Otedola expands luxury asset portfolio with £53m London mansion

Nigerian businessman Femi Otedola has reportedly bought a mansion in London worth £53 million (about $72 million).

The 10-bedroom mansion is located in St John’s Wood, one of London’s most expensive areas, close to Regent’s Park. According to reports by Bloomberg, the deal was completed late last year.

The luxury property was built in 2016 and includes facilities such as a cinema, spa, and cigar room. It was previously listed for £75 million in 2020.

Otedola is the chairman and majority shareholder of First HoldCo Plc, one of Nigeria’s biggest financial institutions. He also has investments in energy, shipping, insurance brokerage, and finance.

The purchase shows that wealthy investors are still buying luxury properties in London despite higher property taxes and changes in tax rules for foreign residents.

London’s luxury property market continues to attract rich buyers from different parts of the world, especially in areas like St John’s Wood, Belgravia, and Chelsea.

The new mansion adds to Otedola’s collection of luxury assets and highlights the strong interest many wealthy Nigerians still have in high-end properties in London.

Reports also stated that in 2025, Roosevelt Ogbonna, the Chief Executive Officer of Access Bank, allegedly bought a £15 million property in Hampstead, another wealthy London district.

St John’s Wood is known for its privacy, luxury homes, and closeness to famous places like Regent’s Park and the Lord’s Cricket Ground.