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 cusp of a significant achievement. The Autorité de contrôle prudentiel et de résolution (ACPR), France’s prudential control and resolution authority, is set to grant UBA its coveted full banking accreditation. This represents a pivotal strategic moment for the group founded by tycoon Tony Elumelu, while also serving as a clear demonstration of the robust economic diplomacy flourishing between France and West Africa’s leading economy.
The journey for Nigeria’s United Bank for Africa (UBA) has involved considerable anticipation, but the breakthrough is now imminent. Reliable information indicates that the institution is expected to receive its full banking license from the ACPR, the French financial sector watchdog, 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 ceremoniously signed 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 stringent demands of European banking regulation proved to be a path laden with administrative requirements.
The diplomatic and financial efforts behind the breakthrough
The delay in securing this essential Parisian credential prompted discreet yet persistent discussions behind the scenes. The matter notably became a central topic during exchanges held on the sidelines of the Africa Forward summit, which convened last May in Nairobi.
During a working session of the France-Nigeria Business Council (FNBC), the slow progress of UBA’s application was explicitly brought up in the presence of the 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 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 dedicated bilateral working session was arranged to address the final administrative hurdles with the supervisory authorities at the Banque de France. This proactive approach ultimately yielded positive results.
Nigeria’s top three 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 back in 2009. However, by achieving the status of a fully licensed credit institution, it will become the third bank from its home country to secure a comprehensive license in France, following in the footsteps of two other industry giants.
Access Bank 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, chaired by Jim Ovia until May 2026, obtained its license in September 2024. Its grand inauguration was marked by an opulent evening at the prestigious Ritz hotel in Paris, drawing together a host of business luminaries and prominent political figures, including the President of the Constitutional Council, Richard Ferrand. The branch is currently led by Rabah Rahmani, a former banker who previously worked at Société Générale.
UBA’s emergence as a full-fledged commercial bank completes the establishment of a Nigerian financial hub in Paris, strategically designed to streamline the financing of cross-border trade between Europe and Francophone Africa.
A political opportunity during Emmanuel Macron’s Lagos visit
The timing of this approval is no mere coincidence. On the governance front, 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. However, the renowned Nigerian magnate may well reserve the official announcement of his Parisian branch’s opening for a major political occasion: French President Emmanuel Macron’s state visit 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, conceptualized ahead of the Nairobi summit, aims to inject renewed dynamism into business partnerships between leading African enterprises and French industrial champions.
The journey to this agreement has progressed through several key stages, starting with UBA’s initial presence 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, leading to the anticipated announcement during Emmanuel Macron’s visit in late October 2026.
Heirs Holdings’ global market expansion
For the Lagos-based magnate, securing this accreditation at the heart of the Eurozone is but one element of a much broader global deployment strategy. UBA forms part of the family holding company Heirs Holdings, a diverse empire spanning sectors from energy and hydrocarbons to luxury hospitality.
Alongside its Parisian foothold, the group’s financial arm is intensifying its initiatives 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 within the French financial market, UBA intends 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 set to play a pivotal role in strengthening the strategic alignment between Paris and Lagos.