Roosevelt Ogbonna, Chief Executive of Nigeria’s Access Bank, has acquired a £15m luxury property on one of London’s most exclusive streets, underscoring the growing international profile of Nigerian banking leaders but also reigniting debate about executive remuneration.
Roosevelt’s A Landmark Deal in London
Land Registry documents confirm Ogbonna completed the £15m purchase in August 2025, financed partly through Access Bank UK, according to City A.M.. The property — initially listed at £17m in 2022 — is one of only two Bishops Avenue homes sold this year, reflecting a slowdown in ultra-prime transactions.
The eight-bedroom mansion includes a swimming pool, spa, home cinema, nine bathrooms, a lift serving all floors and landscaped gardens — the hallmarks of the leafy avenue nicknamed Billionaires’ Row.
Billionaires’ Row: London’s Most Exclusive Avenue
Bishops Avenue, which runs between Hampstead and East Finchley, has long been shorthand for excess in London property. Originally developed in the late 19th and early 20th centuries, it became home to wealthy industrialists and foreign royalty.
In recent decades, it has attracted a roll call of celebrities and tycoons, from Justin Bieber and Ariana Grande to steel magnate Lakshmi Mittal and members of Middle Eastern royal families.
Prices typically start from £5–6m for smaller houses and stretch to £50m or more for larger estates. Many properties are held through offshore companies, and a number of houses sit empty for years, drawing periodic political debate in the UK over “ghost mansions” owned by global elites.
Ogbonna’s purchase, at £15m, sits at the middle of this spectrum: below the £30–50m trophy assets but comfortably above the lower tier of sales seen during the recent slowdown in the ultra-prime London market.
What the Bishops Avenue Mansion Will Cost Roosevelt Ogbonna to Maintain Each Year
Owning a property on Billionaires’ Row is only the beginning. For Roosevelt Ogbonna, the ongoing costs of maintaining a £15m mansion in London are substantial.
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Council Tax: Properties in Hampstead valued above £320,000 fall into the top council tax band (Band H). The annual charge in the London Borough of Barnet is about £3,900–£4,000. While negligible compared to the purchase price, it is a recurring obligation.
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Stamp Duty (one-off): On a £15m purchase, the buyer would face a UK Stamp Duty Land Tax bill of about £1.8m (12% above £1.5m plus 5% surcharge for overseas buyers if applicable). This is paid upfront at purchase, not annually, but it significantly increases the effective cost of acquisition.
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Utilities and Grounds: Heating, lighting, and security for an eight-bedroom property of this scale, alongside upkeep of landscaped gardens, typically run into the hundreds of thousands of pounds annually. Market estimates for properties on The Bishops Avenue suggest £150,000–£250,000 per year depending on staffing and service levels.
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Staffing: Live-in staff, housekeepers, security personnel and gardeners are common on such estates. A small team of three to five staff could add £120,000–£200,000 annually in salaries and benefits.
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Insurance: Comprehensive buildings and contents insurance for a £15m home in London would generally cost £25,000–£40,000 annually, reflecting both property value and specialist cover requirements.
In total, maintaining Roosevelt Ogbonna’s Bishops Avenue mansion could require £300,000–£500,000 each year in running costs, excluding mortgage repayments.
Roosevelt Michael Ogbonna’s Career and Profile
Roosevelt Michael Ogbonna was appointed Managing Director/Chief Executive Officer of Access Bank Plc in May 2022, taking the helm of Africa’s largest retail bank by customer base. His appointment marked the culmination of a two-decade career at the bank, during which he has held some of its most senior leadership positions.
Ogbonna’s trajectory within Access Bank has been steady and strategic. He joined the institution in 2002 from Guaranty Trust Bank, bringing with him a reputation for analytical rigour and discipline. He was appointed Executive Director in 2013, Deputy Managing Director in 2017, and eventually ascended to the role of Managing Director/CEO nine years later.
Academic and Professional Credentials
Ogbonna’s educational background is unusually broad, blending finance, law, and global executive training. His qualifications include:
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B.Sc. in Banking and Finance, University of Nigeria, Nsukka
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MBA, IMD Business School, Switzerland
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Executive MBA, Cheung Kong Graduate School of Business, China
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LL.M. in International Corporate & Commercial Law, King’s College London
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Fellow of the Institute of Chartered Accountants of Nigeria (FCA)
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Honorary Member of the Chartered Institute of Bankers (HCIB)
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CFA charterholder
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Alumnus, Harvard Business School
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Graduate, Senior Executive Fellow Programme, Harvard Kennedy School of Government
He has also attended executive management programmes at other world-leading institutions, underscoring his orientation towards continuous learning.
In 2015, Ogbonna was selected as one of the Institute of International Finance’s Future Global Leaders, joining a network of senior professionals groomed for leadership in global finance.
Leadership Style and Recognition
Frequently described as a “thoroughbred and consummate professional,” Ogbonna brings over 20 years of banking experience spanning corporate, investment, and retail segments. His leadership is credited with furthering Access Bank’s reputation as a pan-African institution with global reach, serving more than 50 million customers across over a dozen countries.
In December 2024, his standing was recognised when he was awarded the AFIS African Banker of the Year, a testament to both personal accomplishment and institutional performance.
Board Experience and External Roles
Beyond the day-to-day operations of Access Bank, Ogbonna holds significant corporate board responsibilities. He is a Non-Executive Director of Access Bank’s subsidiaries in the UK and South Africa, reflecting the bank’s international expansion. He also represents Access Bank on the boards of two major investee companies: the Africa Finance Corporation (AFC) and CSCS Plc, Nigeria’s central securities depository.
These positions not only signal trust in his governance capability but also place him at the intersection of African financial markets and international capital.
How Nigerian Bank CEOs Are Paid
Access Bank’s 2024 annual report shows executive directors collectively earned ₦2.17bn (US$1.6m), including short-term benefits, pensions and share-based pay. The highest-paid director received ₦163m. Individual figures for Ogbonna are not disclosed.
Peers illustrate the range at the top:
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Zenith Bank CEO Adaora Umeoji: ₦874m in 2024
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GTCO’s Segun Agbaje: ₦471m in 2024
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Late Herbert Wigwe (Access Holdings): ₦4.7bn in 2023, largely dividends
These comparisons suggest that Nigerian bank chiefs can amass significant wealth, particularly if they hold shares.
Symbolism and Scrutiny
For Ogbonna, the London purchase underscores Access Bank’s global footprint and his own cosmopolitan brand of leadership. Yet it also highlights the persistent tension between executive wealth and public perception in Nigeria, where inequality and regulatory oversight remain pressing issues.
Whether seen as a personal milestone or a strategic signal, the £15m Bishops Avenue acquisition situates him among the global elite — and places Access Bank at the heart of conversations about African banking’s international ambitions.