Tony Elumelu’s UBA bank set to secure French license, strengthening Paris-Lagos financial ties

After more than eighteen months since a foundational agreement was signed in Paris, the prominent Nigerian institution, United Bank for Africa (UBA), is finally reaching its objective. The Autorité de contrôle prudentiel et de résolution (ACPR) is preparing to grant UBA its coveted full banking license. This marks a pivotal strategic development for the group established by the renowned magnate Tony Elumelu, and it vividly demonstrates the robust economic diplomacy actively unfolding between France and West Africa’s leading economic powerhouse.

The wait has been considerable for United Bank for Africa (UBA), but the resolution is now closer than ever. The institution is expected to receive its full operating banking license from the Autorité de contrôle prudentiel et de résolution (ACPR), France’s financial sector regulator, within the coming days. This imminent regulatory approval culminates a process initiated over eighteen months ago. At that time, a significant memorandum of understanding was formally endorsed by the financial group’s chairman, Nigerian billionaire Tony Elumelu, and former French Finance Minister Antoine Armand, all under the direct oversight of Presidents Bola Tinubu and Emmanuel Macron. However, navigating from political intent to the stringent demands of European banking regulation proved to be a path laden with administrative complexities.

Behind the scenes: diplomatic and financial breakthrough

The delay in securing this crucial Parisian authorization prompted discreet yet persistent negotiations behind the scenes. Notably, the matter became a central topic during discussions held on the sidelines of the Africa Forward summit, which convened in Nairobi in May. During a working session of the France-Nigeria Business Council (FNBC), the protracted nature of UBA’s application was explicitly addressed in the presence of French Minister Delegate for Foreign Trade, Nicolas Forissier, and René-Laurent Alciator, the director of UBA’s Paris branch.

« The finalization of this approval was no longer a matter of opportunity, but of timing. Both parties agreed to align French regulatory requirements with the financial group’s regional aspirations. »

Following this meeting in Kenya, a bilateral working session was arranged to address and remove the remaining administrative obstacles with the supervisory authorities at the Banque de France. This proactive approach ultimately yielded positive results.

Nigeria’s top financial institutions now established in Paris

As a pioneer 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 as early as 2009, initially through a simple representative office. However, by attaining the status of a full-fledged credit institution, it will become the third bank from Nigeria to secure a complete license in France, following in the footsteps of two other major players in the sector. Access Bank has been active since 2023 via its British subsidiary, Access Bank UK, with its French branch expertly managed by Justin Maria, an experienced former executive from BGFIBank. Zenith Bank, chaired by Jim Ovia until May 2026, obtained its authorization in September 2024. Its grand inauguration was celebrated with an opulent evening at the prestigious Ritz hotel in Paris, drawing together prominent business leaders and key political figures, including Richard Ferrand, the President of the Constitutional Council. The branch is currently overseen by Rabah Rahmani, a seasoned banker formerly with Société Générale. UBA’s emergence as a full-service 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.

Political opportunity during Emmanuel Macron’s Lagos visit

The timing of this accreditation is far from coincidental. From a governance perspective, UBA is poised for a significant transition: Tony Elumelu is scheduled to hand over the chairmanship of the board to Emmanuel Nnorom on August 21. Nevertheless, the prominent Nigerian magnate might choose to make the official announcement regarding the opening of UBA’s Parisian branch during a major political event: the state visit of French President Emmanuel Macron to Nigeria, slated for October 29 and 30. The connection between these two influential figures has deepened in recent months. Last March, the French head of state appointed Tony Elumelu to lead the Africa France Impact Coalition. This initiative, conceptualized prior to the Nairobi summit, aims to infuse new vitality into business partnerships between leading African enterprises and French industrial champions. The journey to this agreement has involved several pivotal milestones, starting 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. The crucial meeting at the Africa Forward summit in Nairobi in May 2026 paved the way for the group’s leadership transition 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 authorization within the Eurozone is merely one component of a much broader global deployment strategy. UBA is part of the Heirs Holdings family conglomerate, a diversified empire spanning sectors from energy and hydrocarbons to luxury hospitality. Alongside its new Parisian foothold, the group’s financial arm is intensifying its initiatives across the African continent. Its investment bank, United Capital, also under Tony Elumelu’s control, has recently established new strategic subsidiaries in Ethiopia and Rwanda. By integrating into the heart of the French financial market, UBA aims not only to provide cash management and credit services to French businesses looking to establish themselves in West Africa, but also to support leading African economic players in their expansion into European markets. This newly operational banking bridge is set to play a pivotal role in the strategic strengthening of ties between Paris and Lagos.