Tony Elumelu’s UBA bank poised to secure full banking license in France, strengthening Paris-Lagos economic ties

After more than eighteen months since a pivotal framework agreement was signed in Paris, the Nigerian financial powerhouse, United Bank for Africa (UBA), is finally on the cusp of a major achievement. The Autorité de contrôle prudentiel et de résolution (ACPR), France’s prudential control and resolution authority, is reportedly preparing to grant the institution its coveted full banking license. This marks a strategic turning point for the group founded by the renowned tycoon Tony Elumelu, and powerfully illustrates the robust economic diplomacy between France and West Africa’s leading economic power.

The wait has been extensive for the Nigerian banking giant, United Bank for Africa (UBA), but the resolution appears imminent. According to multiple credible sources, the establishment is expected to receive its full operating banking license from the ACPR, the French financial sector’s regulatory body, within the next few days.

This crucial regulatory green light will bring to fruition a process initiated over a year and a half ago. At that time, a decisive 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, the path from political intention to the stringent demands of European banking regulation proved to be laden with administrative requirements.

Behind the scenes: diplomatic and financial breakthroughs

The delay in obtaining this Parisian ‘sesame’ prompted discreet but persistent negotiations behind the scenes. The matter notably became a key point of discussion during the Africa Forward summit held 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 finalization of this approval 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 insider close to the discussions.

Following this meeting on Kenyan soil, a bilateral working session was scheduled to remove the final administrative hurdles with the oversight authorities of the Banque de France. This proactive approach ultimately yielded the desired results.

Nigeria’s top three financial institutions now anchored in Paris

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 UK 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 a lavish evening at the prestigious Ritz hotel in Paris, drawing prominent business leaders and key 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 full-service commercial bank completes the establishment of a Nigerian financial hub in Paris, 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 authorization is no mere coincidence. On the governance front, 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 celebrated Nigerian magnate might reserve the official announcement of his Paris branch’s opening for a major political event: 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 dynamism into business partnerships between leading African enterprises and French industrial champions.

The journey leading to this agreement has progressed through several key stages, from 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. 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, and the anticipated announcement during Emmanuel Macron’s visit in late October 2026.

Heirs Holdings galaxy targets international markets

For the Lagos magnate, securing this approval in the heart of the Eurozone represents just 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.

Alongside its Parisian foothold, the group’s financial arm is intensifying its offensive 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 offer liquidity management and credit services to French companies looking to invest in West Africa but also to support African economic champions in their expansion into European markets. This operational banking bridge is poised to play a pivotal role in the strategic rapprochement between Paris and Lagos, serving as a vital conduit for African economy news and fostering pan-African journalism related to finance.