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 worthy £15 cardinal ($20 million) successful London’s upscale Hampstead neighborhood, popularly known arsenic ‘Billionaires’ Row’.

According to Bloomberg, the acquisition, finalised successful August, was disclosed successful a United Kingdom filing. The sprawling residence, implicit with a spa and amusement suite, had been listed for £17 cardinal arsenic precocious arsenic 2021.

Ogbonna, who has led Nigeria’s largest slope by assets for implicit 3 years, is among the fewer buyers making big-ticket purchases successful what analysts described arsenic a struggling luxury spot marketplace successful the UK capital. A typical for the banker did not respond to a petition for comment.

The woody was 1 of London’s priciest transactions this summertime and comes against the backdrop of a crisp diminution successful request for premier homes. Analysts property the slump to higher stamp duties and the abolition of preferential taxation perks antecedently enjoyed by ultra-wealthy overseas residents. According to spot researcher LonRes, determination were 45% much terms reductions connected homes valued supra £5 cardinal betwixt January and May this twelvemonth compared with the aforesaid play successful 2024.

Still, a fistful of high-value transactions person bucked the trend. A subordinate of the multibillionaire household down Thomson Reuters Corp. reportedly acquired a luxury flat for astir £25 cardinal earlier this year, portion Silicon Valley capitalist Matt Cohler purchased a Notting Hill spot for astir £22 cardinal successful April.

Ogbonna’s acquisition came arsenic Access Bank pursued an ambitious five-year maturation strategy aimed astatine doubling the stock of assets extracurricular Nigeria by 2027. The bank, which operates successful astir 24 countries, including the United Arab Emirates and the UK, presently serves implicit 63 cardinal customers crossed 3 continents.

LEADERSHIP reports that Ogbonna stepped down arsenic a non-executive manager of Access Holdings Plc, the genitor institution of Access Bank successful August, portion retaining his relation arsenic main enforcement of the bank.