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Nigerian banker Roosevelt Ogbonna is back in the spotlight, just weeks after stepping down as a non-executive director of Access Holdings Plc, the country’s largest financial services group by assets. This time, it is not boardroom news but real estate: Ogbonna has purchased a mansion in London’s Hampstead neighborhood—often referred to as Billionaires’ Row—for £15 million ($20 million).
Ogbonna taps cooling London real estate market with $20 million purchase
The transaction, reported by Bloomberg, is one of the summer’s biggest in London’s luxury housing market. The property, which features a spa and an entertainment suite, had been listed for as much as £17 million ($23 million) in 2021. The deal puts Ogbonna among a small group of executives making high-profile real estate moves in the UK capital at a time when softening demand has pushed sellers to accept steep discounts.
High-end homes in London have come under pressure in recent years following stamp duty hikes and the removal of favorable tax rules for wealthy foreign buyers. Ogbonna’s move underscores how some buyers are taking advantage of the cooling market to make strategic acquisitions.
Ogbonna marks new chapter in career
For Roosevelt Ogbonna, the move adds a personal dimension to a career defined by steady progression through Nigeria’s banking sector. He joined Access Bank in 2002 after a stint at Guaranty Trust Bank and rose through the ranks to become managing director and chief executive in May 2022. Before that, he served as deputy managing director from 2017 and as executive director from 2013.
His decision in August to step down from Access Holdings’ board after three and a half years was linked to new rules from the Central Bank of Nigeria limiting the size of boards at financial holding companies. The exit allowed Access Holdings to comply with the updated corporate governance guidelines.
Ogbonna guides Access Bank’s growth, holds $2.7 million stake
Even with the regulatory changes, Ogbonna continues to play a key role in the lender’s expansion strategy. Access Bank is pursuing a five-year growth plan aimed at doubling the share of assets outside Nigeria by 2027, with operations already spanning 24 countries across Africa, the Middle East, and Europe.
Ogbonna also has a direct financial stake in the group’s future. As of Dec. 31, 2024 he held 158,494,589 shares in Access Holdings which is worth $2.7 million. His latest property deal suggests that while he guides the bank through regional expansion he is also securing his personal footprint on the global stage.
