Tony Elumelu’s UBA bank set to secure full French banking license

More than eighteen months after 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 French prudential control and resolution authority, Autorité de contrôle prudentiel et de résolution (ACPR), is reportedly preparing to grant UBA its coveted full banking license. This represents a strategic turning point for the group established by the renowned tycoon Tony Elumelu, and it powerfully illustrates the active economic diplomacy between France and West Africa’s leading economy.

The wait has been extensive for the Nigerian institution, United Bank for Africa (UBA), yet the final resolution has never been closer. According to multiple consistent reports, UBA is expected to receive its full banking operating license from the Autorité de contrôle prudentiel et de résolution (ACPR), France’s financial sector watchdog, within the coming days. This regulatory approval brings to fruition a process initiated over a year and a half ago. At that time, a pivotal memorandum of understanding was ceremoniously signed by the financial group’s chairman, Nigerian billionaire Tony Elumelu, and former French Finance Minister Antoine Armand, all under the direct patronage of Presidents Bola Tinubu and Emmanuel Macron. However, the journey from political intent to the stringent requirements of European banking regulation proved to be laden with administrative demands.

Behind the scenes of a diplomatic and financial breakthrough

The delay in obtaining this crucial Parisian accreditation prompted discreet but persistent negotiations behind the scenes. The matter notably became a key topic during discussions held on the sidelines of the Africa Forward summit, which convened in Nairobi last May.

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 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,” confided a source close to the discussions.

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

Nigerian finance’s leading trio 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 back in 2009, initially as a simple representative office. However, by achieving full credit institution status, 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.

Firstly, Access Bank has been active since 2023 through its British subsidiary, Access Bank UK, with its French branch led by Frenchman Justin Maria, an experienced former executive of BGFIBank. Secondly, Zenith Bank, chaired by Jim Ovia until May 2026, obtained its license in September 2024. Its inauguration was marked by a lavish event at the prestigious Ritz hotel in Paris, gathering business elites and prominent 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 fully operational 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 official approval is no 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. Nevertheless, the celebrated 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 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 momentum into business partnerships between leading African enterprises and French industrial champions.

The journey to this agreement has involved several critical 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.

The Heirs Holdings empire targets international markets

For the Lagos-based magnate, securing this accreditation in the heart of the Eurozone is just one component of a much broader global deployment strategy. UBA is part of the Heirs Holdings family holding company, a diversified empire spanning from the energy and hydrocarbon sectors to luxury hospitality.

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

By establishing itself within the core of 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 banking bridge is now operational, poised to play a pivotal role in the strategic alignment between Paris and Lagos.