UBA secures full banking license in France, boosting West African finance

After a prolonged regulatory journey, United Bank for Africa (UBA), Nigeria’s leading financial institution, is on the verge of receiving its full banking license in France. The landmark approval from the Autorité de Contrôle Prudentiel et de Résolution (ACPR)—France’s financial watchdog—marks a pivotal moment for the banking group founded by billionaire Tony Elumelu and underscores the deepening economic ties between France and Africa’s largest economy.

While the wait has stretched beyond expectations, insiders confirm that the final green light is imminent. The process, initiated over 18 months ago, culminated in a high-profile agreement signed in Paris between Elumelu and former French Finance Minister Antoine Armand, with the backing of Nigeria’s President Bola Tinubu and France’s Emmanuel Macron. Yet, transforming political goodwill into regulatory reality demanded navigating Europe’s stringent banking compliance framework.

Behind the scenes: diplomacy meets financial rigor

The journey to this milestone was anything but straightforward. Behind-the-scenes negotiations intensified in recent months, culminating in high-level discussions during the Africa Forward summit in Nairobi last May. At a meeting of the France-Nigeria Business Council (FNBC), attended by French Trade Minister Nicolas Forissier and UBA Paris branch director René-Laurent Alciator, the urgency of finalizing UBA’s license took center stage.

« This was never about opportunity—it was about timing,» explained a participant familiar with the talks. « Both sides worked to align French regulatory demands with UBA’s ambitions to strengthen its foothold in Francophone Africa.» Shortly after, a bilateral working session was scheduled with the Bank of France to resolve lingering administrative hurdles, a move that ultimately paved the way for success.

Paris as a new financial hub for Nigerian banking giants

UBA’s ascent to full banking status in France cements its position as the third Nigerian lender to achieve this feat, following in the footsteps of Access Bank and Zenith Bank. While Access Bank entered the French market in 2023 through its UK subsidiary, Zenith Bank received its license in September 2024 and celebrated with a gala event at Paris’s Hôtel Ritz, attended by top officials including the head of France’s Constitutional Council, Richard Ferrand. Today, Zenith Bank’s Paris branch is helmed by Rabah Rahmani, a former Société Générale executive.

For UBA, this milestone completes the establishment of a Nigerian financial hub in the French capital, designed to streamline trade financing between Europe and Francophone Africa. With its new license, the bank will offer tailored credit and transaction services to French firms eyeing West African expansion while supporting African enterprises seeking to penetrate European markets.

A strategic alignment with Macron’s visit to Lagos

The timing of this approval is no coincidence. On August 21, Tony Elumelu is set to step down as UBA’s chairman, passing the reins to Emmanuel Nnorom. Yet, the announcement of the Paris branch’s launch may coincide with a high-profile diplomatic event: French President Emmanuel Macron’s state visit to Nigeria on October 29–30. The bond between the two leaders has strengthened in recent months, particularly after Macron appointed Elumelu to lead the Africa France Impact Coalition in March—a platform aimed at revitalizing business partnerships between African conglomerates and French industrial leaders.

The road to this moment has been marked by key milestones: UBA’s initial Paris office in 2009, Access Bank’s license in 2023, and Zenith Bank’s approval in late 2024. The Nairobi summit in May 2025 provided the final push, setting the stage for Elumelu’s handover in August and the anticipated Paris branch unveiling during Macron’s visit.

Heirs Holdings: a global expansion beyond banking

For Elumelu, UBA’s French license is just one piece of a broader international strategy. The bank 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 the Eurozone, UBA is not only bridging financial gaps between France and West Africa but also reinforcing Nigeria’s role as a key player in global finance. With this license, the bank is poised to become a critical artery in the flow of capital between Europe and Africa’s fastest-growing economies.