Nigerian entrepreneur, Femi Otedola, has reportedly acquired a mansion in London valued at £53 million, further strengthening the presence of wealthy Nigerian investors in the United Kingdom’s luxury property market.

According to a report by Bloomberg on Thursday, the property is located in St John’s Wood, one of London’s most exclusive residential districts situated close to Regent’s Park.

The report stated that the transaction was concluded late last year, citing a UK filing.

The mansion reportedly features 10 bedrooms alongside luxury facilities including a cinema, spa and cigar room. The property was previously placed on the market for £75 million in 2020, according to media reports.

Otedola is the chairman and majority shareholder of First HoldCo Plc, with business interests spanning finance, energy, shipping and insurance brokerage.

The acquisition comes amid sustained activity in London’s luxury real estate sector despite increased property taxes and adjustments to tax policies affecting foreign residents.

Prime areas such as St John’s Wood, Belgravia and Chelsea continue to attract ultra-wealthy buyers from across the world, with multimillion-pound transactions remaining common in the high-end housing market.

The latest purchase also adds to Otedola’s collection of luxury assets and reflects the continued attraction of London’s upscale neighbourhoods to affluent Nigerian businessmen and corporate executives.

In recent years, several Nigerian business figures have been associated with expensive property acquisitions in the UK capital.

In 2025, Roosevelt Ogbonna, the Chief Executive Officer of Access Bank, was also reported to have acquired a £15 million property in Hampstead, another affluent area in London popular among wealthy foreign investors.

St John’s Wood, where Otedola’s mansion is located, is widely known for its luxury detached homes, privacy and proximity to landmarks such as Regent’s Park and the Lord’s Cricket Ground.

Bloomberg

The Borokinni of Ilishan Remo, Sir Aare Adetola EmmanuelKing KOF, has extended warm birthday felicitations to the Olofin of Ilisan Remo, His Royal Majesty, Oba (Dr.) Barr. Michael Olufemi Mojeed Sonuga Daniyan II, as the revered monarch celebrates his 86th birthday anniversary.

In a statement released to commemorate the royal father’s birthday, Aare Adetola EmmanuelKing described the monarch as a symbol of peace, wisdom, progress, and exemplary royal leadership, whose reign has continued to bring honor and development to Ilisan Remo.

According to him, since ascending the revered throne of his forefathers, the Olofin has consistently demonstrated purposeful leadership and unwavering commitment to the unity, growth, and cultural advancement of the kingdom, while fostering peace and harmony among the people.

He further noted that the monarch’s reign has inspired pride and confidence among indigenes of Ilisan Remo both at home and in the diaspora, adding that Kabiyesi’s dedication to community development and preservation of tradition remains highly commendable.

The Borokinni prayed for continued divine grace, sound health, long life, and greater wisdom for the royal father as he continues his impactful reign on the throne of his ancestors.

“On behalf of my family, associates, and well-wishers, I heartily congratulate His Royal Majesty, Oba (Dr.) Barr. Michael Olufemi Mojeed Sonuga Daniyan II, the Olofin of Ilisan Remo, on the joyous occasion of his 86th birthday. May Almighty God continue to strengthen Kabiyesi with peace, sound health, and many more years of fruitful reign,” he stated.

Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the expiration of his tenure in line with regulatory requirements.

The bank disclosed this in a corporate notice issued in Lagos on May 5, 2026.

Ovia completed the mandatory 12-year tenure permitted under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria.

As the founder of Zenith Bank, he has been a central figure in its growth trajectory and was credited by the Board for providing strong leadership, strategic direction, and effective oversight throughout his time as chairman.

The Board noted that his commitment to governance standards and stakeholder value creation significantly enhanced the Group’s positioning and reputation in the financial services sector.

Until he was appointed Chairman, Engr. Mustafa Bello was a non-executive director in the bank.

Engr. Mustafa Bello graduated with B.Engr. (Civil Engineering), from the Ahmadu Bello University (ABU), Zaria, in 1978 with Second Class Upper Division, and won the Shell prize for best project and thesis for Faculty of Engineering in 1978.

He served in the Directorate of Quartering and Engineering Service (Nigerian Army) between 1978 and 1979. He later joined the Niger State Housing Corporation between 1980 and 1983 as a Senior Civil Engineer.

He served as a cabinet Minister of the Federal Republic of Nigeria as the Federal Minister of Commerce between 1999 and 2002. He was subsequently appointed Executive Secretary/Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC) between November 2003 and February 2014.

He is currently the Chairman of Invest-in-Northern Nig. Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian Economy.

He has been involved in several projects in Nigeria, including the CAC online project in 2002, developing a WTO-consistent Trade Policy for the Federal Republic of Nigeria, etc.

He has attended several conferences, missions, and meetings and represented the Federal Government of Nigeria.

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