Criticism Trails Access Bank CEO’s £15m London Mansion Purchase

The purchase of a £15 million mansion by the Chief Executive Officer (CEO) of Access Bank Plc, Roosevelt Ogbonna, in London’s upscale Hampstead area, known as Billionaires’ Row, has sparked strong reactions from civil society organisations and shareholders alike.

The property, reportedly acquired in August, features luxury amenities including a spa and entertainment suite, and was listed for £15 million by 2021.

Bloomberg reported that Ogbonna, who has been the boss of Nigeria’s largest bank by assets for over three years, purchased the sprawling mansion in August, according to a UK filing.

Transparency International Nigeria and other civil society groups have expressed serious concerns, suggesting that such high-value acquisitions by bank executives may be linked to money laundering by public officials using bankers and legal professionals as fronts.

The head of Transparency International Nigeria, Auwal Musa Rafsanjani, said, “The issue is that he should declare his assets and taxes to the government and explain how he got the money. We have tried to encourage the UK to extend this new law on unexplained wealth. If he is a public officer, he must indicate how he got the money. Politicians now understand that under UK law, they cannot loot money, buy houses, and avoid declaring how the money was made. So, they are using lawyers and bankers to do this.

“Unfortunately, some lawyers and bankers are now serving as gateways for looted funds, helping public officers hide money in properties under the guise of private ownership.

“There is a need for the Federal Inland Revenue to investigate why he has not declared taxes amounting to the kind of money he has sent abroad.

“He must explain how he made that money. The unexplained wealth law should not apply only to public officials. It should also apply to those holding or transferring public officials’ money under false pretence, claiming it as their own when it is not.

“CISLAC strongly calls on the FIRS authorities to expand their oversight on some of these so-called financial institutions. In any case, financial institutions consistently refuse to declare their assets. We cannot fight corruption if we fail to address corruption within the financial system itself.”

Rafsanjani emphasised the absence of asset declarations and tax transparency within Nigerian banks and financial institutions, which he says facilitates corrupt practices.

“He must declare how he made the money because, as CEO, he does not solely control the bank’s resources. There is a board overseeing operations. The failure of banks to declare assets and pay appropriate taxes creates loopholes exploited by corrupt actors.”

Rafsanjani also called on the Federal Inland Revenue Service to investigate why such massive wealth transfers abroad have occurred without commensurate tax declarations in Nigeria.

He suggested expanding the unexplained wealth law, which currently targets public officials, to include professionals who might act as conduits for illicit funds.

“This kind of acquisition at a time Nigerians are struggling to afford basic needs is a grave concern,” Rafsanjani stated, warning that lawyers and bankers may be serving as gateways for looted national funds disguised as private wealth.

Reactions among shareholders have been mixed, but they underscore the need for transparency. Boniface Okezie, national coordinator of the Progressive Shareholders Association of Nigeria (PSAN), recognised the legitimacy of an individual’s right to invest personal income as they please but expressed concern about the broader trend of Nigerians channelling wealth into foreign rather than domestic investments.

“If the purchase was made with legal earnings, it is his right. However, this raises questions about why many Nigerians prefer to invest abroad, potentially undermining local economic growth. Our focus should be on encouraging investments that create jobs and bolster Nigerian industries.”

Similarly, Patrick Ajudua, national chairman of the New Dimension Shareholders Association, said shareholders are primarily concerned about returns and the protection of their investments.

“If the transaction is lawful and transparent, it may not affect shareholder interests. But appropriate agencies should investigate to ensure the transaction complies with regulations.”

In contrast, Isaac Botti, programme officer at Social Action Nigeria, defended Ogbonna, highlighting that as a private-sector executive, his personal wealth and spending require limited public scrutiny.

“He is not a public official; therefore, his private investments are not subject to public accountability. Unless there is evidence of fraud or mismanagement affecting the bank, his personal financial decisions are his prerogative.”

Botti added that attention should focus more on systemic corruption within banks than individual executives’ private purchases.

Ogbonna has led Access Bank, Nigeria’s largest by assets, for over three years and resigned as a non-executive director of its parent company, Access Holdings Plc, in August, while remaining CEO.

The bank is pursuing an ambitious growth strategy to double its assets outside Nigeria by 2027. It operates in about 24 countries spanning Africa, the Middle East, and Europe and serves over 63 million customers.