After more than eighteen months since the framework agreement was signed in Paris, the Nigerian financial powerhouse, United Bank for Africa (UBA), is on the verge of a significant breakthrough. France’s Autorité de contrôle prudentiel et de résolution (ACPR) is reportedly preparing to grant the institution its coveted full banking license. This moment marks a strategic turning point for the group founded by visionary tycoon Tony Elumelu and powerfully illustrates the robust economic diplomacy actively unfolding between France and West Africa’s leading economy.

The anticipation has been considerable for the Nigerian bank, United Bank for Africa (UBA), but the resolution appears closer than ever. Informed sources indicate that the establishment is expected to receive its full operating banking license from the Autorité de contrôle prudentiel et de résolution (ACPR), France’s financial sector watchdog, within the coming days.

This crucial 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 Minister of Finance Antoine Armand, under the direct patronage of Presidents Bola Tinubu and Emmanuel Macron. However, the journey from political intent to the rigorous demands of European banking regulation proved challenging, filled with administrative requirements.

Behind the scenes: diplomatic and financial breakthroughs

The delay in securing this essential Parisian approval prompted discreet but persistent negotiations behind the scenes. The issue notably became a central topic during discussions held on the sidelines of the Africa Forward summit 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 René-Laurent Alciator, director of UBA’s Paris branch.

“The realization of this license 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 on Kenyan soil, a bilateral working session was scheduled to address and resolve the final administrative hurdles with the supervisory authorities at the Banque de France. This proactive approach ultimately yielded positive results.

Nigeria’s top financial institutions now anchored in Paris

As a pioneer 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 through a simple representative office. However, by achieving the status of a full-fledged credit institution, it will become the third bank from its country to secure a comprehensive license in France, following in the footsteps of two other industry titans.

Firstly, Access Bank has been active since 2023 via its UK subsidiary, Access Bank UK, with its French branch expertly managed by Justin Maria, a seasoned former executive from BGFIBank. Secondly, Zenith Bank, chaired by Jim Ovia until May 2026, obtained its license in September 2024. Its inauguration was marked by a lavish evening at Paris’s prestigious Ritz Hotel, drawing together business luminaries and key political figures, including the President of the Constitutional Council, Richard Ferrand. The branch is currently led by Rabah Rahmani, a former banker from Société Générale.

UBA’s entry as a full-service commercial bank completes the establishment of a Nigerian financial hub in Paris, strategically 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 far from coincidental. 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 renowned Nigerian magnate might reserve the official announcement of his Parisian branch’s opening for a major political event: 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.

Heirs Holdings’ galaxy targets international markets

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

In parallel with its Parisian foothold, the group’s financial arm is intensifying its operations 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 French financial market, UBA intends not only to offer comprehensive cash management and credit services to French companies looking to expand into West Africa but also to support African economic leaders in their growth across European markets. This operational banking bridge is now poised to play a pivotal role in strengthening the strategic ties between Paris and Lagos.