Kessington Adebutu Gains $4.4 Million Wema Bank Stake

Kessington Adebutu, renowned for his gambling empire, has found himself on the crest of a financial surge, thanks to a notable uptick in his investment with Wema Bank, a stalwart of Nigeria’s financial landscape.

In the past six days alone, Adebutu’s stake in Wema Bank has soared by a staggering N6.01 billion ($4.35 million), emblematic of the sustained interest swirling around the bank’s shares on the Nigerian Exchange (NGX). This uptick marks a stark turnaround from the recent decline of $4.6 million witnessed between April 2 and 18.

His stake in Wema Bank

Wema Bank, standing tall as one of Nigeria’s oldest financial institutions, has seen its fortunes rise alongside the nation’s economic evolution. With innovations like Africa’s premier fully digital bank, ALAT, under its belt, Wema Bank has carved a niche for itself as a resilient player in Nigeria’s financial realm.

With an eye on the future, Wema Bank aims to bolster its regulatory compliance and fuel expansion through a proposed capital raise of N200 billion ($145 million), subject to shareholder green light.

The recent surge in Wema Bank’s stock price tells a compelling tale. Over the past few weeks, the bank’s shares have surged by a significant 28.1 percent, catapulting its market capitalization beyond the impressive threshold of NGN70 billion ($0.07 billion). This surge firmly cements Wema Bank’s status as the 38th most valuable company on the NGX.

What should know about Kessington Adebutu?

At the center of this financial whirlwind stands Kessington Adebutu, the mastermind behind Nigeria’s Premier Lotto Limited. Through his investment vehicle, Neemtree Limited, established in 2013 for strategic investments, Adebutu commands a formidable 28.09-percent stake in Wema Bank.

The recent stock surge has proved to be a boon for Adebutu, propelling his investment in Wema Bank from N21.38 billion ($15.47 million) on May 1 to a commanding N27.39 billion ($19.82 million) today. This remarkable N6.01 billion ($4.35 million) jump reaffirms Adebutu’s standing as a prominent NGX investor and underscores Wema Bank’s burgeoning significance in Nigeria’s financial tapestry.