Roosevelt Ogbonna, Chief Executive Officer of Nigeria’s Access Bank Plc, has purchased a mansion for £15 million(about $20 million) in London’s exclusive Hampstead neighborhood, often dubbed “Billionaires’ Row.”
The acquisition, reported by Bloomberg on Wednesday, marks one of the most expensive property transactions in London this summer and is a notable deal in the city’s currently sluggish luxury housing market.
Details of the Deal
According to a UK filing, Ogbonna, who has led Nigeria’s largest bank by assets for over three years, completed the purchase of the sprawling mansion in August.
- Property Features: The residence is described as having a spa and an entertainment suite.
- Discounted Price: The house was reportedly listed for £17 million as recently as 2021, suggesting the CEO secured the property at a significant discount.
This transaction highlights a wider trend in London, where stamp duty increases and changes to tax laws for wealthy foreign residents have softened demand, leading to steep price reductions in the high-end market. Data shows that properties priced at £5 million-plus saw 45% more price reductions between January and May than during the same period last year.
However, several mega-deals this year, like this one and transactions involving wealthy foreigners—including a member of the Thomson Reuters family and Silicon Valley investor Matt Cohler—continue to defy the broader slump.
The Banker and Access Bank’s Ambition
Roosevelt Ogbonna is one of Nigeria’s most recognized bankers, overseeing a major expansion push at Access Bank. The bank ranks among Africa’s five biggest financial institutions and is currently pursuing an ambitious five-year plan to double the share of its assets outside Nigeria by 2027.
Access Bank operates in approximately 24 countries, spanning three continents, and serves over 63 million customers, with a presence that includes the United Arab Emirates and the United Kingdom.
The filing noted that the CEO resigned as a non-executive director of the bank’s parent company, Access Holdings Plc, in August, but he remains at the helm of Access Bank itself. A representative for Ogbonna did not respond to Bloomberg‘s request for comment regarding the property purchase.
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