adsSome of Nigeria’s top bankers and business elites are increasingly buying London property as a hedge against economic uncertainty and currency volatility, despite rising taxes in the United Kingdom’s luxury housing market.
What was once viewed largely as a status symbol is increasingly becoming a broader strategy for wealth preservation, international diversification and long-term asset security.
In the past 10 months alone, a wave of high-profile acquisitions has renewed attention on Nigerian ownership of UK real estate. These include the late Herbert Wigwe, former CEO of Access Bank who was reportedly linked to more than 100 London properties through offshore entities, CEO of Access Bank Roosevelt Ogbonna’s reported £15 million acquisition in Hampstead’s Billionaires’ Row, and chairman of First HoldCo Femi Otedola’s £53 million mansion purchase in St John’s Wood.
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The acquisitions are drawing attention because they come at a time when parts of Britain’s wealthy class are reconsidering their exposure to the country amid rising taxes, tighter regulations and increasing living costs.adsads
