Leading Nigerian bank opens French subsidiary in Paris

Access Bank, one of Nigeria’s top financial institutions, has opened a subsidiary in Paris as it seeks to extend its foothold in French-speaking Africa.

People in front of an Access bank branch in Anambra, Nigeria, 24 February 2023. The Nigerian bank has opened a French office to expand its ties with the French-speaking world. © Mosa'ab Elshamy/AP

“The objective is to support trade between France and Africa,” Herbert Wigwe, CEO of Access Holdings PLC, told RFI.

The bank’s operations will focus on trade finance, beginning by capitalising on flows between France and countries in Africa, particularly French-speaking nations.

“Most people would cite francophone Africa as the first port of call for everything in the UEMOA [West African Economic and Monetary Union] zone, CEMAC [Economic and Monetary Community of Central Africa], which also includes central Africa, and of course places like Rwanda and so on," Wigwe caid.

Last week he took over leadership of the French-Nigerian Business Council, which was set up by French President Emmanuel Macron in 2021 to boost ties between companies from the two countries.

Macron's Nigeria links

Macron reportedly has a personal connection to Nigeria, having done a six-month internship at the French Embassy in Lagos in 2003.

He is known to be keen to broaden France’s ties with English-speaking Africa and deflect from the interventionist “Françafrique” policies that have dogged France’s relationship with its former colonies for decades.

• Macron vows era of French interference in Africa is over

Macron met Wigwe at the end of last week at the Elysée Palace to talk about extending the bank's activities in France and French-speaking Africa.

“President Macron asked us to come here,” Wigwe said, highlighting historical ties between France and Nigeria.

“There is also significant business for France outside the francophone zone”, he said.

Brexit opportunities

Access Bank's Paris operations will be overseen by the group's British subsidiary, “so it’s a start in terms of support and direct facilitation of business coming from France to Africa”, according to Wigwe.  

While the bank currently has a strong presence in the UK, Brexit forced a rethink, including the need to have a presence in a country in the European Union.

Not only does France provide that platform, Wigwe said, “Brexit has created a lot of opportunities for France” too.

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Access Bank is one of the five largest banks in Nigeria, with “a presence in over a dozen countries across four continents”, said Roosevelt Ogbonna, managing director of Access Bank PLC, at the launch in Paris on Thursday.

The launch of operations in France is an important step towards achieving the goal of bridging worlds and connecting opportunities for African businesses, Ogbonna said.