Hidden Empire: Herbert Wigwe Linked to 106 London Properties via Offshore Networks

The late Herbert Wigwe, widely recognized for transforming Access Holdings into a powerhouse in West African finance, has been identified as the owner of 106 London properties held through offshore shell companies. This finding comes from an in-depth investigation by The Londoner, which listed him among several billionaires who used tax havens to conceal real estate ownership. Wigwe, who died in February 2024, is part of a larger revelation involving more than 32,000 London properties whose real owners remained hidden for years despite growing global demands for transparency in offshore jurisdictions such as Switzerland and the British Virgin Islands.

The identification of these assets was made possible by the Economic Crime (Transparency and Enforcement) Act 2022, which requires foreign owners of UK property to register their holdings. This allowed experts like Dan Neidle and Tax Policy Associates to compile detailed records. Using this data, investigators were able to connect wealthy individuals to extensive property portfolios that had previously been hidden behind layers of corporate entities managed by professional advisors.

Central to Wigwe’s financial network was the Tengen Family Office in Ikoyi, Lagos, which oversaw wealth shared with his longtime associate Aigboje Aig-Imoukhuede. Records from 2023 indicate that Wigwe held a major stake in Access Holdings, with a substantial portion of his 2.59 billion shares controlled indirectly through Coronation Trustees Tengen Mauritius. By leveraging Mauritius as a tax-efficient jurisdiction for shareholding, alongside offshore structures tied to London real estate, Wigwe followed a strategy commonly used by ultra-wealthy individuals to reduce tax liabilities and maintain confidentiality.

The investigation also revealed an unusual concentration of wealth in Jersey, where 2,224 of London’s most valuable properties are registered to a single 800-meter stretch known as The Esplanade. Despite its modest appearance, the location serves as the registered base for billions of dollars in assets. This stark contrast highlights how prime London real estate is often legally anchored in quiet offshore zones, far removed from the public eye—even as Access Holdings expanded into one of Africa’s largest banking groups.