The late Herbert Wigwe, former chief executive of Access Bank, has been linked to 106 properties in London, a new investigation by a British paper found.
The investigation by The Londoner examined 32,611 properties across the British capital owned by overseas entities, traced foreign-held properties through shell companies and offshore structures. The findings were made possible by a UK legal reform requiring overseas entities to declare their beneficial owners.
However, the publication emphasised that the report documents ownership and does not allege any wrongdoing.
Mr Wigwe, who died in a helicopter crash alongside his wife, son, and friend in California in February 2024, was one of Africa’s most prominent banking executives, having helped transform Access Bank into one of Nigeria’s largest financial institutions.
The investigation found him in connection with 106 London-based properties, which underscores the scale of his presence in one of the world’s most expensive real estate markets.
Previously, UK company records had linked Mr Wigwe to an address on The Bishops Avenue in north London, one of the city’s most exclusive streets.
He was listed in 2012 as a director of Carmel Gate Ltd, with a correspondence address at Flat 7, Allingham Court, 44 The Bishops Avenue. The new investigation suggests his property interests in London were far wider than previously known.
Mr Wigwe also served as director of Access Bank UK Limited from 2008 until his death. Documents from Access Holdings show that he and the current Access Bank CEO, Mr Roosevelt Ogbonna, were the only shareholders when the holding company was incorporated in 2021, each holding 4,000,000 ordinary shares.
The Londoner noted that foreign ownership in London stretches from Oxford Street and Camden Market to luxury residential towers and landmark commercial sites, often held through companies in Jersey, Guernsey, and the British Virgin Islands.
The development came on the back of British legislation in 2022, which mandated that any overseas entities that owned UK real estate had to register their real ownership with UK authorities.
The Londoner reported that among others found to own properties include the Private Department of the President of the UAE, the Qatar Central Bank, as well as the Libyan Investment Authority, the sanctioned sovereign wealth fund based in Tripoli.