After a grueling wait of over a year and a half, Nigeria’s financial powerhouse, United Bank for Africa (UBA), is on the verge of achieving a historic milestone. The French Prudential Supervision and Resolution Authority (ACPR) is poised to grant the bank a full banking license, marking a significant leap forward for the institution founded by Africa’s renowned entrepreneur, Tony Elumelu. This development not only underscores UBA’s expanding footprint but also highlights the deepening economic ties between Nigeria and France.
From representation to full commercial banking: a strategic evolution
UBA’s journey in France began in 2009 with the establishment of a mere representative office. Today, the bank is set to become the third Nigerian financial institution to secure a comprehensive banking license in the European market, following in the footsteps of Access Bank and Zenith Bank. While Access Bank operates through its UK subsidiary with a French branch led by Justin Maria, Zenith Bank’s Paris branch, now under Rabah Rahmani’s leadership, was inaugurated with great fanfare at the iconic Hôtel Ritz in 2024.
The impending approval from the French regulator culminates a meticulous process initiated over a year and a half ago. At the time, a landmark agreement was signed in Paris under the watchful eyes of key stakeholders, including Tony Elumelu and former French Finance Minister Antoine Armand, with the support of Nigerian President Bola Tinubu and his French counterpart, Emmanuel Macron. However, translating political will into regulatory reality demanded navigating a labyrinth of administrative hurdles.
Diplomatic and economic negotiations pave the way
Behind the scenes, discreet yet persistent diplomacy has played a pivotal role in unblocking this critical dossier. The subject took center stage during the Africa Forward summit in Nairobi, where it was discussed in detail during a working session of the France-Nigeria Business Council (FNBC). The meeting, attended by French Minister of State for Foreign Trade Nicolas Forissier and UBA Paris branch director René-Laurent Alciator, underscored the urgency of aligning France’s regulatory framework with the bank’s regional ambitions.
>« This approval wasn’t just about opportunity anymore—it was about timing. Both parties worked tirelessly to reconcile French regulatory constraints with UBA’s strategic vision for West Africa and beyond, » revealed an insider familiar with the negotiations. A follow-up bilateral meeting was subsequently arranged to finalize administrative formalities with the French central bank’s oversight authorities, a step that ultimately proved decisive.
Paris emerges as a hub for Nigerian banking
The granting of this license solidifies Paris as a critical financial gateway for Nigerian banks seeking to bridge Europe and Francophone Africa. UBA’s entry as a full-fledged commercial bank will enable it to facilitate cross-border trade financing, offering European businesses easier access to West African markets while supporting African enterprises in their European expansion.
A well-timed strategic announcement
The timing of this regulatory breakthrough is no coincidence. On August 21, Tony Elumelu is set to step down as Chairman of UBA, passing the baton to Emmanuel Nnorom. Industry observers speculate that the official inauguration of UBA’s Paris branch could be announced during French President Emmanuel Macron’s upcoming state visit to Nigeria on October 29-30, a move likely to further cement economic relations between the two nations.
In March, Macron appointed Elumelu to lead the Africa France Impact Coalition, a platform designed to revitalize business partnerships between African industry leaders and French corporations—a role that underscores the growing synergy between both nations’ economic agendas.
Heirs Holdings’ global ambitions take center stage
For the Lagos-based magnate, this French license is more than a regulatory victory; it’s a critical component of a broader global expansion strategy. UBA operates under Heirs Holdings, a diversified conglomerate spanning energy, hydrocarbons, and luxury hospitality. Parallel to its European expansion, the group’s financial arm, United Capital, has been aggressively scaling its presence across Africa, recently opening new branches in Ethiopia and Rwanda.
By securing a foothold in the Eurozone, UBA aims to position itself as a key financial conduit for French enterprises eyeing opportunities in West Africa, while simultaneously empowering African businesses to penetrate European markets. This banking bridge, now fully operational, is expected to play a transformative role in strengthening economic collaboration between Paris and Lagos.
