After more than eighteen months since a framework agreement was inked in Paris, the Nigerian financial powerhouse, United Bank for Africa (UBA), is on the cusp of achieving a significant milestone. The Autorité de contrôle prudentiel et de résolution (ACPR), France’s prudential control and resolution authority, is reportedly ready to grant UBA its coveted full banking accreditation. This represents a pivotal strategic development for the group founded by the prominent tycoon Tony Elumelu, and simultaneously underscores the vibrant economic diplomacy between France and West Africa’s leading economy.
The journey has been extensive for the Nigerian banking institution, United Bank for Africa (UBA), but the resolution now appears imminent. Multiple reliable sources indicate that the establishment is set to receive its full operational banking license from the Autorité de contrôle prudentiel et de résolution (ACPR), the French financial sector’s regulatory 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 formally signed with considerable fanfare by the financial group’s chairman, Nigerian billionaire Tony Elumelu, and former French Minister of Finance 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.
Behind the scenes: diplomatic and financial breakthroughs
The delay in obtaining this essential Parisian authorization triggered discreet yet persistent negotiations behind the scenes. The matter notably became a central point of discussion 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 raised 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 matter 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 on Kenyan soil, a bilateral working appointment was scheduled to resolve the final administrative hurdles with the Banque de France’s supervisory authorities. This proactive approach ultimately yielded positive results.
Nigeria’s top financial trio now firmly 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, dating back to 2009, with the opening of a simple representative office. Yet, by achieving the status of a full-fledged credit institution, it will become the third bank from its nation 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, presided over by Jim Ovia until May 2026, obtained its crucial approval in September 2024. Its inauguration was marked by a lavish evening at the prestigious Ritz hotel in Paris, gathering a distinguished assembly of business leaders and key political figures, including the President of the Constitutional Council, Richard Ferrand. The branch is currently led by Rabah Rahmani, a former banker with a background at Société Générale.
UBA’s arrival as a fully operational commercial bank completes the establishment of a Nigerian financial hub in Paris, strategically designed to facilitate the financing of cross-border trade between Europe and Francophone Africa.
A political opportunity during Emmanuel Macron’s Lagos visit
The timing of this official approval is far from coincidental. On the governance front, UBA is preparing for a significant transition in its history: Tony Elumelu is set to transfer the chairmanship of the board to Emmanuel Nnorom on August 21. Nevertheless, the renowned Nigerian magnate might reserve the official announcement of his Paris branch’s full opening for a major political occasion: the state visit of French President Emmanuel Macron to Nigeria, scheduled for October 29 and 30.
The bond between the two leaders has notably deepened 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 dynamism into business partnerships between leading African enterprises and French industrial champions.
The path to this agreement has encompassed several pivotal 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. 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, leading to the eagerly anticipated announcement during Emmanuel Macron’s visit in late October 2026.
The Heirs Holdings empire targets international markets
For the Lagos-based magnate, securing this accreditation at the heart of the Eurozone is merely one component of a much broader global deployment strategy. UBA is an integral part of the family holding company, Heirs Holdings, a diverse empire spanning sectors from energy and hydrocarbons to luxury hospitality.
Concurrently with its Parisian foothold, the group’s financial arm is intensifying its 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 within the core of the French financial market, UBA aims not only to provide flow management and credit services to French companies looking to enter West Africa but also to support African economic champions in their expansion into European markets. This banking bridge is now operational, poised to play a pivotal role in the strategic rapprochement between Paris and Lagos.
