Access Bank CEO £15m mansion draws more scrutiny 

The alleged acquisition of £15 million mansion in London’s exclusive ‘Billionaires Row’ by the CEO of Access Bank Plc, Roosevelt Ogbonna, has continued to attract public criticism, scrutiny and questions.

Recall that documents released in the UK show the acquisition was completed in August in Hampstead, via the so-called “Billionaires’ Row” postcode, The Bishop’s Avenue.

The sprawling property includes amenities such as a spa, cinema, lift access, extensive landscaping, and multiple bathrooms.

Originally listed at £17 million, the purchase was made at a discount though the scale remains extraordinary.

To many Nigerians still who fear that the assurance of stability in banking sector is cosmetic, the CEO’s overseas acquisition raises a looming question of priority amongst Nigerian bankers.

Civil society organizations have called for transparency.

Transparency International Nigeria (TIN) has demanded that Ogbonna explain the source of funds used for the purchase.
Auwal Musa Rafsanjani, head of TIN, said, “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.”

Rafsanjani warned of systemic risks, saying opaque wealth among top banking executives can open doors to mismanagement, tax avoidance, or even illicit flow of customer funds.

He also urged the Federal Inland Revenue Service (FIRS) to probe Ogbonna’s tax disclosures, arguing that mega acquisitions abroad must reflect corresponding fiscal accountability at home.

Ogbonna’s £15 million property acquisition coincided with his resignation as a non-executive director of Access Holdings Plc, the parent company of Access Bank.

The company described his exit as a routine governance move to align with regulatory best practices.

However, the timing occurring in the same month as the mansion purchase has drawn public speculation about possible links between both events. While there is no official evidence connecting the resignation to the property deal, the coincidence has intensified calls for clarity, transparency, and reassurance regarding the bank’s leadership priorities and governance culture.

Among shareholders and commentators, reactions are mixed but pointed.

Boniface Okezie of the Progressive Shareholders Association emphasized the ironic dissonance: though a person may legally invest abroad, such behavior drives capital flight and weakens domestic investment.

Patrick Ajudua of the New Dimension Shareholders Association urged that agencies review the transaction’s compliance with regulatory norms, to reassure investors.

Meanwhile, Isaac Botti, speaking from a social activism perspective, defended the CEO’s right to private wealth so long as due process is followed and no bank resources were misused.

For everyday Access Bank customers numbering over 60 million across multiple jurisdictions, the mansion purchase has become a symbol of misalignment. It fuels several fears:

1. Priority reversal Why divert resources overseas at a time Nigerians demand stronger local service, lower fees, higher returns, and protection of their deposits?

2. Governance vulnerabilities If executives can make opaque wealth moves, what stops deeper risks from seeping into operational decisions?

3. Erosion of confidence Trust in a bank, once shaken, is hard to rebuild. This purchase is seen by many as tone-deaf.

4. Currency and capital flight pressures High-value foreign transactions worsen Nigeria’s foreign exchange stress, tightening the squeeze on the naira.

Ogbonna remains at the helm of Access Bank’s ambitious expansion agenda, with a strategy aimed at doubling the bank’s non-Nigerian assets by 2027.

Interestingly, his purchase coincided with his resignation as a non-executive director at Access Holdings Plc in August a move aligned with Central Bank governance rules though he retains his operational leadership at Access Bank itself.

Some observers now wonder: is the overseas acquisition part of a broader vision, or a personal accumulation detached from domestic responsibility?

The £15 million mansion is more than real estate it’s a public billboard of priorities. In a country still healing from banking sector shocks and severe macroeconomic stress, such conspicuous executive spending demands more than silence or defense. It demands explanation, audit, and restored confidence.

Unless Access Bank’s leadership responds with clarity, transparency, and demonstrable commitment to domestic stability, this story will become more than a headline it may become a rallying point for distrust in Nigeria’s financial institutions.

. Theoaknews