The Chief Executive Officer (CEO) of Access Bank Plc, Roosevelt Ogbonna, is under scrutiny following reports of his acquisition of a £15 million mansion in London’s prestigious Hampstead area, famously known as Billionaires’ Row.

Purchased in August, the property features luxury amenities, including a spa and an entertainment suite. The mansion had been listed at £15 million since 2021.

Civil Society Raises Concerns

Civil society organizations, including Transparency International Nigeria (TIN), have expressed concerns over the high-value acquisition. Auwal Musa Rafsanjani, head of TIN, stated:

"The issue is that he should declare his assets and taxes to the government and explain 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. Lawyers and bankers are increasingly being used to hide funds under the guise of private ownership. The Federal Inland Revenue Service must investigate why taxes have not been declared on funds sent abroad. The unexplained wealth law should also cover those holding or transferring public officials’ money under false pretences."

Rafsanjani added that as CEO, Ogbonna does not solely control the bank’s resources and emphasized that the failure of banks to declare assets and pay taxes creates loopholes for corruption.

Shareholders React

Reactions among shareholders have been mixed. Boniface Okezie, national coordinator of the Progressive Shareholders Association of Nigeria (PSAN), said:

"If the purchase was made with legal earnings, it is his right. However, it raises questions about why many Nigerians prefer to invest abroad, potentially undermining local economic growth. Investments that create jobs locally should be encouraged."

Patrick Ajudua, national chairman of the New Dimension Shareholders Association, added:

"If the transaction is lawful and transparent, it may not affect shareholder interests. But relevant agencies should investigate to ensure regulatory compliance."

Conversely, Isaac Botti, programme officer at Social Action Nigeria, defended Ogbonna’s purchase:

"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."

Ogbonna’s Leadership and Expansion Plans

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

The bank continues its ambitious expansion plan, aiming to double assets outside Nigeria by 2027. Access Bank currently operates in 24 countries across Africa, the Middle East, and Europe, serving more than 63 million customers.