A comprehensive investigation into offshore property ownership within London has identified the late Herbert Wigwe as the owner of 106 properties in the capital. This places him among the prominent foreign investors in the city's real estate sector, as reported by The Londoner.
The report, titled "Revealed: The billionaires who really own London," exposes the actual owners of 32,000 properties linked to overseas entities. This follows a recent legislative change that mandates foreign corporations to reveal their beneficial owners.
The investigation indicates that Wigwe, who previously served as the Group Chief Executive Officer of Access Holdings Plc, is ranked seventh among the billionaire property owners uncovered within this investigation, with his various holdings traced through offshore arrangements.
Authorities indicated that their findings were facilitated by regulatory reforms that compelled entities registered in tax haven jurisdictions to disclose ownership information, thus shedding light on a long-standing practice used by affluent individuals to hide their assets.
Additionally, the report pointed out that 2,224 of London’s highest-valued properties are registered under companies located in St Helier, Jersey, a known tax haven, highlighting the use of shell corporations to hold prime real estate assets throughout the capital.
Wigwe’s findings align him with a global collective of billionaires, investors, and institutional bodies that have quietly acquired substantial investments in London’s premium real estate, often utilizing complex corporate frameworks designed to reduce transparency.
According to the report, Wigwe's ranking places him behind several notable global investors, including John Corless, Sarah Bard, Simon Reuben, Alexander Bard, Rit Thirakomen, and Wolfgang Peter Egger.
These revelations contribute a new dimension to Wigwe’s legacy, highlighting his significance as a major banking figure in Africa while showcasing his extensive international investment portfolio beyond the financial industry.
Herbert Wigwe passed away on February 9, 2024, in a helicopter crash in California near the Nevada border, together with his wife, son, and Abimbola Ogunbanjo, the former Group Chairman of the Nigerian Exchange Group Plc. The entire six-person crew on board was confirmed to have perished.
A final inquiry from the National Transportation Safety Board determined that the crash was due to the pilot's choice to persist with visual flight operations amidst adverse weather conditions.
Since his untimely passing, Wigwe’s estate has been embroiled in legal wrangling, with disputes among family members regarding the distribution of his assets.
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