After more than eighteen months since a foundational agreement was signed in Paris, the prominent Nigerian financial institution, United Bank for Africa (UBA), is on the verge of a significant breakthrough. The Autorité de contrôle prudentiel et de résolution (ACPR), France’s prudential control and resolution authority, is poised to grant UBA its coveted full banking license. This represents a pivotal strategic moment for the group established by the renowned entrepreneur Tony Elumelu, and a clear demonstration of the robust economic diplomacy flourishing between France and West Africa’s leading economic power.

The journey has been extensive for the Nigerian banking powerhouse, United Bank for Africa (UBA), yet the final approval is now imminent. Reliable sources indicate that the institution is expected to receive its full operating banking license from the Autorité de contrôle prudentiel et de résolution (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 auspices 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 marked by numerous administrative requirements.

Behind the scenes: diplomatic and financial progress

The delay in securing this Parisian approval led to discreet but persistent negotiations. The matter notably became a key discussion point 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 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 individual close to the discussions.

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

Nigerian finance leaders establish presence 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 representative office in 2009. However, by achieving the status of a full-fledged credit institution, it will become the third Nigerian bank to obtain a comprehensive license in France, following in the footsteps of two other major players in the sector.

Access Bank has been operational since 2023 through its UK subsidiary, Access Bank UK, with its French branch expertly managed by Justin Maria, an experienced former executive of BGFIBank. Similarly, Zenith Bank, chaired by Jim Ovia until May 2026, secured its license in September 2024. Its inauguration was marked by a lavish event at the prestigious Ritz hotel in Paris, attracting a distinguished gathering of business leaders and prominent political figures, including the President of the Constitutional Council, Richard Ferrand. The branch is currently led by Rabah Rahmani, a seasoned banker formerly with Société Générale.

UBA’s arrival as a fully operational commercial bank completes the formation of a robust Nigerian financial hub in Paris, designed to streamline trade financing between Europe and Francophone Africa.

A strategic political moment during Emmanuel Macron’s Lagos visit

The timing of this authorization is far from coincidental. On the governance front, UBA is preparing for a significant transition: Tony Elumelu is set to pass on the chairmanship of the board to Emmanuel Nnorom on August 21. However, the celebrated Nigerian magnate may choose to make the official announcement of his Paris branch’s opening during a major political event: the state visit of French President Emmanuel Macron to Nigeria, scheduled for October 29 and 30.

The relationship between the two leaders has deepened in recent months. Last March, the French head of state appointed Tony Elumelu to lead the Africa France Impact Coalition. This platform, conceptualized before the Nairobi summit, aims to inject new momentum into business partnerships between leading African enterprises and French industrial champions.

The journey to this agreement involved several key milestones, 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 leadership transition on August 21, 2026, and the highly anticipated announcement during Emmanuel Macron’s visit in late October 2026.

Heirs Holdings’ global market expansion

For the Lagos-based magnate, securing this license within the Eurozone is merely one component of a much broader global expansion strategy. UBA is part of the Heirs Holdings family conglomerate, a diverse empire spanning from energy and hydrocarbons to luxury hospitality.

Concurrently with its Paris establishment, the group’s financial arm is intensifying its efforts across the African continent. Its investment bank, United Capital, also controlled by Tony Elumelu, has recently inaugurated new strategic subsidiaries in Ethiopia and Rwanda.

By establishing a presence at the heart of the French financial market, UBA aims not only to provide cash management and credit services to French companies looking to invest in West Africa but also to support African economic leaders in their expansion into European markets. This operational banking bridge is poised to play a pivotal role in the strategic alignment between Paris and Lagos.