After a year and a half of meticulous negotiations, the United Bank for Africa (UBA), Nigeria’s financial powerhouse, is on the verge of receiving its full banking licence from France’s prudential control authority, the ACPR. This milestone underscores not only the strategic ambitions of the bank founded by billionaire Tony Elumelu but also the deepening economic ties between France and Nigeria, West Africa’s economic leader.
The journey to this regulatory approval has been a test of patience and persistence. Industry insiders confirm that the ACPR is set to grant UBA its licence in the coming days, finalising a process initiated over 18 months ago. The breakthrough follows the signing of a landmark memorandum of understanding between UBA’s chairman, Tony Elumelu, and France’s former Finance Minister, Antoine Armand, with the full backing of Nigerian President Bola Tinubu and French President Emmanuel Macron.
Navigating regulatory hurdles in the European banking system proved more challenging than anticipated. Diplomatic and financial discussions behind the scenes have been instrumental in advancing the dossier. Key stakeholders, including UBA’s Paris branch director, René-Laurent Alciator, and France’s Minister Delegate for Foreign Trade, Nicolas Forissier, addressed the matter during a working session at the Africa Forward summit in Nairobi last May. The gathering highlighted the urgency of aligning French regulatory constraints with UBA’s regional expansion goals.
Paris emerges as a new hub for Nigerian banking
UBA’s transformation from a representative office in 2009 to a full-fledged commercial bank in France marks a significant chapter in the bank’s history. Once operational, it will become Nigeria’s third financial institution to secure a full banking licence in France, joining the ranks of Access Bank and Zenith Bank.
Access Bank, already established in the UK since 2023, operates its French branch under the leadership of Justin Maria, a financial veteran formerly with BGFIBank. Meanwhile, Zenith Bank, chaired by Jim Ovia until 2026, received its licence in September 2024. Its grand inauguration at Paris’s Ritz hotel was attended by high-profile figures, including the President of France’s Constitutional Council, Richard Ferrand. Today, the branch is led by Rabah Rahmani, a former Société Générale executive.
The addition of UBA’s Paris-based commercial bank solidifies Nigeria’s financial footprint in Europe. The move is designed to streamline cross-border trade financing between Europe and Francophone Africa, offering a robust platform for businesses on both continents.
A strategic alignment with Macron’s state visit to Nigeria
The timing of this licence approval is no coincidence. UBA’s governance is also undergoing a transition, with Tony Elumelu scheduled to step down as chairman on August 21, handing over the reins to Emmanuel Nnorom. Industry analysts anticipate that the announcement of UBA’s Paris branch opening may coincide with French President Emmanuel Macron’s upcoming state visit to Nigeria on October 29 and 30—a high-profile diplomatic event.
The relationship between Elumelu and Macron has strengthened in recent months. In March, Macron appointed the Nigerian tycoon to lead the Africa France Impact Coalition, a platform launched ahead of the Nairobi summit aimed at revitalising business partnerships between African conglomerates and French industrial leaders. This initiative underscores the broader vision of fostering economic synergy across the continent.
Heirs Holdings’ global expansion beyond banking
For Elumelu, the Paris licence is part of a much larger strategy. UBA operates under Heirs Holdings, his diversified conglomerate spanning energy, hydrocarbons, and luxury hospitality. Meanwhile, United Capital, UBA’s investment arm, has expanded aggressively across Africa, opening new branches in Ethiopia and Rwanda in recent months.
By securing a foothold in France’s financial heartland, UBA aims to facilitate seamless financial flows for French companies looking to invest in West Africa while supporting African enterprises in their European expansion. This bridge between the two continents is poised to play a pivotal role in strengthening economic relations between Paris and Lagos.
