Access Bank CEO Faces Backlash Over £15m London Mansion Purchase

The Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, has come under scrutiny following reports of his purchase of a £15 million luxury mansion in Hampstead, London — an area often referred to as “Billionaires’ Row.” Eyes Of Lagos reports,

The property, acquired in August, is said to feature world-class amenities including a spa, entertainment suite, and expansive living spaces. It had previously been listed for sale at the same price in 2021.

Civil Society Groups Demand Transparency

The purchase has raised questions among civil society organisations, including Transparency International Nigeria (TIN), over the source of funding and asset declaration.

Auwal Musa Rafsanjani, head of TIN, stated:

“He must declare his assets and taxes to the government and explain how he got the money. Politicians are no longer able to hide under UK laws, so many now use lawyers and bankers to shield looted funds. Unfortunately, some financial institutions help to conceal wealth under the guise of private ownership. There is a need for the Federal Inland Revenue Service (FIRS) to investigate why taxes commensurate with such wealth were not declared.”

Rafsanjani further argued that unexplained wealth laws should apply not only to politicians but also to those who may act as custodians of hidden funds through the financial system.

Divided Opinions Among Shareholders

Shareholders of Access Bank have expressed mixed reactions.

Boniface Okezie, National Coordinator of the Progressive Shareholders Association of Nigeria (PSAN), said:

“If the purchase was made with legitimate earnings, then it is his right. But the bigger issue is why Nigerian elites prefer investing abroad instead of strengthening local industries and job creation.”

Similarly, Patrick Ajudua, Chairman of the New Dimension Shareholders Association, added:

“If the transaction is transparent, it may not affect shareholders. However, regulators should investigate to ensure full compliance with financial laws.”

On the other hand, Isaac Botti, Programme Officer at Social Action Nigeria, defended Ogbonna, noting:

“He is not a public official. Unless there is evidence of fraud or mismanagement affecting the bank, his personal financial decisions are private.”

Ogbonna’s Role at Access Bank

Roosevelt Ogbonna has served as CEO of Access Bank — Nigeria’s largest lender by assets — for over three years. In August, he stepped down from his role as non-executive director of Access Holdings Plc, the bank’s parent company, while retaining his CEO position.

The bank has been aggressively expanding across Africa, the Middle East, and Europe, with operations in 24 countries and a customer base of more than 63 million. Its strategy targets a doubling of assets outside Nigeria by 2027.

Broader Debate

Ogbonna’s reported purchase has reignited debates around Nigerian wealth flight, asset transparency, and accountability within the financial system. While some insist the deal should be investigated under wealth declaration and tax laws, others maintain that as a private banker, he has no obligation to account for personal property acquisitions unless tied to corruption or mismanagement.