A major investigation into offshore real estate has revealed that the late Nigerian banking titan Herbert Wigwe was linked to 106 properties in London.
The report, published by The Londoner using data from Tax Policy Associates, provides a unprecedented look at the scale of international wealth flowing into British real estate through offshore vehicles and shell companies.
Wigwe, who tragically died in a helicopter crash in February 2024, was the driving force behind Access Holdings, transforming it into one of Africa’s most systemically important financial institutions.
The Investigation: Peeling Back the Offshore Veil
The discovery was made possible by recent UK legal reforms requiring overseas entities to declare their beneficial owners. This transparency measure has exposed a vast network of foreign-owned London real estate previously shielded from public view.
| Data Point | Finding |
| Total Linked Properties | 106 in London |
| Total Foreign-Owned London Properties | 32,611 |
| Key Jurisdictions | Jersey, Guernsey, British Virgin Islands (BVI) |
| Primary Residential Link | The Bishops Avenue (North London) |
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The Bishops Avenue: UK Companies House records had previously linked Wigwe to “Millionaires’ Row” at 44 The Bishops Avenue via a directorship in Carmel Gate Ltd dating back to 2012.
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Shell Company Structures: The investigation traced thousands of properties through offshore vehicles. While The Londoner did not allege any wrongdoing, the report establishes the sheer physical scale of Wigwe’s investment in the UK capital.
A Legacy of Ambition and Ownership
The findings add a new dimension to the public record of one of Nigeria’s most respected corporate figures. Wigwe was not merely a manager; he was a central owner of the Access Bank empire.
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Shareholding Power: Access Holdings documents from 2021 revealed that Wigwe and current CEO Roosevelt Ogbonna were the sole initial shareholders, each holding 4,000,000 ordinary shares.
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Global Expansion: Wigwe served as a director of The Access Bank UK Ltd from 2008 until his death, spearheading the bank’s drive to connect African businesses to global capital markets.
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Institutional Builder: At age 56, Wigwe’s legacy spanned finance, high-end living, and philanthropy, including the establishment of Wigwe University in Nigeria.
The “London Problem”: Transparency and Foreign Wealth
The report places Wigwe inside a much larger narrative about the UK’s struggle with “dark money” and property transparency.
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Oxford Street & Camden: The investigation found that iconic British landmarks are often controlled by shell companies owned by Gulf institutions, foreign governments, and private individuals.
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Transparency Reform: The UK’s beneficial ownership disclosure was specifically designed to bridge the gap between a prime London postcode and an offshore entity in a low-disclosure jurisdiction.
Access Bank CEO Also Owns London property
Roosevelt Ogbonna, chief executive officer of Access Bank Plc, bought a mansion for £15 million ($20 million) on a street in London’s Hampstead neighborhood nicknamed Billionaires’ Row, even as the bank holding company struggles with underperformance in the Nigerian stock market this year.
The reported $20 million purchase price is equivalent to N30 billion, a huge amount in Nigeria by any standards. It is unclear if the Central Bank of Nigeria (CBN) is aware of the transaction, and if money was moved out of Nigeria to the UK for the purchase of the Mansion.
Ogbonna, who has been the boss of Nigeria’s largest bank by assets for over three years, purchased the sprawling mansion in August, according to a UK filing. The house, which has a spa and an entertainment suite, was listed for £17 million as recently as 2021.
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