The United Bank for Africa (UBA) is on the verge of receiving a full banking licence from France’s ACPR, marking a historic milestone for Nigeria’s largest financial institution. This regulatory breakthrough follows 18 months of meticulous negotiations, culminating in a decisive agreement between French and Nigerian authorities.
The licence will transform UBA’s Paris office into a fully-fledged commercial bank, solidifying its position as the third Nigerian financial institution to achieve this status in France. Previously, UBA operated as a representative office since 2009, paving the way for today’s expansion.
Diplomatic and regulatory hurdles overcome
The approval process was not without challenges. Following the signing of a landmark framework agreement in Paris, UBA’s leadership, led by Tony Elumelu, faced rigorous French banking regulations. Behind-the-scenes discussions intensified, particularly during the Africa Forward summit in Nairobi, where key stakeholders aligned timelines to meet both French compliance standards and UBA’s regional ambitions.
« This was never about opportunity—it was about precision. Every regulatory box had to be ticked before the licence could be granted, » explained a source familiar with the negotiations. The breakthrough came after bilateral talks in Nairobi, where French and Nigerian officials finalised the remaining administrative steps.
Paris emerges as a hub for Nigerian finance
UBA’s new status in France places it alongside two other Nigerian banking giants—Access Bank and Zenith Bank—which have already established full operations in Paris. While Access Bank entered the French market in 2023 and Zenith Bank followed in late 2024, UBA’s arrival completes a strategic trio of West African financial institutions in Europe’s financial capital.
For UBA, this is more than a regulatory milestone—it’s a gateway to deeper economic ties between Nigeria and France. The bank aims to facilitate trade financing for European companies expanding into Francophone Africa while supporting African businesses seeking opportunities in Europe.
A strategic alignment with France-Nigeria relations
The timing of this development is no coincidence. As Emmanuel Macron prepares for a state visit to Nigeria on 29–30 October, UBA’s licence approval adds momentum to bilateral economic cooperation. Meanwhile, Tony Elumelu is set to transition from his role as UBA’s board chairman to Emmanuel Nnorom on 21 August, though the official launch of the Paris branch may coincide with Macron’s visit.
Elumelu’s influence in Franco-Nigerian economic diplomacy has grown significantly. Earlier this year, he was appointed to lead the Africa France Impact Coalition, a platform designed to strengthen business partnerships between African corporations and French industry leaders. This initiative, launched ahead of the Nairobi summit, reflects a broader push to deepen economic integration across the continent.
Heirs Holdings’ global financial ambitions
UBA’s Paris licence is just one pillar of Heirs Holdings, the diversified investment group founded by Tony Elumelu. Beyond banking, the group operates across energy, hospitality, and agriculture, with subsidiaries like United Capital expanding aggressively into new markets. Recent moves include ventures in Ethiopia and Rwanda, further cementing the group’s role as a bridge between African and international finance.
For UBA, the French licence represents a critical step in its mission to become a pan-African financial powerhouse. By anchoring its operations in Paris, the bank is positioning itself as a key player in Europe-Africa trade, offering seamless solutions for businesses navigating both continents.
