBA’s initial establishment in Paris as a representative office in 2009, followed by Access Bank obtaining its license in 2023 and Zenith Bank 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, and the anticipated announcement during Emmanuel Macron’s visit in late October 2026.
Heirs Holdings’ global market expansion
For the Lagos-based magnate, securing this license at the heart of the Eurozone is merely one component of a much broader global expansion strategy. UBA is part of the Heirs Holdings family conglomerate, a diversified empire spanning sectors from energy and hydrocarbons to luxury hospitality.
Concurrently with its Parisian establishment, the group’s financial arm is intensifying its offensives across the African continent. Its investment bank, United Capital, also controlled by Tony Elumelu, has recently finalized the opening of new strategic subsidiaries in Ethiopia and Rwanda.
By establishing itself within the French financial market, UBA intends not only to offer liquidity management and credit services to French companies looking to enter West Africa but also to support African economic leaders in their expansion into European markets. A banking bridge is now operational, poised to play a pivotal role in the strategic rapprochement between Paris and Lagos.
