Investigation Reveals Offshore Holdings of Late Banking Executive
A recent investigation by The Londoner has uncovered that Herbert Wigwe, the former chief executive of Access Holdings and a pivotal figure in its rise to one of West Africa’s largest banking institutions, owned 106 properties in London. Notably, these properties are registered under shell companies based outside the UK.
Revelations About Wealth and Tax Havens
The investigation identified Wigwe, who passed away in February 2024, among various billionaires utilizing offshore tax havens to obscure the ownership of their significant assets. The findings highlight a broader issue of financial opacity associated with luxury properties in London, revealing a staggering total of 32,611 properties whose ownership remains undisclosed for extended periods.
Pushing for Transparency in Wealth Management
These revelations mark a significant breakthrough in ongoing global efforts to compel prominent tax havens such as Switzerland and the British Virgin Islands to reveal the identities of the beneficial owners behind shell companies. These entities are often created merely for registration purposes, allowing wealthy individuals to evade taxes and conceal assets.
Changes in Legislation and Their Impact
Approximately four years ago, the UK enacted the Economic Crimes (Transparency and Enforcement) Act 2022. This landmark legislation mandates that foreign companies owning real estate within the UK must register with the government, fostering greater transparency in asset ownership.
Data-Driven Exploration of Hidden Wealth
The new legislation has empowered organizations like Tax Policy Associates and British tax lawyer Dan Neidle, known for his expertise in exposing high-profile tax evasion schemes, to compile an extensive database of undisclosed real estate assets. This database served as a foundational resource for the Londoner’s investigation.
Access Holdings’ Financial Landscape
According to Access Holdings’ audited financial report for 2023, Wigwe possessed 2.59 billion shares valued at 65.3 billion naira, equating to 7.3% of the banking group’s total outstanding shares. Additionally, he held 1.26 billion shares indirectly via Crown Trustee Tengen Mauritius, a legal entity registered in Mauritius, recognized as one of Africa’s primary tax havens.
Legacy of Expansion and Financial Growth
During Wigwe’s tenure, Access Holdings executed an aggressive expansion strategy across Africa and beyond, elevating the bank to become Africa’s ninth-largest prior to Nigeria’s currency devaluation in 2023. As of September 2025, the bank reported total assets amounting to 52.2 billion naira.
The report also drew attention to 2,224 of London’s most luxurious buildings owned by billionaires, all traced back to a single street in Jersey, where they are collectively registered. Dubbed “Esparanade,” this 800-meter-long street showcases properties whose understated features starkly contrast with the opulence associated with their wealthy owners.
