Roosevelt Ogbonna, the Chief Executive Officer of Access Bank Plc, has recently faced intense public examination following revelations that he purchased a £15 million residence in London’s exclusive Hampstead neighborhood, an area often referred to as Billionaires’ Row.
This opulent home, reportedly acquired in August, boasts features such as a private spa, an entertainment suite, and other luxurious facilities. The property was initially listed for sale at £15 million back in 2021.
The acquisition has ignited debate among advocacy groups, with Transparency International Nigeria (TIN) and the Civil Society Legislative Advocacy Centre (CISLAC) demanding clarity on the origin of the funds used for the purchase.
Auwal Musa Rafsanjani, who leads CISLAC and serves as Executive Director of TIN, called on regulatory bodies to investigate the transaction, emphasizing that accountability should extend beyond public officials to influential figures in the private sector.
“He is obligated to disclose his assets and tax records and provide a clear account of his income sources,” Rafsanjani asserted. “Laws addressing unexplained wealth must encompass not only government officials but also private individuals, including bankers who might facilitate the concealment of illicit finances. The Federal Inland Revenue Service (FIRS) must conduct a thorough tax compliance review.”
Rafsanjani also highlighted the necessity for financial institutions to uphold ethical standards if Nigeria is to make meaningful progress in combating corruption.
Meanwhile, opinions among shareholders have varied. Boniface Okezie, National Coordinator of the Progressive Shareholders Association of Nigeria (PSAN), acknowledged the possibility that the purchase was made legitimately but expressed unease about the growing tendency of affluent Nigerians to invest overseas rather than supporting domestic enterprises.
“If the acquisition was funded through lawful means, it is within his rights,” Okezie remarked. “However, the broader concern is why Nigerian business leaders increasingly favor foreign assets, which does little to bolster our local economy.”
Patrick Ajudua, Chairman of the New Dimension Shareholders Association, shared a similar viewpoint, urging regulatory authorities to verify the transparency and legality of the deal.
“Provided the transaction complies with all financial regulations, there should be no problem. Nonetheless, oversight agencies must confirm that all procedures were properly followed,” he stated.
On the other hand, Isaac Botti, Programme Officer at Social Action Nigeria, defended Ogbonna by pointing out that as a private sector executive, he is not legally required to disclose his personal investments.
“Unless there is evidence of fraud or misappropriation of bank resources, this remains a private matter,” Botti argued.
Ogbonna, who has led Access Bank for over three years, resigned from his role as a non-executive director at Access Holdings Plc in August but continues to serve as the bank’s CEO.
During his leadership, Access Bank-Nigeria’s largest financial institution by asset size-has pursued an ambitious expansion strategy, now operating in 24 countries across Africa, the Middle East, and Europe, with plans to double its international asset portfolio by 2027.
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