Nigerian gambling magnate Kessington Adebutu makes $26 million from Wema Bank
Nigerian gambling magnate Kessington Adebutu is riding high on his winning streak on the Nigerian Stock Exchange (NGX) as his stake in Wema Bank — one of Nigeria’s oldest financial institutions — experienced a substantial surge, registering an impressive $26-million gain.
Since the start of the new year, Adebutu’s stake in Wema Bank has surged by N23.17 billion ($26 million) as investors on the Nigerian Stock Exchange embraced the recent bullish sentiment, boosting their holdings in the leading financial services industry.
Wema Bank shares soar over 114 percent, driving market cap above $170 million
Wema Bank, in addition to being one of Nigeria’s leading indigenous banks, is pioneering Africa’s first fully digital bank, ALAT, and is one of Nigeria’s most resilient banks with decades of experience in the financial services sector.
This year alone, the share price of the financial services group has increased by 114.3 percent, rising from N5.6 ($0.006) to N12 (0.013) — thus pushing the group’s market cap above the $170-million mark and returning impressive gains to shareholders.
Adebutu’s Wema Bank stake surpasses $45 million amidst market rally
Adebutu — the founder and CEO of Nigeria’s oldest gaming company, Premier Lotto Limited — owns a 28.09-percent stake in Wema Bank through Neemtree Limited, a special purpose vehicle incorporated in 2013 to acquire shares in targeted organizations.
According to data tracked by Billionaires.Africa the recent surge in the bank’s shares has caused the market value of Adebutu’s stake to increase by N23.17 billion ($26 million) in just 20 days, surging from N20.27 billion ($22.76 million) on Jan. 1 to N43.44 billion ($48.78 million).
Adebutu’s recent surge further establishes his standing as one of the wealthiest investors on the NGX. Meanwhile, Wema Bank remains a top player in Nigeria’s financial services industry, with millions of customers relying on its diverse products. The bank remains a leader in innovation and resilience within the country’s financial sector.
