Access Bank CEO Roosevelt Ogbonna Buys £15m London Mansion Amid Slump In Luxury Market

The Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, has purchased a mansion worth £15 million ($20 million) in London’s upscale Hampstead neighborhood, popularly known as ‘Billionaires’ Row’.

According to Bloomberg, the acquisition, finalised in August, was disclosed in a United Kingdom filing. The sprawling residence, complete with a spa and entertainment suite, had been listed for £17 million as recently as 2021.

Ogbonna, who has led Nigeria’s largest bank by assets for over three years, is among the few buyers making big-ticket purchases in what analysts described as a struggling luxury property market in the UK capital. A representative for the banker did not respond to a request for comment.

The deal was one of London’s priciest transactions this summer and comes against the backdrop of a sharp decline in demand for prime homes. Analysts attribute the slump to higher stamp duties and the abolition of preferential tax perks previously enjoyed by ultra-wealthy foreign residents. According to property researcher LonRes, there were 45% more price reductions on homes valued above £5 million between January and May this year compared with the same period in 2024.

Still, a handful of high-value transactions have bucked the trend. A member of the multibillionaire family behind Thomson Reuters Corp. reportedly acquired a luxury apartment for about £25 million earlier this year, while Silicon Valley investor Matt Cohler purchased a Notting Hill property for roughly £22 million in April.

Ogbonna’s acquisition came as Access Bank pursued an ambitious five-year growth strategy aimed at doubling the share of assets outside Nigeria by 2027. The bank, which operates in about 24 countries, including the United Arab Emirates and the UK, currently serves over 63 million customers across three continents.

LEADERSHIP reports that Ogbonna stepped down as a non-executive director of Access Holdings Plc, the parent company of Access Bank in August, while retaining his role as chief executive of the bank.