Nigerian billionaire Femi Otedola acquires $71 million London mansion

Nigerian billionaire businessman Femi Otedola has acquired a London mansion valued at about £53 million ($71.2 million), adding to a string of high-end property deals involving wealthy foreign buyers in the British capital. 

The 10-bedroom property is located in St John’s Wood, one of London’s most exclusive residential districts, close to Regent’s Park and the Lord’s Cricket Ground. UK property filings show the deal was completed late last year. A spokesperson for Otedola did not respond to requests for comment. 

The mansion, completed in 2016, reportedly features a cinema, spa and cigar room. The property was previously listed for sale at £75 million ($100.8 million) in 2020, according to UK media reports.

London’s luxury market holds appeal 

The purchase comes as London’s prime housing market continues to attract ultra-wealthy buyers despite higher property taxes and tighter rules affecting foreign investors. 

Neighborhoods such as St John’s Wood, Belgravia and Chelsea remain popular among international business figures looking for privacy, security and long-term property value. Large detached homes in those areas continue to command multimillion-pound prices even as the wider UK housing market faces pressure from higher borrowing costs. 

Otedola’s acquisition also reflects the long-standing interest many wealthy Nigerian executives and business owners have shown in London real estate over the years. 

In 2025, Roosevelt Ogbonna, the chief executive of Access Bank, was linked to the purchase of a £15 million ($20.2 million) property in Hampstead, another affluent London district favored by international buyers.

Otedola boosts First HoldCo stake

Otedola, chairman and majority shareholder of First HoldCo Plc, remains one of Nigeria’s most prominent investors, with interests spanning power, finance and energy. 

According to Forbes estimates, Otedola’s net worth stands at about $1.4 billion. His wealth profile shifted following the sale of his 77 percent controlling stake in Geregu Power Plc in a transaction valued at roughly $750 million late last year. The shares were sold through Amperion Power Distribution Company Ltd to MA’AM Energy Limited. 

More recently, Otedola increased his stake in First HoldCo through the purchase of shares worth N43.4 billion ($31.7 million). The acquisition, carried out through his investment vehicle, Calvados Global Services Limited on May 13, raised his ownership from 18.12 percent to 19.36 percent, bringing him closer to the 20 percent threshold.