LONDON, United Kingdom – Nigerian billionaire and Chairman of First HoldCo Plc, Femi Otedola, has reportedly expanded his global real estate portfolio with the acquisition of a luxury mansion in London valued at £53 million.
Okay News reports that the 10-bedroom property is situated in the prestigious St John’s Wood district, an area renowned for its proximity to Regent’s Park and high-profile residents. The estate features elite amenities, including a private cinema, a full-service spa, and a dedicated cigar room. Based on current exchange rates as of May 14, 2026 (approximately ₦1,852 to £1), the acquisition price converts to roughly ₦98.15 billion.
The mansion was originally brought to the market in 2020 with a listing price of £75 million, suggesting a significant negotiation in a cooling luxury market. Real estate analysts note that Otedola’s purchase comes as London’s high-end property sector faces headwinds due to increased property taxes and the UK government’s recent policy changes regarding the “non-dom” tax status for foreign residents.
This acquisition adds to Otedola’s recent high-stakes financial activities, including his continued consolidation of power at First HoldCo Plc, where he currently holds a nearly 20% stake. The billionaire has yet to release an official statement regarding the purchase, which was first highlighted in a detailed report by Bloomberg.
