Nigerian billionaire Femi Otedola has reportedly acquired a 10-bedroom mansion in London’s St John’s Wood for about £53 million, a deal that places one of Nigeria’s most visible investors in the middle of another major asset story.
Bloomberg reported that the purchase was completed late last year, according to a UK filing. BusinessDay also reported that a spokesperson for Otedola did not respond to requests for comment on the transaction. That means the deal remains based on filings and media reports, not a direct public statement from Otedola.
The property sits in St John’s Wood, a high-value district in northwest London, close to Regent’s Park. The area is known for detached homes, privacy and demand from wealthy international buyers. The mansion was built in 2016 and reportedly includes a cinema, spa and cigar room. It had earlier been listed for about £75 million in 2020, suggesting that the reported £53 million purchase came at a large discount from its previous asking price.
The timing of the deal is important. London’s luxury property market has been facing pressure from higher borrowing costs, property taxes and changes to tax rules affecting wealthy foreign residents. BusinessDay, citing market researcher LonRes, reported that sales of homes above £5 million were down by 28 per cent in the first quarter compared with the same period in 2025. Yet some large deals are still going through, showing that buyers with cash can still find value in the city’s prime areas.
For Otedola, the reported mansion purchase is not just a lifestyle story. It comes at a time when he is also increasing his influence in Nigeria’s banking sector. Channels Television reported that he acquired additional First HoldCo shares worth about N43.41 billion on May 13, 2026. The purchase involved 549,535,653 shares at an average price of N79 per share. Following the transaction, his stake in First HoldCo reportedly rose to 19.36 per cent, making it his biggest single purchase since becoming chairman in January 2024.
First HoldCo lists Otedola as its Group Chairman and says he was appointed to the role on January 31, 2024. The group also describes his business career as spanning oil and gas, petroleum marketing, power, shipping, insurance brokerage and other sectors. It says he led the transformation of African Petroleum into Forte Oil and later shifted focus to power through Geregu Power.
His Geregu story remains central to his public profile. First HoldCo says Otedola’s Amperion Power Distribution Company acquired a majority stake in the 414MW Geregu Power Plant in 2013, with the plant later improved to 435MW. Geregu also became the first power generation company listed on the Nigerian Exchange.
His wealth has also seen adjustment. Forbes’ 2026 Africa billionaires list said Otedola lost about $200 million after selling the majority of his Geregu Power stake at a discount to the company’s market price, placing his estimated net worth at about $1.3 billion.
The reported London acquisition therefore comes at an interesting point in Otedola’s business journey. He is no longer seen only as an energy and power-sector figure. His growing position in First HoldCo shows a deeper move into banking and financial services, while the St John’s Wood purchase points to continued interest in global assets.
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The deal also reflects a wider pattern among wealthy Nigerians who hold property in London. For high-net-worth buyers, prime London homes are not only private residences. They can also serve as family bases, investment assets and long-term stores of wealth.
However, Otedola has not publicly confirmed the purchase, and available reports do not clearly state whether the property was acquired personally or through an investment vehicle. What is clear is that the reported deal combines three major themes: Nigerian wealth abroad, London’s changing luxury property market, and Otedola’s continuing shift from energy into finance.
At £53 million, the St John’s Wood mansion is a major purchase. But the bigger story is the timing. Otedola appears to be securing high-value assets while also tightening his grip on one of Nigeria’s oldest financial groups. That makes the report less about a house and more about a businessman repositioning capital across property, banking and long-term influence.
