In a crowning stroke to a 12-year tenure that transformed United Bank for Africa (UBA) Plc into an international financial powerhouse, outgoing Group Chairman Tony Elumelu is preparing to finalize the bank’s expansion into Paris, France, marking his final major strategic milestone before stepping down next month. The pan-African banking giant is expected to receive final regulatory authorization from France’s Autorité de contrôle prudentiel et de résolution (ACPR) in the coming weeks, clearing the path for full operational commencement in the French capital.
The regulatory green light caps a rigorous 18-to-24-month compliance process that began in late 2024. During Nigerian President Bola Ahmed Tinubu’s landmark state visit to France, Elumelu signed a high-profile business cooperation agreement at the Élysée Palace with French the Minister of Economy, Finance and Industry, Antoine Armand, in the presence of President Tinubu and French President Emmanuel Macron.
A Global Legacy Capped in Paris
Elumelu, who will officially step down on August 21, 2026, upon reaching the Central Bank of Nigeria’s mandatory 12-year tenure limit for non-executive directors, has long championed the concept of UBA as “Africa’s Global Bank”. Under his leadership, the bank built a footprint across 20 African nations and established footholds in key global financial centers; including London, New York, and Dubai. The addition of Paris secures UBA’s long-sought primary operational hub within the European Union.
Key Milestones of UBA’s Paris Expansion
Bilateral Backing: Agreement signed at Élysée Palace during Nigerian State Visit to France (Nov/Dec 2024).
Regulatory Body: Final approval pending from France’s ACPR (Autorité de contrôle prudentiel et de résolution).
Strategic Function: Official European Union hub for UBA’s international operations.
Global Network: Joins UBA’s major financial nodes in London, New York, and Dubai.
Bridging Francophone Africa and Europe
The Paris entry holds deep strategic significance for UBA’s trade finance and corporate banking network. With existing operations in 11 Francophone African countries, the bank’s French subsidiary is structured to serve as a direct bridge for trade, cross-border corporate transactions, and diaspora remittances between European markets and West/Central Africa. “Expanding into France is a natural progression, with Paris serving as our European Union hub as we continue to bring Africa and the world together through innovative financial solutions,” Elumelu noted when establishing the initial bilateral framework.
The expansion embodies Elumelu’s signature economic philosophy of Africapitalism—the belief that Africa’s private sector must drive the continent’s development through long-term investments in strategic sectors. By embedding an African financial institution directly inside Western money centers, the move aims to reduce reliance on foreign intermediary banks for intra-African trade settlement.
Institutional Continuity
The finalization of the Paris license comes as UBA executes a structured leadership transition. Long-serving non-executive director Emmanuel Nnorom, a chartered accountant with four decades of financial experience, has been named to succeed Elumelu as Group Chairman effective August 21.
As Elumelu prepares to hand over the reins of a banking group serving over 50 million customers worldwide, the Paris approval stands as a testament to his vision of positioning African capital at the center of global trade.