Access Bank CEO buys $20m London mansion amid weak share performance

The Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, has acquired a £15 million ($20 million) mansion in London’s upscale Hampstead neighborhood, popularly known as Billionaires’ Row, even as the bank’s holding company struggles on the Nigerian stock market.

UK filings show Ogbonna bought the property in August. The luxury home, which features a spa and entertainment suite, was last listed for £17 million in 2021.

Despite being Nigeria’s largest bank by assets, Access Holdings has been this year’s worst-performing bank stock, returning just 7.55% year-to-date.

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In contrast, the NGX Banking Index — a benchmark of 10 leading lenders — has surged 41% over the same period.

Investor concerns have mounted over Access Holdings’ costly expansion strategy across Africa. The group has forecast expansion into 26 countries by 2027, largely through mergers and acquisitions. But its 2024 full-year results disappointed, with profit rising just 1% to N618.6 billion, as rising expenses eroded earnings.

The company has also not yet released its Q2 2025 financials, even as the third quarter has closed, further dampening investor sentiment.

Ogbonna, who has led the institution for more than three years, has not publicly commented on the property purchase.

The Star