Access Bank CEO faces backlash over £15 million London mansion purchase.
Roosevelt Ogbonna, the Chief Executive Officer of Access Bank Plc, has come under intense public scrutiny following reports that he purchased a £15 million ($20 million) mansion on one of London’s most prestigious streets Hampstead’s Billionaires’ Row, an enclave famed for housing some of the world’s wealthiest individuals.
According to a Bloomberg report, the acquisition finalized in August 2025 marks one of the most high-profile real estate transactions in London’s luxury property market this year. The lavish residence, which features an entertainment suite, a spa, and expansive living quarters, was previously listed for £17 million in 2021, according to City AM.
The purchase is notable not only for its size but also for its timing, coming amid a downturn in the UK’s high-end property market. Rising taxes, including the increase in stamp duty and the scrapping of special tax privileges for ultra-wealthy foreign residents, have dampened demand in London’s prime real estate sector. Data from property researcher LonRes show that between January and May 2025, the number of price reductions on homes worth over £5 million rose by 45% compared to the same period the previous year.
Despite the slowdown, a handful of luxury deals have defied market trends. For example, a member of the billionaire family behind Thomson Reuters Corp. reportedly purchased a London apartment for about £25 million, while Silicon Valley investor Matt Cohler acquired a Notting Hill home for approximately £22 million earlier this year. Ogbonna’s purchase joins this list of elite transactions that highlight the continued appeal of London to global high-net-worth buyers.
However, the deal has drawn backlash in Nigeria, where critics have questioned the optics of such a massive personal expenditure by the head of the country’s largest financial institution amid ongoing economic hardship and foreign exchange instability. Access Bank, which Ogbonna has led for over three years, is in the midst of an ambitious five-year strategic expansion plan aimed at doubling its foreign asset base by 2027. The bank currently operates in 24 countries across Africa, Europe, and the Middle East including the United Kingdom serving over 63 million customers.
Ogbonna, one of Nigeria’s most prominent bankers, recently resigned as a non-executive director of Access Holdings Plc (the bank’s parent company) in August 2025 but remains CEO of Access Bank. Representatives for Ogbonna have so far declined to comment on the property purchase.
The transaction adds to growing conversations about the wealth of Nigeria’s banking executives and their global investments, raising questions about transparency, executive ethics, and the widening gap between corporate leadership and public perception in Africa’s largest economy.
Post a Comment